There are lots of individuals out there longing to get admitted into tertiary institution but lack of Income has been a holding factor. This is a major Challenge in most rural areas in Nigeria but I’ve got some good news. There is what is being called Student Loan in Nigeria.
Now you should understand that most of these loans are disbursed by the Banking sector we have in Nigeria in order for students to gain access to education. So what is this Student Loan in Nigeria and how can one apply? What are the requirements? In today’s article I will try to answer most of your questions.
Contents
What is Student Loan in Nigeria
A Student loan is an avenue that allows a Student get some cash which will be used for Educational purposes (which might include textbooks, school fees, accommodation) and will pay back later. This is another form of Loan but here, the interest rate isn’t too much. Also, the repayment schedule is very flexible. This is to allow lots of persons access the Loan.
Before one can get this Student Loan in Nigeria, you must be a student of the University or any other tertiary institution and you must meet some requirements (I will be showing you later on in this article).
So what are the general Requirements?
General Requirement for Student Loan in Nigeria
- Most be an Undergraduate in any of the Tertiary Institution
- Have a Bank Account and BVN
- Provide your Acceptance Form or School Fees Form
Now these are the General Requirements for Student Loan in Nigeria but there are some agencies that have their own requirements also. Now before you go about applying for a Loan, you need to know how much you need, find a lender and also know their Terms and Conditions.
Knowing Terms and Condition is the part most Nigerians aren’t really concerned about. This is very important so as to help you know if you can meet up their terms.
How to Get a Student Loan in Nigeria
In wanting to get a Student loan, you can approach one of the below listed but I will still lay emphasis on knowing their Terms and Conditions.
GTBank Student Loan
GTBank School fees advance is a loan facility designed to finance the payment of your child’s/ward’s school fees for schools in Nigeria only.
Features
- You can get up to ₦5 million in student loans with a maximum tenure of 4 months per request
- Competitive interest rate
- Immediate access to the loan
Requirements
- Completed application form and employer undertaking form
- School fees bill and credit insurance
- Ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee
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Access Bank Student Loan
The Access Bank student loan is an advance for school fees that is designed to provide students with short-term financing to cover tuition fees.
Features
- Ensure that nothing interrupts the education process.
- You can get up to ₦5 million
- There is an option to refinance the loan
- Lastly, remittance services are available
Requirements
- Your Admission Letter
- A completed application form
- Tuition advice
- Also, letter of domiciliation of your salary account or your parent’s/sponsor’s salary account
- Copy of employment ID or valid means of identification belonging to you or your parent/sponsor
- Credit checks
- BVN
First Bank FirstEdu Loan
First Bank’s FirstEdu loan is targets proprietors. It offers flexible funding for upgrading school facilities and meeting funding gaps pending the receipt of school fees.
Features/Requirements
- It has a flexible repayment plan spread for 90 days
- Access to a maximum amount of ₦10 million
- The only collateral requirement is domiciliation of school fees with First Bank
- The School must have been in account relationship with First Bank for a minimum period of 6 months or 12 months with other banks
- Target markets are private schools duly under CAC and their State Government
- Lastly, the school population must be a minimum of 100 students
Now there are some other Banks that give out Loans for Education to Nigerian Students, Stanbic IBTC, Zenith Bank they also give Loans. All you do is approach them and check if you are eligible to receive these Loans.
Conclusion
Now being a student is easily as you can access this Student Loan in Nigeria to further your education. There are some Apps that give out Loans without Collateral but I don’t endorse such App for Student Loans because most of them have very high interest rate.
This Student Loan in Nigeria doesn’t have high interest rate that is the reason it is a good option for students.