Pursuing a higher education can be a life-changing experience, but it often comes with financial burden. Access Bank recognizes the importance of education and the need to relieve financial constraints. Hence the reason why they offer a student loan program called “Advance for School Fees.” This article aims to provide valuable insights and tips for acquiring an Access Bank student loan. It covers essential aspects such as the application process, requirements, and other key information.
Access Bank Advance for School Fees Loan
Saving is very important, but we all know that investing in education is the most crucial investment for your child’s future. Access Bank’s Advance for School Fees loan offers affordable financing options to salaried customers and business owners to pay tuition fees and other related expenses for their children/ward’s education. This loan caters to all stages of education, right from primary to tertiary levels, including professional certifications. In a situation when you have already paid the fees from your pocket, they also provide an opportunity for refinancing, subject to terms and conditions.
There are only a few banks in Nigeria that offer student loans, but if you have an account with Access Bank, you are lucky. You can get up to ₦5 million without needing collateral or a guarantor. The bank requires you to have an account with them. One of the advantages of getting a loan from Access Bank is that you don’t have to worry about scams, and if you find yourself unable to repay the loan, the bank will work with you to negotiate a new payment plan instead of calling you out on social media.
Features of Access Bank Advance for School Fees Loan
Here are the features of Access Bank Advance for School Fees Loan.
- It has a highly competitive interest rate
- You can get a loan amount of up to NGN 20 million
- Over 12 months tenor
- It has a flexible repayment structure
- There is refinancing available
Required Documents for Access Bank Advance for School Fees Loan
The required documents for an advance school fees loan have been outlined below.
Requirements for Salaried Customers
- Duly completed and signed application form
- School fees bill/tuition advice
- Copy of valid means of identification
- Recent Salary bank statement
- An accepted offer letter and a term sheet
Additional requirements for refinancing
- Proof of payment made to the school
Requirements for Business Owners
- Duly completed and signed application form
- School fees bill/tuition advice
- Copy of valid means of identification
- You will need a one (1) year Bank statement of the corporate account
- Copies of Business/company registration documents
- Duly accepted offer letter
- Duly executed guarantor form (individual or corporate) & notarized statement of net worth (individuals only)
Additional requirements for refinancing
- You have to provide proof of payment made to the school
How to Apply for Access Bank Advance for School Fees Loan
Follow the procedures below to apply for this loan.
- Download and fill out the attached form on the page.
- Append your electronic signature ( If you don’t know how to go about it, download any scanner app on your phone, scan your signature, and save it as an image. Copy and paste the image on the form)
- You have to forward the completed application form and supporting documents to schoolfeesadvance@com
- Your loan application will be received and will be processed by the team
- Upon approval, an offer letter will be issued
- When you get the receipt of the executed offer letter and meet all the conditions, the loan will be disbursed
- The proceeds of the loan are transferred to the beneficiary school’s account by the Bank
- Then, the beneficiary school is notified of the transaction
- Meet your repayment obligations as they fall due
Frequently Asked Questions
Who is Eligible for Access Bank Advance for School Fees Loan?
Access Bank Student Loan is available for both parents/guardians and students, whether undergraduate or postgraduate.
How does Access Bank Advance for School Fees Loan work?
As part of the requirements, you will need to submit the invoice for school fees. Once the assessment is done, Access Bank will send the money directly to the school on your behalf and provide you with a receipt. This means that you will not physically receive the loan amount.
Do Access Banks Give Student Loans?
Yes, Access Bank offers loans to students. You can apply for student loans and education loans up to #5m at Access Bank.
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