Student Loan in Nigeria
Education has gone beyond the times of it been a privilege, but now a necessity. It is rooted deep in our culture of every Nigerian household, no matter the class.
For anything a person might be interested in, you need to pay for it to get more knowledge and make it worth it. So likewise, education isn’t cheap, but some students still find it difficult to fund themselves to get the desired education.
For such, this article would be narrating platforms which grants educational loans to students here in Nigeria. We would also highlight a way for students to get access to easy loans for their school funding.
What is Student Loan?
In a simple term, a student loan is a loan made available for only students to help them in their educational funding. This loan exist in different kinds, and it is different from other kind of loans.
The main difference of this student loan to a personal loan is the interest rate. The interest rate applied on this loan is much lower and has a flexible repayment duration.
Student Loan offered in Nigeria
1. Student Loan in Access Bank
This financial institution offers students with advance payment for tuition fees, which is to cover a student’s short-term financing needs while in school.
Features of this Loan
— They scheme ensures every student don’t get interrupted in their education because of funding.
— It would surprise to know that you can receive a student loan of up to ₦5 million.
— There are a variety of options to repay the loan.
— There are 24/7 remittance services.
Requirements for applying for this student loan
- A copy of an admission letter from your institution.
- A complete application form
- A receipt of your Tuition fee
- A letter of your parents/sponsors salary account
- A photocopy of your parents/sponsor employment ID/valid means of
- Your Bank Verification Number (BVN)
2. Student Loan From GT Bank
The GT Bank’s school fees is a loan scheme considered to finance the payment of your child’s tuition fees for schools only in Nigeria.
Features
- A student can get a tuition advance of up to ₦5 million in student loans with a maximum duration of 4 months on a request.
- There is a flexible interest rate
- Fast and quick access to the loan
Requirements Needed to be eligible
- A fully completed application form from the student and an employer undertaking form signed by the parents/sponsor.
- A photocopy of the tuition school fees receipt.
- The student/parent’s domicile account must be with GTBank to fully receive the benefits.
3. FirstEdu Loan of First Bank
FirstEdu loan offered by First Bank is majorly a loan targeted towards proprietors. This loan provides a fair funding for school proprietors for to purchase upgraded school facilities.
It also helps to meet the gaps of school funding prior to the payment of school fees by students.
Features/Requirements
- They offer a repayment plan which is about 90 days.
- Proprietors may have access to an amount of ₦10 million at the maximum.
- The only collateral which would be accepted is the schools’ domicile account for school fees is banked with First Bank.
- The school must have a population of 100 students at the minimum.
- The School must have an account with First Bank for a minimum period of up to 6–12 months.
- The main target of this loan scheme are private schools duly registered under the CAC and their individual State Government.
4. Federal Government Loan (Education)
The Federal Government of Nigeria has approved the creation of student loan boards and education banks by states at all levels with flexible interest rates to give students the easy access to those funds.
The government also agreed for the formation of education funds in all states of the federation. Much emphasis is expressed on ways to fund teacher development in the education sector. It also stressed the need of establishing a special intervention fund for persons with disability/special needs.
Conclusively, to fund education isn’t an enormous task as we make it look. There are several options available for students to access quick loans in Nigeria.
All that is needed of you is to decide to apply for any of the platforms mentioned above for granting loans for tuition fees and ensure you meet all their requirements.
Nevertheless, bearing in mind that there are numerous options to pick from, you can make a more knowledgeable decision by looking at each loan offers from different lenders and get the best deal for yourself.
