Top 4 Nigeria Banks Offering Student Loan and How to Apply
Education has become more than a necessity in today’s society this has made People find it ideal to roll with trends and go to school to acquire knowledge.
Currently, the cost of education and living cost are the major barriers to accessing education in Nigeria. As a result of this, many Nigerian Students find it very difficult to sort their academic bills due to the economic hardship that is taking a toll on the citizens of the country.
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What Is Student Loan?
A student Loan is a type of loan designed to assist students who demonstrate financial need to help pay for their School fees and other related fees such as accommodation fees, books, and other living costs. However, the loan has to be paid back later alongside the interest that builds over time.
Banks Offering Student Loan In Nigeria
Although the funding of education in Nigeria has been lagging due to economic challenges there are still a good number of lenders who provide funds for students at a low-interest rate.
Note: Unlike other types of loans, Student loans come with lower interest as well as a flexible repayment schedule.
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- GTBank Student Loan
GT Bank Student loan is of the different types of loan facilities assigned by GT Bank. It was designed to assist students to pay their tuition fees. However, only schools in Nigeria are eligible.
Features
- Access to 5 million Naira with a maximum of 4 months tenure per request.
- Competitive interest rate.
- Quick access to loans.
How to Apply Apply for GTBank Student Loan
- Fill out and submit the loan application form.
- Submit an employer undertaking form.
- Provide School Fees invoice and Credit Insurance.
- Finally, ensure that your staff terminal benefit is domiciled to GT Bank or opt for a corporate guarantee.
- Access Bank Student Loan
The Access Bank student loan is an advance for school fees aimed at assisting students with short-term funds to cover their school fees. Access Bank student loan is also perfect for financing post-secondary study, postgraduate study, and professional examinations.
Features
- Parents/guardians must ensure that the child’s education process is not interrupted.
- You can get a loan of 5 Million Naira.
- You can opt for loan Refinancing.
- A remittance option is also available.
Requirements/Application
- Completed application form.
- Your Admission letter/Accepted Offer letter.
- Student’s School fees invoice.
- Any valid ID card owned by you or your parent/guardian.
- Recent utility bill.
- BVN
- And then a Letter of domiciliation of your salary account or your parent’s/sponsor’s salary.
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- Wema Bank School Fees Advance
Wema Bank School Fees Advance is a loan establishment that was created to assist in the financing of tuition fees for Nigerian students and the diaspora. The facility is available to salary and self-employed individuals.
Features
- Minimum facility amount of N50,000
- You can get up to a maximum facility amount of N10,000,000.
- The maximum tenure of 3 months for Nursery, Primary, and Secondary School per request.
- The maximum tenure of 12 months for tertiary education per request.
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Requirements and how to apply for Wema School Fees Advance
- Fill out and submit the Advance School Fees form.
- Provide a Letter of introduction ( to determine the employment status of the parent/guardian.
- An irreversible letter of domiciliation from the employer:( to ensure that the parents/guardian will continue with Wema Bank until the loan is cleared.
- A copy of your school fees invoice
- Any Valid Identification Card (employment ID exclusive)
- Utility Bill
- Six months’ salary statement of account (for customers whose salary accounts are not domiciled with Wema Bank).
- Lastly, a copy of your Admission letter from the school if the school is in the diaspora.
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- First Bank FirstEdu Loan
The FirstEdu Loan is accessible to private school owners who need extra funds for improving school infrastructure and the smooth running of their school management.
Features/Requirement
- Offer is available to all private schools appropriately registered with CAC (either Government approved or not).
- Tenor varies from 90 days to 12 months and a Maximum loan amount of N20m.
- School Population should be a minimum of 100 students
- Collateral is undertaking to domicile school fees with FirstBank.
- Asset obtainment of up to N20m for 24 months.
- The school must have been in an account relationship with any bank for a minimum of 12 months.
- Proof of Government Approval of school.
- Documents indicating how long the school has been in the business.
- Documents showing the population of students in the school.
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How to Apply
- Download the Retail Loan Application Form.
- Complete the form and submit it to the Retail Team at any FirstBank branch close to you.
In conclusion, When applying for a student loan, ensure to go through the terms and conditions and get as much information as possible before deciding. if you think any factor may spoil your chances of approval, take a step to improve them before applying again.
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