Applying for a Student Loan in Nigeria isn’t always easy, and it’s particularly tricky if the lender thinks there’s a chance the borrower won’t be able to pay back the loan within a reasonable amount of time.
As a result, fewer traditional financial institutions in the area offer student loans. In contrast, more offer other types of loans, such as salary advances, loans to small and medium-sized businesses, and short-term personal loans.
A small number of Nigerian banks see it as their responsibility to assist students in need of supplemental financial aid in order to continue their education. Since student loans in Nigeria aren’t as easily accessible as, say, a payday loan or a car title loan.
I will reveal the steps you need to take to get one and the resources you can use once you have one. I have compiled a list of domestic financial institutions willing to lend money to students for higher education; please take your time researching each one and deciding which one best suits your needs.
Access bank loan “Advance for School Fees”
If you need a low-interest loan to cover educational expenses, the Access bank Advance for school fees can help. This facility provides short-term financing for tuition fees ranging from pre-kindergarten to post-graduate study, as well as payment for professional certification. Suitable for a variety of academic purposes.
- The interest rate is set at 2% per year.
- There are no hidden fees and only a 1% management fee.
- Repayment can be spread out over 4 to 6 months.
- Paying the school’s bill is simple and quick.
- There is a refinancing window.
- Loan application form duly completed
- In addition to the recommended forms of identification. (National ID, voter card, driver’s license, or international passport), a workplace ID card may be required.
- Admission letter for a student/pupil
- Tuition bill.
- Checks on credit
- An accepted offer letter and term sheet.
- Processing of loans
Download and fill out the loan application with accurate information. Include your electronic signature (you can do this by simply downloading any scanner app on your phone, scan your signature and save as an image, copy and paste the image on the form).
Submit the completed form along with all necessary documents to your branch. The loan is being processed for approval; once approved, you will be contacted for acceptance.
Following receipt of the executed offer letter, the loan is disbursed into your account, and payment to the school is made.
GTBank Loan “School Fees Advance”
The GTBank education loan is known as the “School Fees Advance,” and it is a facility designed to finance the payment of your child’s/school ward’s fees.
Beneficiary institutions are primarily Nigerian schools. If you work in a reputable public or private organization and your salary is domiciled with GTBank, you are eligible to apply for this loan.
The bill is paid either directly into the school’s bank account or by issuing a draft in the school’s name. Furthermore, public sector employees are expected to have a monthly salary of N25,000, while private sector employees are expected to have a monthly salary of N50,000.
Your terms of employment must have certified that you are a confirmed staff of the organization.
Obligors can borrow up to N5 million to pay for school fees, with a minimum loan amount of N50,000 and a maximum tenor of four months per request.
- It has a reasonable interest rate, following loan approval,
- Funds are disbursed quickly.
How to Make an Application
- You must submit a completed application form as well as an employment undertaking form.
- Provide a bill for school fees and credit insurance.
- Ensure that the employee terminal benefit is held in GTB bank or obtain a corporate guarantee.
Wema Loan “School fees advance,”
The “School Fees Advance” facility from Wema Bank is designed to finance the payment of your child’s/school ward’s fees for schools/institutions in Nigeria and the diaspora. The service is available to both salaried and self-employed parents/guardians.
- It has a N50,000 minimum facility amount and a N10,000 maximum facility amount.
- It has a maximum tenor of three months for nursery/primary and secondary schools and a
- maximum tenor of twelve months for tertiary institutions.
Tuition fees will be paid directly to the school, easing your financial burden.
- A completed school fees advance application form is used to determine the parent/employment guardian’s status.
- An irrevocable letter of domiciliation from the employer ensures that the parent/salary guardians will remain with Wema bank throughout the process of liquidating the advance.
- Invoice for school or tuition fees.
- Proof of identity/valid ID (employment ID, national ID, voter card, driver’s license, or international passport).
- Utility bill/proof of address Pay slip from the previous three months.
- Account statement for the last six months for customers whose salaries are not domiciled with Wema bank.
- Admission letter from the school for diaspora institutions
Federal government Student loan
A government’s inherent responsibility is to ensure that every citizen has access to education at a seemingly affordable cost.
With this in mind, the Nigerian government has approved the establishment of certain banks known as education banks and student loan boards by various states at low-interest rates to assist students with timely access to funds.
To that end, there is a special emphasis on funding teacher development and secondary education, as well as the establishment of a special intervention for individuals with special needs.
First Bank student loan.
The First bank student loan, also known as the FirstEdu loan, is a First Bank of Nigeria initiative that is an educational solution designed to improve learning facilities. With the increasing number of private schools, this loan is designed to meet their funding requirements.