Education has become more than a necessity. It has been embedded into the culture of an average Nigerian household regardless of their status.
Just like every other thing that attracts huge interest, education doesn’t come cheap. As such, there are now platforms where you can get a student loan in Nigeria to finance your schooling.
See Also: PalmPay Loan – How to apply for a loan on PalmPay
In this post, we share details on what a student loan is about and outlined some ways to get a quick loan for your school fees.
What is a Student Loan?
A student loan is designed to help students pay for education and its associated fees. This loan differs from other kinds of loans in the sense that the interest rate is relatively lower, and the repayment schedule is much more flexible.
How to Get A Student Loan in Nigeria
1. 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.
- 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
- A completed application form
- Your admission letter
- 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
- BVN (See how to check BVN)
- Credit checks
2. GT Bank Student Loan
GT Bank’s 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.
- 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
- Completed application form and employer undertaking form
- School fees bill and credit insurance
- Lastly, ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee.
3. 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.
- 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 FirstBank 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
4. Federal Government Education Loan
The Nigerian government approved the establishment of education banks and student loan boards by states at concessionary interest rates to allow students easy access to funds.
The government also approved the establishment of education funds by all states of the federation. Special emphasis is on funding teacher development and secondary education, as well as establishing a special intervention fund for individuals with special needs.