Banks Granting Student Loan in Nigeria

Education has evolved into a necessity. It is ingrained in the culture of the average Nigerian family, regardless of their status.

Education is expensive, just like everything else that garners significant interest. As a result, there are now platforms in Nigeria where you can obtain a student loan to finance your education.

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This post explains what a student loan is and outlines how to obtain a fast loan to cover school expenses.

What is a Student Loan?

A student loan is intended to assist students with education-related expenses. This loan differs from other loans in that the interest rate is significantly lower, and the repayment terms are significantly more flexible.

How to Get A Student Loan in Nigeria

1. Access Bank Student Loan

The Access Bank student loan is designed to provide students with short-term funding to cover tuition costs.

Features

Ensure that there are no disruptions to the educational process.
You can obtain up to ₦5 million
It is possible to refinance the loan.
Lastly, there are remittance services available.

Requirements

• 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 school fees for Nigerian institutions only.

Features

Per request, you can receive up to 5 million in student loans with a maximum term of 4 months.
Competitive rate of interest
Instant access to the loan

Requirements

• 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

Borrow up to N100,000 at the  best affordable rates in Nigeria.

Using our loan simulator, you can now compare interest rates from various lenders and find the best offer. Before committing to a loan, it is necessary to compare different loan offers in order to make an informed choice. Through our simulator, you can view loan offers from multiple lenders in less than 5 minutes, allowing you to make an informed decision about your financing.

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3. First Bank FirstEdu Loan

The FirstEdu loan from First Bank targets business owners. It provides flexible funding for upgrading school facilities and bridging funding shortages until school fees are collected.

Features/Requirements

It has a flexible 90-day repayment schedule.
Access to a maximum of 10 million .
The only required collateral is school fees domiciled with First Bank.
The School must have maintained an account relationship with FirstBank for a minimum of six months or with other banks for a minimum of twelve months.
Target markets are private institutions that comply with CAC and their respective state governments.
Finally, the school must have a minimum of 100 students.

4.Federal Government Education Loan

To facilitate students' access to funds, the Nigerian government sanctioned the establishment of education institutions and student loan boards by states at concessionary interest rates.

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In addition, the government authorized the establishment of education funds by all federated republics. A special emphasis is placed on funding teacher development and secondary education, as well as establishing a fund for individuals with special needs.

In Conclusion

With the variety of options for obtaining fast loans in Nigeria, financing an education should not be a Herculean task. You only need to select one of the platforms that offer school fee financing and ensure you meet all of their requirements. However, given the variety of options available, you can make a more informed choice by comparing loan offers from various lenders within minutes on this platform and obtaining the best possible deal.