In Nigeria, students can access loans to run their educational needs and in this guide, we have outlisted banks and institutions that supports offering students with credit loans of upto ₦5 million.
Getting student loans got easier in Nigeria throught efforts of this listed Nigeria financial institutions with GTBank taking the lead.
Student Loans in Nigeria
What’s a student loan in Nigeria? – A student loan is a financial assistance in the form of credit cash 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 as compared to loan apps in Nigeria.
How to get started with Nigeria student loan
To access a student loan in Nigeria, there are criteria you must meet, most important is to be a Nigerian citizen. Although not all banks or financial cooperations gives loan in Nigeria, so in this post we have listed the important financial institutions that offers loans to students.
Requierements to get eligible for a student loan in Nigeria are:
- Must be a Nigerian citizen
- Have a verified bank account linked with BVN
List of banks that offers student loans in Nigeria
On my list are 4 institutions that offers student loans in Nigeria for very low interest rates and long re-payment term basis
1. GT Bank Student Loan
GTBank (now GTCO) 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
Note: We're only listing institutions that offers student loans in Nigeria & not a guide to collect the loans. To participate on the student loans offered by the mentioned banks, please visit any bank branch for proper evaluation and accurate information.
2. 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.
3. 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
and the last on our list of banks that offers student loans in Nigeria is:
4. 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
Conclusion: Student loans in Nigeria
Loans are an assistance to run any defined purpose and it’s meant to be paid back, in most cases, with interest.
Students is one of the best type of loans to involve in when struggling with finance to complete your education. It has the longest duration to pay back except for very long term large business loans.
Collecting a student loan in Nigeria is most times not adviced because, it’s not similar to what the whites do to people receiving loan grants.
The Federal government education loans is best among the list of institutions that offers student loans in Nigeria.
What’s your own view on the list or innovations by this great financial institutions to offer Nigeria students loans with ease, please comment your view, recommendations, cons or experience about this banks in the comment sections below.