Curious about finding out how to get a study loan in Nigeria? then you are reading the right article, student loans are simple loans offered to students for purpose of financing their studies such as tuition, accommodation, and other study materials.
Banks to get fast Students Loan in Simple Steps.
In this article, we are going to tell you what institutions or banks in Nigeria are offering student loans in Nigeria so as to help you make a good decision. Below are the banks to get fast students loan;
1. Access Bank Plc.
The Access Bank Plc students loan is offered students to provide for short-term educational financing (tuition, accommodation, etc.) from pre-primary school to post-graduate study and even payment for professional certifications.
Beneficiary students can access up to ₦5 million with no option to refinance.
Features of the Access bank student loan.
- Access up to ₦5 million
- Interest rate @ 20% p.a.
- Management Fee: 1% only
- Spread repayment over a period of 4 to 6 months
- Easy remittance of fees to school
- Option of Refinancing exists.
Requirements for Access bank School Student Loan.
- A completed loan application form
- Means of Identification (Preferably Government issued)
- Admission letter
- Tuition Bill
- Credit Checks
- Duly accepted offer letter & term sheet
- Copy of employment ID or valid means of identification belonging to you or your parent/sponsor
- Duly accepted offer letter & term sheet
Apply for the Access Bank Plc Loan
- Download the attached forms and fill in with accurate information
- Append your electronic signature (don’t know how to go about it? Very easy! Simply download any scanner app on your phone, scan your signature and save as image. Copy and paste the image on the form.)
- Submit completed form and all required documents at your branch
- Loan is processed for approval
- Loan is approved and offer is communicated to you for acceptance
- Upon receipt of the executed offer letter and your meeting the conditions, the loan is disbursed into your account and payment is made to the school
- For refinancing, evidence of payment made will be required
2. Guarantee Trust Bank School Fees Advance
The Guarantee Trust Bank School Fees Advance Fees Advance is a loan facility designed to finance the payment of your child’s/ward’s school fees for schools/institutions in Nigeria only. This facility is available to members of staff of public and reputable private organizations whose salaries are domiciled with the Bank.
It cannot be used to fund studies overseas or abroad.
Features of the Access bank School Student Loan.
- Up to N5 Million School Fees Advance. Maximum tenor of 4 months per request.
- Very Competitive interest rate. Equal monthly repayments comprising of principal and interest.
- Immediate access to funds for the prompt payment of your child/wards school fees.
Apply for the GTB School Fees Advance
- You are required to submit Completed Application Form and Employer Undertaking Form.
- Provide School Fees bill and Credit Insurance.
- Ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee.
3. Fidelity bank Back2School loan
This facility is designed to help you settle the kids back in school comfortably.
Features of the Fidelity bank EduLoan.
- You can receive up to N10,000,000 with Eduloan
- Requirements are easy to meet.
4. FirstBank Nigeria Plc
This loan can only be issued schools, who can in turn fund its students or pupils.
Features of the First Eduloan.
- 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
The First City Monument Bank are in several categories, there is the
5. First City Monument Bank Educational Loans
(a). School Support Loan: which provide schools support loan of up to 20 million naira.
Benefit of proposition to Schools
- Financial Support towards student awards, sports, end of the year school activities etc.
- Access to FCMB School Management Solutions(1-month free trial)
- Up to N20million School Loan Without Collateral (Click here for more information) and other intervention loans at reduced interest rate
- Discounted and flexible health care plan for staff
- Participation in focused group sessions
This offer is only open to FCMB Business Customers.
Requirements for the FCMB School Support Loan
- Must be registered Business
- Customer must be atleast 6 months old with the bank
- Maintain operating balance of N100,000 and above.
- Must be active on at least two (2) e-channels products – FCMB Business App, FCMBOnline, Mcash, Mpos/POS, E-Portal, Webpay/Paystack etc.
- Customer Only qualifies for grant once per annum
(b) Support for Customers Aspiring to Study Abroad: which support students who intend to pursue quality education overseas.
7. Federal Government Education Loan
The Federal Government of Nigeria has several approved student funding via education banks and student loan boards by states at concessionary interest rates.
The government also approved the establishment of education funds by all states of the federation.