Education is always the best legacy and it will continue to be. It is one of the best road people take to run away from poverty in Nigeria and this is why everybody is trying to go to school but what to do when that is no money or helper.
In truth cost of education in Nigeria keep soaring higher, leaving the poor at the mercy of God and thanks to that God he has now answered prayer by touching bank to provide loan for student, a flexible loan at that.
We at startuppreneur look into this bank and write out their requirement and everything you need to know on how to get student loan in Nigeria, stay tune.
Banks giving Student loan in Nigeria
Access bank student loan
The first on our list of banks that provide loan for student in Nigeria is access bank. With this bank you can get up to 5 million naira and you can top it up on the way. Their loan is flexible and the payback period depend on the amount you loan.
Before you can apply you need to get their requirement ready such as BVN, ID card, your parent salary payment account, your admission letters. Once you get all this head over to any access bank to applied for the loan, I will advice you to go with your parent.
First edu loan from first bank
First edu is loan scheme from First bank unlike access bank they give loan not to individual student but school, if you have a primary school with more than 100 student you can approach any First bank and request for firstedu loan.
It is more of a business loan for primary school owner but a proprietor can take the loan and give it to their student why their parent pay back, it is a win win it will help the student while your school will also be fill with student.
With firstedu you can loan upon 10 million naira and the payback period is 90 days. Before applying you need to have account with first bank and the school must be register with CAC.
Gt bank student loan
With GT bank student loan you can get up to 5 million naira at a go and their loan is easy. Before applying you need to have account with GT bank, once you do you can approach any GT bank closer to you and request for a student loan
Nigeria education bank
Nigeria education bank is from federal government with the aim of helping student from poor family to acquire quality education, the loan was first handle by Nigeria student loan board before it was transfer to a new agency called Nigeria education bank
Nigeria education bank has link with banks in Nigeria and to get the loan is easy, go to your student affairs building and request for Nigeria student loan. Though it is not easy to get like normal personal or business loan but if you succeed you will be getting the most flexible loan in Nigeria.
Before applying there are some document you need to get ready which are admission letter, your bvn, your course of study. The loan range from 30,000 to #500,000 naira and you will pay back years after completing your program or less as you want.
WEMA bank education loan
In partnership with MOD group, an education advisory organization group, WEMA bank give loan to primary, secondary and student in higher institution and as well as international student. With WEMA student loan you can get up to 5m loan at a go but before applying the wards or parent of such student must provide the following document
- Proof of payment spanning six month
- Have account with WEMA
- Invoice of paid school fees.
The payback period is 12 months and the interest rate can be as high as 20%. With WEMA student loan you don’t need collateral or guarantor.
Above are the student loans in Nigeria while some are short term some ate long term, I will advise you to go for government loan though it might be hard to get, it will surely give you peace of mind due to long payback period.
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