May 17, 2022
loan

Top 4 Banks Granting Student Loans In Nigeria

Student loans have become a thing of necessity since the cost of studying in Nigeria keeps skyrocketing and Education is an important aspect of life.

 

Education itself gives an average person potential of excelling in life, this is why it attracts a lot of interest and a lot of platforms are emerging to serve the needs of students who might need to secure a student loan. In this article, we will be discussing what a student loan is, how to get a student loan to clear school bills, and a lot more.

 

What is a Student Loan?

A student loan is a program designed to serve the needs of students who need to clear bills related to education and school fee. However, it must be noted that the interest rate on student loans is far lesser than that of an average loan.

 

How to get a student loan

A student loan is relatively easy to secure and below is a list of banks that offer loans in Nigeria.

  • Access bank student loan

Access bank student loan is a type of loan that pays student tuition fees in for a short term. It is designed to ensure nothing affects a student’s life financially and there is an option to refinance the loan. Students can as well get up to N5 million.

Requirements:

Below is the requirement needed to get an Access bank student loan

  • A completely filled application form
  • Student’s admission letter
  • Tuition advice
  • Proof of income of the student’s parent or sponsor
  • Sponsor’s copy of employment ID
  • Valid ID card
  • Sponsor’s Bank Verification Number

  • GT Bank Student Loan

The GTBank student loan is designed to finance the education-related fees of students in Nigeria only. Students can be granted a maximum of N5 million naira with a maximum tenure of 4 months per request, it has low-interest rates and students can access the loan immediately without stress.

Requirement;

  • A complete application form and a duly signed undertaking form of employer
  • School fees bills and credit insurance
  • Ensure that staff terminal benefit is domiciled in GTBank or obtain a Corporate Guarantee
  1. First Bank FirstEdu Loan

The first bank First Edu loan is mainly designed for proprietors to fund their schooling facilities and equipment. It offers flexible loans for upgrading school facilities as well pending the time students will resume. They can access a maximum amount of N10 million naira and there is a flexible repayment package for 90 days.

 

Requirement

  • The school must have a good relationship with the bank for a minimum period of 6 months
  • School owners are only required to present domiciliation of school fees as their collateral with the first bank
  • The school must be duly registered under CAC and the state government.
  • The school must have a minimum population of 100 students
  1. Federal Government Education Loan

The Nigerian government licensed the set p of education banks by all states throughout the country. This type of loan focus on funding teacher development and secondary education and special intervention fund for people with special needs

 

Bottom line

Paying school and education fees shouldn’t be that hard. There are lots of easily accessible student loans in Nigeria. All you need is to choose any platform granting loans for school fees and make sure you meet up with the requirements. From the aforementioned above, you can make the best decision by comparing which suits you best.

 

gbadamosi Asisat

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