Why get a student loan in Nigeria?
There are so many reasons to go for a student loan in Nigeria. While some are personal reasons others are caused by National economic challenges. Everyone in Nigeria has the right to education but not everyone has the financial power to the same education. Indeed education is a need that is sacrosanct in the 21st century but it is really expensive in Nigeria. Due to this high cost of education and the special need for education, one can’t afford to eschew education. Therefore, it is wise to get a student loan in Nigeria to fund your education unless one prefers illiteracy. There is one thing about a student loan in Nigeria. Unlike other loans with a very high interest rate, a student loan is relatively cheaper and the mode of repayment is more flexible and friendly. This is why one should get a student loan in Nigeria. Have you ever seen River Polac where Nigerian Police cadets train?
Can a student get a loan in Nigeria?
Yes, students studying in Nigeria and abroad can get a loan in Nigeria. Not just anyhow loan, but a loan of up to N10M. Nigerian banks offer student loans to support students’ education at all levels. In this article, you shall see some of the top banks to get student loans at a good interest rate or a special type of loan that is paid back after the student starts working for an organization.
How to get a Student Loan in Nigeria
As long as education is concerned in Nigeria, there are many legal ways to get a student loan in Nigeria. The three most common ways to get a student loan in Nigeria are Government loans, private loans, and mutual loans (families, friends, well-wishers, etc). One thing about it is the flexibility. Though there is one general way that works for everybody, there is always that one that can favor one. Some of the legal and quick ways to get a quick loan for your school fees are;
- Federal Government loan
- Online loan platforms
- Nigerian banks
- Investors
- Employer
- Family relatives
- Friends
- Cooperatives
- Clubs & more.
Federal student loan
The Federal Government of Nigeria offers low-interest rate loans of several different types, including subsidized and unsubsidized loans to Nigerian students. The type of loan depends on whether the student is an undergraduate or graduate student. To apply for any federal loan program is simple and it is usually done annually to accommodate new intakes. Always visit this website to know when the loan form is out for application. FUD Payment portal | Registration, acceptance and school fees payment guidelines.
Online loan platforms
There are many trusted and quick online loan platforms in Nigeria where students can get a student loan in Nigeria to fund their school fees or offset other school bills. One thing about these platforms is that they require minimal effort and some of them don’t need collateral. So students with immediate or emergency financial needs can simply register on such platforms and get the loan he/she needs within the shortest period of time.
Nigerian banks loan
Almost all Nigerian banks offer student loans to Nigerian students to complete their education needs. Though their terms are more than those of the online loan platforms in Nigeria, their modus operandi is much more acceptable and professional. On this page, we shall discuss the top 3 banks that offer student loans in Nigeria with flexible repayment schedules. Home lesson teacher in Lekki.
Investors
Education investors also offer students loans to fund their education needs and bright students can easily apply for such loans. The important thing is that the loan is usually big enough to cater to the student’s needs and on graduation, the student may get automatic employment from them to offset the loans.
Employer loan in Nigeria
Some students opt in for work and study. By implication, such a student is assumed to be working for a firm or a company whether the student is employed or not. Meanwhile, if the student is actually employed by any means, such a student can request a student loan from the employer. Employers are always ready for this kind of loan because it helps them to assist their employees and retain them further. This kind of loan doesn’t require much paperwork, but there is usually an agreement.
Family relatives, friends, and well-wishers loan
These set of people are often ready to support students’ educational needs because they know the student’s success is also their own success. It is common and doesn’t require a lot of paperwork or even collateral. The only challenge here is that it must be some people who know much about the student or are very close to the student. A good Samaritan may also assist but the probability is very low and it doesn’t work all the time.
Cooperative loans in Nigeria
Another amazing way to a student loan in Nigeria is via financial cooperatives. A financial cooperative is a financial body that is owned and operated by its members with the aim of supporting and offering traditional banking services to its members. Students in such cooperatives can simply request student loans from the body. It is a kind of community funding and rotates among the members or goes to those with special and urgent financial needs. Keep visiting this website for more information on student financial aid.
Top 3 Banks that offer student loans in Nigeria
Almost all banks in Nigeria if not all offer student loans in their capacity, but not all loan terms from them are favourable to the students. That is why we have taken the time to research the top 3 banks in Nigeria that offer good student loan terms in Nigeria. Such banks include; First Bank, Access Bank, Guaranty Trust Bank, and United Bank for Africans.
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First Bank Student Loan
The First Bank Nigeria PLC student loan is popularly called “FirstEdu Loan” or “Eduloan”. This loan is provided to the student along with their institutions. What this means is that the loan is given to the education institution that sponsors their students with a student loan. It is always a large sum of money that can be up to N10,000,000. The loan repayment schedule is flexible and usually has over 3 3-month life span. The only collateral requirement is the domiciliation of school fees with First Bank. Nigeria Police Recruitment Portal 2023/2024 NPF Application Form Registration.
How to Apply for First Bank Student Loan
For a school to be eligible for the First Bank student loan, the school which wants to support their student with a loan must;
- have an account with FirstBank for a minimum period of 6 months or 12 months with other banks.
- be a private school duly registered under CAC and their State Government of operation.
- have a population of at least 100 students.
Access Bank Student Loan
The Access Bank student loan is given directly to the student, unlike the FirstBank loan which is given to the school the student is enrolled in. Meanwhile, the Access Bank loan serves as an advance for school fees that are designed to provide students with short-term financing to cover tuition fees. The maximum amount of money that can be given to the qualified loan applicant is N5,000,000 only. 2023 NDLEA recruitment application form | portal | requirements.
How to apply for Access Bank student loan in Nigeria
To successfully apply for Access Bank student loans you or your parents/sponsor must have a salary account with Access Bank. Then you will need to obtain a student loan application form from the bank with your school admission letter, tuition advice, BVN, a copy of employment ID or valid means of identification of your sponsor/parents, credit checks, and a letter of domiciliation of your salary account or that of your guardian.
GT Bank Student Loan
The Guaranty Trust Bank student loan supports parents or guardians to pay their ward’s school fees. The loan is available to students in schools in Nigeria only. The maximum amount of student loan one can get is N5,000,000 only. The good thing here is their interest rate is very small and the loan can last for 4 months per successful request. Not much paperwork is required.
How to apply for Guaranty Trust Bank loan in Nigeria
Before one can successfully apply for this loan, you/your guardian must have a GT bank account and should also be able to present your employer undertaking form or your guardian’s employer undertaken form. If you have these, then proceed to the bank to obtain a student loan application form. Fill it out accordingly. Present credit insurance and proof of school fees. That’s all. Chill off, download and watch interesting movies now.
Conclusively, there is no need to drop out or quit your education because of funds. There’s always a way to fund an educational endeavour. Meanwhile, Passbuttons will continue to support and publish content to assist your education journey. We still have a lot in stock for you as a student. Keep visiting this portal.
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