List of Nigerian Banks That Are Currently Giving Students Loan – Education has become more expensive. The requirements for finance in other to help a student complete his or her education is needed in any possible way.
2 List of Nigerian Banks That Are Currently Giving Students Loan
In Nigeria, there are several different options to receive a students loan. Education, like everywhere else that generates a lot of attention is not cheap at all. As it stands, there are various venues you can apply for a students loan in Nigeria. Keep reading!
What is a Student Loan?
A students loan is a loan that is intended to assist a loan on financial issues and paying for their education and associated cost.
List of Nigerian Banks That Are Currently Giving Students Loan
Any individual can apply for a students loanin any of these 4 banks
The Access bank students loan is a tuition advance designed to give students with short-term finance or money to cover tuition cost
GT Bank Students Loan
The GT Bank student loan is designed to help you pay for your child’s school fees or other costs in Nigeria school only.
The Frist Bank Students Loan
The FirstEdu loan is a loan designed by the first bank to help individual small business owners. It provides a flexible loan that helps school infrastructure and filing funding gap until school fees arrive.
Federal Government Education Loan
The last on my list that is more powerful is the federal government education loan. this loan provides students with easy finance. The federal government sanctioned the formation of education banks and students loan boards by the state at low-interest rates.
Nigeria education bank loan requirements
Applicants must be Nigerian students pursuing an accredited program in approved higher Institutions of learning, accepted by the National Council for Higher Education.
Advertisement of the Available Loan
The Nigerian Students Loans Board will make an official advertisement in a prime national newspaper asking eligible students to apply to the Board within a given time for the loans or scholarships.
How to get a student loan in Nigeria without collateral
Follow these steps to get Student Loan in Nigeria:
Calculate how much you need
To get a student loan, you must know how much loan you need, where to get it, and the documents for processing the loan and assemble them.
Find out required Documents
You must collate these documents below for student loan in Nigeria, this is mainly for Nigeria Education Bank loan, for other lenders, keep reading the articles. They include:
Names, age, birth certificate, marital status, and sex
Academic records – admission letter
A form of identification, three recent passport photos, and a copy of fees from the Institution
The Course of study, duration, start date, and end date.
Bank account and depositing of N2,000 as a processing fee (for Nigeria Education bank loan)
Submit the name of the banker of your Institution (which is usually Nigeria Education bank.)
Please note that requirements will vary among different lenders
Study terms and Conditions
Find out the amount of loan, purpose, conditions of the loan, and repayment terms.
Loan Amount: It ranges between N24,000 to N32,000. Or any high amount higher than this
Purpose: Living expenses, stationaries, and other school expenses
Period of Loan: This varies depending on the number of years for the Course of each applicant.
Repayment: Usually two years after completing your studies
Most of these will depend on lender.
Approach a lender
Go to a commercial bank of your choice. These banks are associates of the Nigerian education bank. Find out the requirements for opening an account and other information you need to get the student loan in Nigeria without collateral.
Next, open your account with the bank and deposit the sum of N2,000 as a processing fee for the student loan. That is if you want the Nigerian Education bank loan.
Submit your Student Loan application
Go to the Dean of Students Affairs of your University, collect the loan application form, and fill it
Attach all needed documents, and make all payments required
Submit your application to the Student’s Loan Taskforce in the Dean’s office.
Wait for the processing and approval of the student loan application
Wait for a response from the Nigeria Students Loans Board. During processing:
If you did not fill the application form correctly, you would get an email, SMS, or a telephone call from the Operations Unit of the loans Board to amend it.
Ministry of Education will publish the names of successful candidates in a national newspaper. Your name will also be in a list on the Ministry’s website, and you will receive a letter informing you of the amount allocated to you.
You will be assigned a student loan identification number, issued Identification cards, and the loan proceeds forwarded to the Nigerian education bank for disbursing to your bank.