Are you in need of a student loan? Drop out of school due to financial hindrances? Well, then you read to the finish of these 4 Banks Granting Student loans in Nigeria. Financing education for most people can be a difficult task, but you don’t have to worry much as there are banks offering student loans now. Read to the end to find out the banks that are granting student loans in Nigeria.
4 Banks Granting Student Loans in Nigeria
Education is a necessity and it’s been embedded into the culture of an average Nigerian home regardless of living status. And that is why the availability of student loans is a chance you won’t want to miss out on if you wish to complete school. As a student who is not so fortunate enough to pay for student fees, there are Nigerian banks that are granting loans for you. To learn more about the banks granting student loans in Nigeria and how to access them, read on.
What Is A Student Loan?
A Student loan is of loan that is designed to help students further pay for education and tuition, books, and other supplies. This loan type lets you pay for your studies by giving you access to funds with low monthly payments. Student loans are offered to students to pay for tuition, books, and other aspects related to education.
Where To Get Student Loans
As I stated earlier, there are different banks offering student loans to the less privileged Nigerians who wish to finance their education. Due to the high cost of education in Nigeria, the need for student loans becomes a necessity as there are banks that grant them. Before we move ahead, you should know that student loans are different from other types of loans.
How To Get A Student Loan in Nigeria
Below are some of the banks that offer student loans;
Guarantee Trust Bank abbreviated as GT Bank offers school fees advance and it is designed to finance the payment of your wards or child’s fees. However, the schools must be in Nigeria Only.
- With 4 Banks Granting Student loans in Nigeria, you get a high cash amount with a maximum tenure of four months.
- It offers a competitive interest rate.
- If approved, you get immediate access to the loan.
- Application form that is completed and undertaking form from an employer.
- Fees bill and credit insurance.
Access Bank Education Loan
Access Bank grants student loans to those who are in need. The loan is an advance for school fees and it is designed to provide students with short-term financing to cover educational fees.
- No interruptions in the education process.
- Access Bank offers an option to refinance a student loan.
- Settlement services are available.
- Completed application form
- Admission letter.
- A means of identification belonging to a parent or sponsor or a copy of employment ID.
- Letter of domiciliation of student sponsor’s or parent’s account (salary account).
First Bank grants student loans through the FirstEdu loan plan. This bank offers loans to parents to pay children’s school fees. Also, First Bank offers flexible funding for upgrading school facilities.
- There is a flexible repayment plan.
- The maximum amount of school loans given is high.
- Domiciliation of school fees.
- The target market for First Bank student loans is private schools under CAC and State Government.
- The population of school students must be at a minimum of 100 students.
Federal Government Education Loan
The Federal Government has approved the establishment of education banks and student loan boards by states at authorized interest rates. This is set up to allow students easy access to funds to complete their education.
Education in Nigeria can be quite challenging, and most times we need help, with these 4 banks granting student loans, you are sure to complete your education. With the right documents, you can easily gain access to a loan to further complete your schooling. Education is a vital aspect of an individual’s life, so I hope you get all the help you need to finance your education.
Frequently Asked Questions
Which bank gives loans to students in Nigeria?
Wema Bank in partnership with MOD Group offers up to N5,000,000 in school fees in advance to finance fees payment for secondary, undergraduate/post-graduate, and primary education in Nigeria. Also, other banks grant student loans including First Bank, GT Bank, and Access Bank.
What are the two types of student loans?
Student loans are categorized into Federal and Private. Federal student loans are funded by the government while private loans are non-governmental loans. Private loans are made by a lender such credit union, school, bank, or state agency.
How do I borrow my student loan in Nigeria?
Before you can apply for a student loan in Nigeria, the following requirements are needed;
- A completed application form.
- Employment ID or valid means of identification belonging to you or your parent/sponsor.
- BVN (Bank Verification Number).
- Credit checks
- Your admission letter.
- Tuition advice
- A letter of domiciliation of your salary account or parent’s/sponsor’s salary account.
Are student loans available in Nigeria?
Yes. Nigeria’s education system is quite high and, due to that most people are unable to complete their education. However, some platforms and banks offer student loans in Nigeria to help finance your schooling.
Can a Nigerian get a loan to study in Canada?
There are loan options such as MPOWER Financing and Prodigy Finance for Nigerians. This loan can be granted without collateral or a cosigner. The loan option that will be made available to you depends on your degree program, rating of university, and level of Education.
Can I get a student loan in Nigeria to study abroad?
With a student loan, you will be able to get the finances you need to study abroad as a Nigerian. The student loan covers up to the total cost of your education excluding any financial aid received. However, the loan amount must be certified by your school.
Also, Check Out;
- How do I Qualify for a Loan from First City Monument Bank?
- How do I Qualify for a Loan from Guaranty Trust Bank?