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How To Access Over N100k Students Loan in Nigeria

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How To Access Over N100k Students Loan

How To Access Over N100k Students Loan in Nigeria

A student loan is simply a type of loan given to parents on behalf of their children to enable pay their school fees and other needs. A student loan is different from other types of loans. It has a very low-interest rate and a more flexible repayment schedule.

A student loan is a sort of loan used to help students pay for post-secondary education and associated costs such as tuition, books, supplies, and living expenses.

Benefits Of Students Loan

Taking out a student loan has numerous advantages. Here are a few examples:

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  • A student loan can assist you in covering the costs of tuition, textbooks, and other school-related expenses.
  • In the event of an unexpected financial emergency, a student loan can provide you with financial protection.
  • A student loan might assist you in meeting your living expenses while you are enrolled in school.
  • While you are in school, a student loan might offer you a steady source of income.

How To Access Over N100k Students Loan in Nigeria

Below are a list of Banks offering over N100,000 student loans in Nigeria

1. Access Bank

Access Bank Plc is the first on our list, they offer students short-term loans to enable them to pay their school fees and other fees. A student can get up to ₦5 million with no option to refinance.

Access Bank Students Loan Summary

  • The interest rate of 20% per annum
  • Only 1% of the total cost is charged as a management fee.
  • Repayment might be spread out over a period of 4 to 6 months.
  • Fees are easily remitted to the school.
  • You can get up to 5 million
  • Ensure that nothing interrupts the education process
  • Refinancing is an option.

Access Bank Students Loan Requirements

  • Student’s admission letter
  • Tuition advice
  • Letter of domiciliation of students
  • parent’s/sponsor’s salary account
  • A copy of employment ID or valid means of
  • Identification belonging to the student’s
  • Parent/sponsor
  • Bank Verification Number (BVN)

2. GT Bank

GTBank is another bank that offers loans to students to enable parents to pay their children’s fees. Up to ₦5 million loans can be accessed with a maximum tenure of 4 months.

GT Bank Students Loan Summary

  • Advance on school fees of up to N5 million. Per request,
  • Loan maximum tenor is four months
  • Interest rate is really competitive. Principal and interest repayments are made in equal monthly installments.
  • Immediate access to funds for the prompt payment of your child/wards school fees.

GT Bank Students Loan Requirement

  • The application form
  • Employer undertaking
  • School bill with details of the school’s bank account (Tuition Invoice).

3. First Bank

Through FirstEdu Loan, the first bank also grants loans to parents to pay their children’s school fees. It also offers flexible funding for upgrading school facilities.

First Bank Students Loan Summary

  • It has a flexible repayment plan spread over 90 days
  • Access to a maximum amount of 10 million
  • The only collateral requirement is domiciliation of school fees with First Bank
  • The School must have been in account relationship with FirstBank for a minimum period of 6 months or 12 months with other banks
  • Target markets are private schools duly under CAC and their State Government
  • Lastly, the school population must be a minimum of 100 students
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