4 Nigerian Banks That Are Currently Offering Student Loans

4 Nigerian Banks That Are Currently Offering Student Loans

If you are a Nigerian student looking for a loan to fund your studies, you are at the right place as we will be walking you through some reputable banks in Nigeria offering students loans to help parents pay their children’s school fees.

Education being a powerful driver of development and one of the strongest instruments for reducing poverty and improving health, gender equality, peace, and stability in a country, It has become more than a necessity.

However, education doesn’t come cheap like other things that attract huge interest. As such, there are some platforms where you can get a student loan in Nigeria to finance your studies.

What Is Student Loan

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.

4 Nigerian Banks That Are Currently Offering Student Loans

Below are a list of Banks offering 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 pay their school fees and other fees. A student can get up to ₦5 million with no option to refinance.

Features

• Ensure that nothing interrupts the education process.
• You can get up to ₦5 million
• There is an option to refinance the loan
• Lastly, remittance services are available

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.

Features

• You can get up to ₦5 million in student loans with a maximum tenure of 4 months per request
• Competitive interest rate
• Immediate access to the loan

Requirements for GT-Bank Student Loan

• Parents’ employer’s undertaking letter

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.

Features/Requirements

• 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

4. FG Education bank loan

The Federal government approved the establishment of education banks and student loan boards by states at concessionary interest rates to allow students access to funds.

The government also approved the establishment of education funds by all states of the federation. Special emphasis is on funding teacher development and secondary education, as well as establishing a special intervention fund for individuals with special needs.

Such loans include the TIES CBN Undergraduate And Graduate Loan introduced by the Central Bank of Nigeria to help graduates and undergraduates further their education.