There are banks in Nigeria that offer loans to students in Nigeria. However, this loan is different from the new Federal Government students loans signed by the president on the 12th of June 2023. All you need to access this advance payment is to meet the requirements.
The purpose of the student loans offered by these banks is to enable people undergoing different kinds and levels of formal education access to funds necessary for the completion of such study. Expenses ranging from costs of required stationery, school fees, accommodation, as well as other expenses required by the students in need are covered by these loans. These facilities are majorly not known by many students, and for the selected few who know about them, processing them is unknown of them.
Student loans like other loan facilities come with their terms and conditions of the acquisition. Eligible students, primarily students who have difficulty sourcing funds for their education would need to further meet some requirements before being through the process of loan obtainment.
List of Banks Offering Student Loans and Requirements in Nigeria
Wema Bank Student Loan
For you to access Wema bank student loan, you must meet the following requirement
- Completed School Fees Advance application form
- Letter of introduction: This is to determine the employment status of the parent/guardian
- Irrevocable letter of domiciliation from the employer: This is to ensure that the parent/guardians salary will remain with Wema Bank until the advance is liquidated
- Invoice of School/tuition fees
- Proof of identity (Driver’s license, National ID, International Passport or Voters card) Employment ID is not sufficient
- Proof of address i.e. utility bill
- Last three month’s payslip
- Six months’ salary statement of account (for customers whose salary accounts cannot be or are not domiciled with Wema Bank)
- Admission letter from the school if the school is in diaspora
Features of the Loan:
- Minimum Facility Amount of N50,000.00
- Maximum Facility Amount of N10,000,000
- Maximum tenor of 3 months (For Nursery/Primary/Secondary schools) and Maximum tenor of 12 months (for tertiary institutions) per request
LAPO Microfinance Bank Advance School Fees
This product is tailored to close the gap between the need of the child and what the parent can offer in regard to school fees/levies, uniforms, books and school bus fees.
- Loan range ‒ NGN 20, 000 to NGN 200, 000
- Grace period ‒ 1 Month moratorium (Approximately 30 days after disbursement)
- Interest rate ‒ 4% Reducing Balance (48% per Annum Reducing Balance)
- Repayment Mode ‒ Monthly
- Loan period ‒ Loan can be disbursed all year round
Loan purpose
— To cover Tuition fees, uniforms, Books & Transportation (School Bus).
Document
- Loan application letter
- Duly completed application form
- 2 guarantors
- A valid means of ID (national ID, driver’s license, voter’s card or international passport)
- Current utility bill
- 4 recent passport-size photographs
GTBank Student Loans
To apply, you will submit a completed application form and employer undertaking form, provide a school fees bill and credit insurance, and ensure that staff terminal benefit is domiciled in GTBank or obtain a corporate guarantee. The following people are those who can benefit from the loan. The staff of selected private companies, Government Ministries, Parastatals and establishments whose salary accounts are domiciled with the Bank.
Features
- Up to N5 Million School Fees Advance. Maximum tenor of 4 months per request.
- Very Competitive interest rate. Equal monthly repayments comprising of principal and interest.
- Immediate access to funds for the prompt payment of your child/wards school fees.
Access Bank Advance School Fees
Our Advance for School Fees scheme is designed to provide parents/guardians with short–term financing to cover tuition fees for their children/wards. It is also ideal for financing undergraduate study, postgraduate study and professional examinations.
Features
- Ensure that your child’s education is not interrupted, due to unforeseen circumstances.
- Loan amount: up to N5 million.
- Up to 6months repayment period.
Required Documents
Salaried Customers
- Duly completed application form
- Duly accepted offer letter
- School fees bill / invoice in the name of the student. The bill should contain the total fee amount
- Valid ID card and recent utility bill (with the last 3 months)
Non-Salaried Customers
- Duly completed application form
- Valid ID card
- 1-year Bank statement of corporate account
- CAC documents
- Recent Utility Bill (within the last 3 months).
- Duly accepted offer letter.
- School fees bill/ invoice in the name of the student. The bill should contain the total fee.
- Evidence of lien on treasury bill, fixed deposit on any money market investments. OR
- Receipt of acceptable guarantee (individual or corporate) and
- Statement of Net worth of guarantor.
