There are numerous banks granting student loans in Nigeria. It is undeniably understandable that the burden of footing the education bill can be tiring; hence, many resort to securing loans from banks as a rescue.
If you find it hard to cater to your educational needs, you may try getting a student loan instead of quitting.
In this article, we shall explain extensively the top banks granting student loans in Nigeria. Be sure to keep reading.
What Is A Student Loan?
A student loan is a credit facility that helps students to finance their postsecondary schooling with a low-interest repayment plan.
This could be for tuition fees, textbooks, feeding, or any other student expenses. As a student in Nigeria, instead of quitting your education or having yourself messed up with dangling bills, the best is to opt for a student loan.
In the next section, we shall look at some banks granting student loans in Nigeria. Stay tuned.
Top 10 Banks Granting Student Loan In Nigeria
This is the most exciting part of this article. Here, we shall examine the top banks that offer student loans in Nigeria and their requirements.
Let’s quickly examine each bank carefully. Keep reading, this is the best part of this article.
Access Bank Student Loan
The first bank on our list is Access bank. The Access bank student loan is a package made available to students for short-term educational financing.
The Access bank loan is available from nursery to postgraduate study. You can access up to N5, 000, 000 without refinancing.
Furthermore, the interest rate is low. It has about 20% per year. Also, the repayment period is over 4 to 6 months.
Requirements For Access Bank Student Loan.
To be able to get an Access Bank loan, you need the following requirements;
- You need to obtain and complete a loan application form from the bank.
- A government-issued means of identification.
- Your admission letter
- Tuition bills
- An employment ID of your parents or sponsors.
- Your credit checks
- And duly accepted the offer letter and term sheet.
Guarantee Trust Bank Student Loan
The next bank that grants student loans on our list is GT bank. The Guarantee Trust Bank Fees Advance is a credit facility specifically for a child’s education in Nigeria. It is not permitted for funding abroad.
Anyone can opt for this loan; however, the parents or sponsor must have their salaries domiciled with the bank.
Additionally, you can borrow up to five million Naira with a maximum duration of 4 months per request. Moreover, there is immediate access to loans with an equal monthly repayment plan.
Requirements For A Guarantee Trust Bank
It would be best if you had the following to obtain a loan from GT bank.
- Get your application form complete and ready.
- An employer’s undertaking form,
- Show credit insurance and tuition fees bills.
- The salaries of the sponsor or parent must be domiciled.
First Bank Student Loan
The First Bank PLC Nigeria offers loans to students in Nigeria known as Eduloan. However, the loan is provided for schools that can sponsor their students or pupils with the loan.
The loan has a repayment plan that is flexible enough for 3 months. You can get up to N10, 000, 000.
Requirements For First Bank Eduloan
- The targeted schools are private schools. They must be registered under their state governments and CAC too.
- The school must have not less than 100 pupils and students.
- The school must have a relationship with the bank for at least 6 months or a year with other banks.
- No collateral is needed, but then, the school fees must be domiciled with the bank.
Federal Education Bank Loan
This is an establishment of the federal government in each state of the country to support her citizens who are students with financial support.
Every student is entitled to a loan. It has a flexible repayment plan and low interest.
The maximum amount of loan and requirements for this particular loan depend solely on the state as it may vary slightly from one state to the other.
First City Monument Bank Student Loan
This is another fantastic bank that grants student loans in Nigeria. The loan comes in two groups. One is the school support loan which offers over 15 million Naira to schools and support for customers. This is undoubtedly for students aspiring to study abroad.
Requirements For First City Monument Bank Loan
For school support;
- The school must be registered.
- At least a 6 months of customer relationship with the bank.
- Not having less than 100, 000 credit balance.
- Must be active on at least two products of the bank.
For studying abroad;
- An admission letter
- Tuition fees bills
- Credit checks
- Valid means of identification (government-issued ID).
- The ID of parents or sponsors.
Fidelity Bank Student Loan
The Fidelity Back2School is another credit facility made available to students. This facility is aimed at helping parents get their children back to school.
You can access up to 10 million Naira with a convenient repayment plan and low-interest rate.
The requirements are easy with no bottlenecks.
Standard Chartered Educational Loan
This is a loan scheme offered by the Standard Chartered Bank. It comprises a repayment plan per month group to six years.
In addition, you can borrow up to 10 million Naira. And there is credit life insurance in case of death.
Requirements For A Standard Chartered Small Credit Education Loan
The parents of the student or sponsor should provide the following;
- A certified and valid means of identification, a government-issued ID, would be better.
- A net salary of not less than 50, 000 naira
- A confirmation letter from the employer.
Stanbic IBTC Bank Student Loan
The Stanbic IBTC bank is another financial institution in Nigeria that offers student loans.
It was recently launched as a way of helping students pursue their careers without hindrances. The repayment plan is flexible, with low-interest rates.
Requirements For Stanbic IBTC Student Loan
- Admission letter
- Tuition fee bills
- Valid means of identification
- Detailed information about the sponsors or parents.
- Completed form.
Zenith Bank Student Loan
Zenith bank PLC offers educational loans to students both junior and Tertiary students. A minimum of 100, 000 and a maximum of 5, 000, 000.
The loan is usually made to the school to ensure appropriate usage. The tenor is 3 months and 9 months for Junior and tertiary institutions, respectively.
Requirements For Zenith Bank Educational Loan
- A completed application form
- Parents must have a domiciled salary account with the bank.
- Invoice of tuition fees
- The student must have an account with the bank.
Wema Bank Student Loan
We can not list the top banks granting students loan without mentioning Wema bank. You can borrow between 50, 000 to 10, 000, 000 with a tenor of 3 months for primary and secondary and 12 months for tertiary institutions per request.12 months.
Requirements For A Wema Bank Student Loan
- A letter of introduction showing the employment status of the parents.
- Complete application form
- The parents’ account must be domiciled.
- Tuition fees bills
- Admission letter from the school
- 3 months payslips
- Six months’ statement of account
- And a government-issued ID
How To Apply For Student Loan In Nigeria
Now we have deliberated on the top banks offering student loans, and the next step is to apply. The steps below will guide you through.
Choose A Bank
The first thing to do is to choose the bank you are comfortable with. We have listed the top banks already. The onus is on you to choose. Before selecting a bank;
- Check out the requirements
- The interest rate
- Repayment plan
After choosing your lender, ensure that you are eligible for the loan. Check out the requirements and criteria to ascertain if you are up to the task.
Also, ensure your documents are complete. This may include; your application form, admission letter, school fees invoice, government-issued ID, and other necessary information.
If you discover you are eligible, the next step is to submit your application form and other documents. Please, ensure that your document is complete to avoid rejection.
If your application is reviewed and approved by your chosen financial institution, payment will be made as soon as possible. However, your loan application may be rejected for many reasons.
However, if you follow our outlined steps, the chances are slim.
We have come to the end of this article. We carefully outlined the 10 top banks that grant student loans and the requirements for each bank.
Also, we discussed how you could apply for a student loan in Nigeria. We are confident that this article is of great help to you. Have you got a question? We shall be waiting in the comments section.