October 3, 2022
11 °C London, UK

The only way to financial freedom!

How to Get a student loan in Nigeria without stress | 2022

Student Loans

Sometimes, one might become stranded on the way to achieving formal education. It is most times not easy especially in developing countries like Nigeria. If you are ever in need of financial assistance while receiving formal education, a student loan just might be the best option. In this article, you will learn all you need to know about student loans available in Nigeria and how to get them without stress.

What in Essence is a Student Loan?

A student loan as you may have already guessed is a loan platform setup to help students pay for post-secondary education and its costs (fees). Take note, post-secondary education which automatically strikes students in high school / secondary schools off the beneficiary lists. The student loan could be used for Tuition, textbooks, notebooks, supplies and it covers all associated expenses.

How is a student loan different from other loans?

A student loan is significantly different from other loans in terms of the following;

  • Interest Rates: The interest rates of a student loan are significantly lower than that of a regular loan. Depending on the loan provider, the interest rate may vary from 9% to 25% per annum. Ensure to check properly the stated interest rates from your loan provider before you choose to take the loan.
  • Repayment Period: Most times the repayment schedule may be delayed until the student has achieved his / her graduate degree. This implies that your course of study and the number of years required to complete it determines the repayment period. In a situation where for some reason you get to stay at home instead of going to school, for example if your educational institution goes on a strike, the repayment period can be reduced.
  • Purpose: The student loan can only be issued on basis of tuition payment, or other school-related expenditures such as textbooks, stationaries etcetera.

How Can You be Eligible for A Student Loan in Nigeria?

The following are mandatory to be eligible for a student Loan in Nigeria.

  • You MUST be a Nigerian Citizen. It is impossible to apply for a student loan in Nigeria if you are a non-citizen.
  • The applicant / student applying for the student loan in Nigeria must be an adult; i.e 18 years of age.
  • Take note that the applicant for the student loan cannot be above 35 years of age. Instead there are some other loans available here for someone ineligible.
  • The applicant must have completed his secondary education i.e high school and must have gained admission into a Nigerian University or Polytechnic.
  • The applicants Course of study must be an accredited Program in any Nigerian higher institutions of learning.
  • You must have a valid bank account. It is through this account that you can have access to funds gotten from the student loan.
  • Some loans come with application deadlines so one must be careful enough to apply within the time frame for the student loan.
  • You must have a parent, guardian or sponsor willing to stand surety for you with proof of income to pay interests.
  • If the above persons are unavailable to do so, a part-time student with a full-time job can also stand in for the safety, just as long as he has proof of income.

Note that there are also other requirements based on the loan provider you choose.

Documents Required to Access A Student Loan in Nigeria

Of course, there has to be paperwork! The following are some documents that are required to successfully complete the application stage. They are;

  • Any means of Identification for Student and Surety.
  • Proof of residence of Student and Surety.
  • Any proof of acceptance or enrollment into a Nigerian higher institute of learning.
  • Evidence of the final academic results for the last session.
  • A letter of domiciliation of your parent, guardian or sponsor’s account.
  • Proof of costs for educational costs (tuition, stationaries, accommodation etcetera). Note that this document must carry the Higher Institution’s letter head.

Also remember that the loan provider used might also require additional documents.

What banks are giving out student loans in Nigeria?

In Nigeria, there are four main banks giving student loans and they are easily accessible. As long as you have your documents and necessary information, the student loan should be issued to you without stress.

Access Bank Student Loan

Access bank happens to be the first on our list today. Access bank has a loan platform to support students with finance (short-time finance) so they can cover their necessary expenses in school. Access bank offers up to N5 million loan and getting it is as easy as visiting the nearest Access Bank nearest to you.

GT Bank Student Loan

The GT Bank offers a loan option to parents for payment of their wards school fees in Nigerian schools. Just as earlier mentioned, you get a loan of up to N5 million but this loan is totally short-term. The repayment period stands for just a maximum length of four months. Visit the nearest GT Bank to learn more about this loan.

First Bank FirstEdu Loan

This loan is not for students per say. It is a loan offered to small business owners for the improvement of school infrastructures and running small educational institutions until funds are generated in such institutions. For this class, there is a 90 – day flexible repayment period with a maximum loan of N10 million. The institution must as well have an account with First bank to receive the FirstEdu loan.

Federal Government Education Loan

The Nigerian government has in a massive way encouraged the setup of educational banks and student loan boards across states.

How To Apply For a Student Loan in Nigeria

Step One

You have to apply in-person and so the student or applicant must begin by selecting carefully the loan issuer he/she prefers and pay a visit to their nearest branch.

Step Two

When you visit the loan issuer, get to note down their requirements, terms and conditions. If there are additional documents you need to arrange, do so immediately.

Step Three

Get all of your documents and pick up an application form at the bank of your choice. Ensure to fill all details accurately and attach your documents and submit the form.

Step Four

Wait for the official in charge to validate your documents and go through your application form for errors.

Step Five

If your documents are found to be in order, your loan will be approved and your account credited with the requested loan amount.

That’s all.

If you are not a student and you wish to get a loan for your business purposes or otherwise, visit our homepage to get Smart Loan option available for you. Click here to see more loan offers and check out technological advancements in our sister blog – www.teckyenergy.com

Previous Article

FirstCredit – How to apply for the First bank FirstCredit loan |

Next Article

How to get a personal loan from Standard Chartered, Nigeria

You might be interested in …

Leave a Reply

Your email address will not be published.