Which Bank Gives Loan To Students In Nigeria? ( Find Out Here)
Which Bank Gives Loan To Students In Nigeria? ( Find Out Here). Get Knowledge Of The Student Loan Bank In Nigeria. Check This Post.
Are you a student and you have been seeking for the best banks that you can get loan from? Do you want to know the best financial institutions that can give you loans as a student? Then this article is for you, as we will be giving you a rundown of banks that issue out student loans in Nigeria.
What Banks Gives Students Loan?
We cannot deny that the importance of Education can never be underestimated and there is need for every child to have the opportunity to experience this journey. Now we can also agree that not many students have wealthy guidance and not all students come from rich homes too but then there are certain compulsory items a student must have and some of these items may not always be provided by their parents. Now most students in Nigeria now engage ibn small scale businesses to survive in the non-smiling economy but with that, it is not even enough and so, many students now seek for loan platforms where they can get loans to be able to survive the heat in school, get materials they need to study and even cater for their junior ones needs. Now student loan is different from all other kinds of loan, as the payment method is very much flexible and their rates are quite low. In this article, we will be giving you some some details about banks that gives loan to students but first let’s know what a student loan really means.
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What Is A Student Loan?
A student loan is designed to help students pay for education and it’s associated fees. This loan has low interest rates and the repayment schedule is much more flexible too.
Here are the few banks that issue out loans to students;
- Access Bank
- GT Bank
- First Bank
- Education Bank Loan
- FairMoney Loan
Which Bank Gives Loan To Students In Nigeria? ( Find Out Here)
1. Access Bank
Access Bank student loan is the first on our list. The loan is set up to provide students with funds to cover their fees for a short period. Access Banks longs to see students cover up their curriculum without distractions and disturbances. The Bank release amount for loans is NGN 5 million naira and you will even be given an option to refinance even after you leave school as a graduate.
Requirements:
- Your school admission letter will be needed.
- Statement of account of parent’s/guardian’s salary account.
- Identificationcard or sponsor’s ID card and tuition advice.
- A copy of credit check and also your BVN.
2. GT Bank
Next on our list is the GT Bank student loan. This bank also provides loan and make it easily accessible and eligible for parents to finance their ward’s education. You should know that this loan is designed for only schools in Nigeria and up to NGN 5 million Naira loans can be acceseed with a maximum tenure of 4 months.
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Requirement:
Submission of undertaking form to the bank and also a copy of the tuition fee bill and credit insurance too will be demanded.
3. First Bank
With First Bank’s Edu, you can also secure loans and it is very flexible. They give out loans to students, they also can give out loans for repairing and replacing school facilities too. Its repayment plan is super flexible and you have access to as high as NGN 10 million naira.
Requirement:
First Bank requires a domicilation of tuition fees as collateral and also the number of students in the school must be plenty, maximum of 300 pupils.
4. Education Bank Loan
This is the last on our list. The Federal Government approved the establishment of education bank and also student loan boards by states at really low interest rates to allow students access to funds and to sustain themselves and avoid embarrassment. The Federal Government consented to this establishment in all 36 states of the country, as the main focus is on University students and those in Secondary Schools.
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Frequently Asked Questions
1. Can I Get Student Loan Easily?
Education loans are widely and easily available.
2. What Happens If I Don’t Pay My Student Loan?
Ifg you don’t make your student loan payment or you make your payment late, your loan may eventually go into default.
3. Is It Better To Get A Student Loan From A Bank?
The best student loan is generally the one that costs you the least and that may come from a bank.
4. Do Student Loans Go Away After Death?
If i die/ if you die, then your federal students loans will be discharged after the required proof of death is submitted.
5. Is It Hard To Get A Student Loan?
Getting a student loan is a fairly straightforward process.
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