Yeeh, you want some money to finance your education and you think without cash you can’t further your education; say no to that as we have financial institutions that can help you get through school. Knowing how to get student loan from the bank is important.
Money shouldn’t be why you can’t have access to quality education as it has become more than a necessity in this modern age.
Though without finance good and quality education become a problem to access, the next is to get a loan and finish up with your education.
It has now become easier to access education loan than before as banks are bridging the cap to help people who need cash to get a college certificate.
In this article, we are going to show you how to get a student loan and banks that can give you student loans and the condition attached to getting the loan.
What is a Student Loan?
A student loan is designed to help anyone willing to acquire a quality education but have no money to finance the tuition fee and other associated fees that come with acquiring a college certificate.
Student loan attracts interest rate, but the rate is relatively cheap compare to another type of loans provided by any lender with a repayment option that makes it easy for anyone to pay.
How to Get Student Loan in Nigeria
A student loan can be accessed in two ways, they can be gotten from the traditional banks and online lenders but here we are focusing on the traditional banks.
To get more on accessing a loan from online banks or apps, check our article on that.
The traditional banks that give student loan in Nigeria, include Access bank bank Bank and First Bank, below we shall talk more about each of their requirement to access the loan from each bank.
1. GT Bank Student Loan
GT Bank’s make student loan possible for students who are looking to finance their education.
The loan is designed to work with a Nigerian school alone. The student loan was formatted by this financial institution to help parents who are finding it difficult to finance their children school fees.
The bank can give up to ₦5 million in student loans and with a maximum tenure of 4 months per request, It has a lower interest rate and the loan can be accessed Immediate with the bank provided you were able to meet up the requirements of the bank in getting the loan.
What are the things needed to access GT Bank student loan
- Completed application form
- Employer undertaking form
- School fees bill
- Credit insurance
- Ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee
2. Access Bank Student Loan
Access Bank, one of the largest banks in Nigeria gives the student the privilege to have access to short-term cash for students to pay up their tuition fees.
Just like that of GT Bank, Access Bank also give up to ₦5 million, with an option to refinance the loan if there is a chance for that.
Requirements to get the Access Bank student loan
- Provide a completed application form
- Present your admission letter
- Self or parent/sponsor copy of employment ID or valid identity card
- Letter of domiciliation of personal salary account or parent’s/sponsor’s salary account
- There will be a credit check.
3. Federal Government Education Loan
The Federal government has an approved education bank where the loan can be given to the student loan at concessionary interest rates to allow students who can’t afford school fee to have access to funds.
The education bank is in all states throughout the federation, it doesn’t provide access to the student alone but specially designed to fund teacher development and secondary education, also meant for special intervention fund for individuals with special needs.
To get a student loan or you need any special educational help, locate any of the offices of the federal government education bank in your state.
4. First Bank FirstEdu Loan
First Bank’s FirstEdu loan is not meant for students, it is designed to help school owners for the upgrading of the school facilities to make learning to be more conducive for students.
The First bank FirstEdu loan is included here because it also has a way of helping student, it as a flexibility enough as it allows school owners to run the school affair before the pending school fee gets paid.
The targeted schools that can access the loan are private schools with a minimum population of 100 students. And they must be registered under CAC and their respective State Government.
The First bank FirstEdu gives ₦10 million worth of loan with a flexible repayment plan spread for 90 days.
Requirements to Access the bank
- Domiciliation of school fees with First Bank
- Business relationship with the bank for a minimum period of 6 months
Funding education got easier with student loans when you don’t have money to finance your education to get a degree, the student loan is there to help you, and we know it is not easy repaying loans but your last option might the student loan at that present moment, get the student loan and further your education.
There are different options to explore, all you need is to get a loan from any traditional bank that has a very flexible plan for a student loan and get a college degree of your choice and you can also make use of an online lender too, they provide instant assistant too.