Apply for Education Loan in Nigeria By yourself
- In order to apply for an Education loan in person The student or the applicant must first decide on the loan issuer/bank that best suits the requirements of their or their convenience. Then, the person applying for the loan should go to the branch nearest to the bank or loan issuer.
- Contact details and locations of various banks are available in the “Office Contacts and Locations” section on this page. It is possible to use it should you want to apply to any of these national banks.
- Visit the nearest branch of your lender and inquire on the eligibility criteria and the loan policies. After that, you can get the application form, which allows you to apply for a loan for students at the counter of the particular branch.
- Complete the form with all relevant information and the required details in line with the guidelines that the issuer has set out. Be sure to attach all the documents mentioned under the “Required Documents” section on this page.
- Then, you must submit the form along with the required documents to the appropriate officer at your lending institution or the institution’s office.
- The official in charge will verify your documents and review the application form to verify whether all documents are correct and that your request is in compliance with their specifications.
- If all documents are checked for accuracy The applicant will receive an answer on the acceptance or denial of loan.
- If your loan was approved the bank account will be debited with the funds within the specified time period after when the loan was approved.
Required Documents for Education Loan
- Identity document for the Student and Surety
- Documentation of residency for student and the Surety
- Proof of enrolment/registration or Acceptance from the educational institution
- The latest month’s pay slip of the surety
- Three months’ pay slips and bank accounts of the surety
- Evidence of academic results for the final year
- The proof of tuition fees on letterhead of institution, accommodation, and equipment/textbooks
NOTE:
Documents required and the criteria for submitting the documents can differ based on the loan company you select.
Office Locations and Contacts
Nigerian Students Loans Board,Zone 7,
Wuse District,
Abuja, Nigeria.
Phone: +234-95231059
First Bank of Nigeria: Link
LAPO Microfinance bank: Link
Access to bank: Link
What are all the Eligibility
- Anyone who wishes to receive financial aid for their post-secondary education is eligible to apply for the student loan.
- The parent or sponsor or guardian with proof of income is required to be as a surety for the student to cover the monthly interest.
- If no one else is available to provide a surety an unemployed student who is employed full-time and has proof of income, may apply for a surety bond on his own.
- The person applying to borrow the money must be registered at an Nigerian institution for their secondary education.
NOTE:
The criteria for eligibility may differ depending on the lender you select.
Instructions
- The rates of interest charged by student loans can differ based on the loan provider. When searching for a loan service make sure you find the best price offered.
- They determine how much you’ll have to pay back upon graduation according to your earnings.
- It will take only half the time required to pay back a loan if you are at your home. Be aware of this when you apply for the loan.
- The funds from student loans is deposited directly to your account at the bank and you are able to use the money however you want.
- Make sure to check for your lender’s specific documents requirements, as it could cause confusion.
The Information You Need
- Specifics of the student as well as the guarantee
- Contact and address details of the student and the surety
- Identification card number of the student and the surety
- Information on the student’s income or the surety
- The academic details of the student
Documentation is needed
- The cost of tertiary education is so costly these days that anyone, at any cost , has to obtain a loan for students from one of the many providers that are available.
Information that can be useful
- A surety is an individual who is responsible to ensure that the loan is repaid even if you’re unable to repay it.
- The loan may be used to pay tuition costs and also to pay for the cost of accommodation to full-time college students, books equipment, and other associated expenses. It could differ among the financial institutions.