HOW TO GET STUDENT LOANS IN NIGERIA

HOW TO GET STUDENT LOANS IN NIGERIA

HOW TO GET STUDENT LOANS IN NIGERIA

HOW TO GET STUDENT LOANS IN NIGERIA.

Students in higher institutions are faced with a varying number of needs like accommodation, welfare, stationary and basic academic needs. Some students have no financial capability to meet these needs which can cause a major setback in their academic pursuit. These challenges led to the creation of loans and scholarships for students in Nigeria. So that people in these categories can be able to get support from different financial institutions. Repayments of loans for students are comfortable and made easy.

A lot of students are ignorant of these loan platforms, while some of them are not informed on how the student loan works.

This article bids to bring to limelight sources of student loans and conditions for getting them.

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NIGERIA EDUCATION BANK LOAN

This is a national intervention scheme to help Nigerian students in higher institutions. These funds are only given to students pursuing a program in any higher institution. The higher institution the applicant wants to run the program must be government approved and the course must be accredited in that institution.

Nigerian Students loan board announces in the newspaper and through the media for interested students to apply for loans and scholarships.

Below are the steps to get a student loan.

Approach a Bank

There are several lenders in the country. You can always approach any of them to apply for your loan. But the requirements vary from one another. Approach a bank and request for a student loan, you would be told what to do. Banks are connected to Nigerian Education Bank. You would be required to open an account with the bank. This will cost #2,000 for the processing fee. This is for the Nigerian Education Bank. Each lender has its approach.

You can proceed to apply for a loan. Follow these steps to apply.

  1. Collect the loan application form from the Division of Students Affairs (DSA) in your school.
  2. Attach all the documents enlisted in the requirements. Make every necessary payment as well.
  3. Make your submission to the student loan task force in your institution.

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Requirements

You will need documents that will show your;

  • Birth certificate, marital status, sex and age.
  • Admission letter.
  • School fees, a recent passport photograph, and an identification form.
  • Bank details. And make deposits where needed.
  • Name of the banker of your institution.
  • Wait for Approval
  • The Education Board would reach out if there is an error during your registration. That’s why you have to fill in the correct details about yourself so that you can be contacted.

While waiting, these procedures would be on.

The operation board would be reaching out to people with errors in their submissions. Clarifications would be made.

The board would publish the names of students that have been enlisted for the loan. You need to watch out for news in the newspaper regarding your proposal. The specific amount given to you would be stated in your approval letter.

Loans will be disbursed into Nigeria Education Bank Loan for it to be sent into respective bank accounts.

You will be given an identification number and identification card. The identification number is a Student Loan identification number.

Lenders have different approaches, so this process can not be generalized.

TERMS AND CONDITION

Terms and conditions for a student loan cannot be pinned to just a method. However, you need to know some specific things that can reappear in most student loans.

Purpose

You must know what you need the loan for. It might be for you to keep up living or for stationery.

Period of Loan

This boils down to the number of years the applicant would use in studying the course.

Repayment

This takes place for about 24 months after the program is completed. The individual can pay conveniently during the space of months.

Loan Amount

The loan amount is not specific. Different lenders have different amounts they give out.
FINANCIAL INSTITUTIONS THAT OFFERS EDUCATIONAL LOAN

Bank as being in support of the Federal government in sponsoring student loans in the country and the diaspora. Banks have their terms and conditions attached to their loan schemes.

Zenith Bank Student Loans

Zenith Bank gives loans for students to pay their tuition fees and to be returned in a short term. Stanbic IBTC on the other hand pays the school fees for international students.

Features

The loan amount ranges from #100,000 to #5,000,000. The money would be paid directly into the school’s account.

All you need as requirements are your parent’s or guardian’s salary account. The student involved also needs to open an account with the bank giving the loan.

The rate of interest is determined by the amount borrowed, and the duration of payment.

PROCEDURES TO GET STUDENT LOANS.

  • Visit any branch of your desired bank. You can make a direct process if you are a member of the bank, and you have a salary account with the bank. Your parent or guardian needs to know the amount you want to lend if you would be using their account.
  • Ask for an application form for a student loan. You will be required to fill in some details.
  • The bank would be obligated to get back to you after a review of your application. It can be a call or an email.

CREATIVE SECTOR LOAN

The Creative Sector loan is established by the Federal government of Nigeria. The Federal Government in their aim to reduce the rate of unemployment and develop citizens created the Creative Sector Loan. People who already have a surviving business can apply for a loan in the Creative Sector scheme.

ELIGIBILITY

The business needs to meet some criteria before being considered for the Creative Sector Loan.

  • The business must be registered with the Corporate Affairs Commission (CAC)
  • It must belong to any of these creative industries. Fashion, Movie Production, Information Technology E.t.c
  • You must not be owing to any bank or financial institution.
  • Acceptable Credit risk management system (CRMS) Sponsors and owners report.

REQUIREMENT

  • Business Plan
  • Board Resolution ( not applicable in all cases)
    Accepted Offer Letter
  • If you know anyone who is handicapped in funding a creative business, or academic pursuit, you can recommend these steps to change their situation.

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