Student Loan: List of Banks Granting Student Loans in Nigeria

A student loan is a type of credit that provides students with a low-interest financing option for their higher education.

This could be for food, housing, handouts, or any other type of student expense. The wisest course of action for students in Nigeria is to choose a student loan rather than give up their studies or get themselves into trouble with mounting debt.

List of Banks Granting Student Loans in Nigeria

In this article, we will take a look at the main banks in Nigeria that provide student loans and their conditions.

1.) Student Loan from Access Bank

Access bank comes first on our list of banks that gives student loan. From Access Bank short-term educational financing, students have access to a package called the Access bank student loan.

From prekindergarten to graduate school, the Access bank loan is accessible. You are permitted to borrow up to N5,000,000 without refinancing.

Additionally, the interest rate is low. It has about 20% annually. Additionally, the repayment period lasts between 4 and 6 months.

Recommended: How to Apply for GTBank Car Loan without Collateral

Access Bank Student Loan Conditions.

To qualify for an Access Bank loan, you must meet the following criteria:

• The bank will provide you with a loan application form, which you must fill out.
• You must have a kind of identity provided by the government.
• You must provide your letter of acceptance/Tuition payments
• A work ID from your sponsors or parents.
• Your credit inquiries
• You must properly accept the term sheet and offer letter.

2.) Guaranty Trust Bank Student Loan

On our list of banks that offer student loans, GT Bank comes in second. In Nigeria, a loan facility exclusively for a child’s education is called the Guarantee Trust Bank Fees Advance. In this type of loan, the use of foreign funding is prohibited.

Anyone may choose to apply for this loan, however, the co–sponsor’s or parents’ salaries must be deposited with the bank.

Additionally, you are permitted to borrow up to 5,000,000 Naira for a maximum of 4 months at a time. Additionally, there are loans available right now with a schedule of equal monthly payments.

Conditions to meet for Guaranty Trust Bank

To get a loan from GT bank, it would be preferable if you have the following.

• Prepare your application by filling out the application form completely.
• A statement from the school, bills for credit insurance, and tuition.
• Sponsor or parent salaries must be domiciled with the bank

3.) Student Loan from First Bank

The next on our list of banks that gives loan to Students is the First Bank Plc. Student in Nigeria can apply for Edu loan from The First Bank PLC Nigeria. However, the loan is offered to institutions of higher learning that can provide financial support for their students.

The loan includes a flexible three-month repayment schedule.

4.) Student Loan from First City Monument Bank

This is yet another outstanding bank in Nigeria that provides student loans. There are two groups of loans provided by this bank. One is the loan for school support, which provides more than 15 million Naira to schools and customer support. Undoubtedly, this is for those who want to study abroad.

Requirements for a loan from First City Monument Bank for educational purposes;

• The institution must be authorized.
• The applicant must maintain a minimum of six months of bank-customer interaction.
• You must not have a credit balance of less than N100,000.
• You must be active on two or more bank products.

5.) Student Loan from Fidelity Bank

Students also have access to the Fidelity Back2School credit facility. This facility is intended to assist parents in getting their kids back into the classroom.

This loan package has a simple repayment schedule and cheap interest rate, you can borrow up to 10 million Naira.

There are no obstacles and the prerequisites are simple.

If you have any financial itch as a student you approach any of the banks for a loan instead of dropping out of school.

SEE ALSO: How to Avoid Loan Rejection in Nigeria

FAQS

Is taking student loans a good idea?

Yes, because, Students who otherwise wouldn’t be able to attend college have access to financial aid through student loans.

Which type of student loan is the best?

You should consider a subsidized loan. The federal government will cover your interest payments on these loans while you are a student.