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How To Apply For Student Loan In Nigeria

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A student loan in Nigeria is a type of loan which allows students to cover the cost of lodging and food as well as personal expenses for living, stationery as well as other expenses for education at a higher educational institution.

Anyone who is in financial difficulties can qualify for the loan if they meet the criteria for a student loan. Many students who need help aren’t aware of the loan but those who do aren’t able to get it since they don’t know how to apply for the loan.

student loan

In this article, we will discuss the process of getting student loans within Nigeria that do not require collateral. We will provide a brief history of Nigerian education loans, the conditions for loans, the process for processing them, the loan amount, and the repayment terms. 

Additionally, we will discuss different loan sources and terms. Let’s begin this course right now.

History of the Education Loan

Many Nigerian parents consider education the best way to raise their children above their poor financial circumstances. The year 1972 saw the government create “The Nigerian Students Loans Board.” The purpose of this body was to provide loans to Nigerians for education for both graduate and undergraduate students in Nigeria as well as abroad.

As per the report from jstor.org According to a report by jstor.org, this Board issued a sum of N46 million between 1973 and 1991. The recovery of these loans was not easy and, as a result, the government removed the Board with the “Nigerian Education Bank.”

This organization is now offering advice for students and also supervises the loan disbursement to students studying professional subjects like Architecture Law, Medicine, and Accountancy as well as other tasks.

Nigeria education bank loan requirements

Eligibility Conditions

Candidates should be Nigerian students who are enrolled in an accredited course in approved higher institutions of learning approved by the National Council for Higher Education.

Advertisement of the Available Loan

The Nigerian Students Loans Board will publish an advertisement in a leading national paper, asking interested students to apply for loans or scholarships to the Board within the timeframe specified for scholarships or loans.

How can I get a student loan from Nigeria without collateral


Take these steps to obtain Student Loans in Nigeria:

Determine how much you will require.

For an education loan, you need to be aware of the amount of loan you require, where to find it, and also the necessary documents to process the loan. You must also assemble these documents.

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Get the necessary documents

You need to collect the following documents for student loans in Nigeria This is mostly to be used by the Nigeria Education Bank loan, for lenders other than Nigeria Education Bank, continue studying the article. These include:

  • Names and ages, birth certificates marriage status, the sex of the person.
  • Academic records – admission letter
  • An identification form with three passport photographs from recent times and a copy of charges from the Institution
  • The course of study length, duration, date of start, and the date to finish.
  • Depositing into a bank account and a deposit of N2,000 for the cost of processing (for Nigeria Education bank loan)
  • Send your banker’s name who is the owner of your Institution (which typically is a Nigeria Education bank.)

Please be aware that requirements differ between lenders.

Study terms and conditions

Find out the amount of the loan and its purpose, the terms of the loan, and the terms of repayment.

  • The amount of a loan The range is between N24,000 and N32,000. or any amount greater than this
  • The purpose of HTML0 is:Living expenses, stationery, and other school-related expenses
  • The loan period This is different according to the length of the applicant’s course.
  • Payment: Usually, two years after you have completed your studies

A majority of these will depend on the lending institution.

Contact a lender

Visit a commercial bank that you prefer. These banks are affiliates of Nigerian education banks. Nigerian Education Bank. Find out what is required to open an account and the other information needed to obtain a Student Loan in Nigeria that does not require collateral.

After that, you should open an account at the bank, and deposit N2,000 to pay the processing fee to get the loan. This is the case if you are interested in a Nigerian Education bank loan.

Send in your Student loan application

  • Visit the Dean of Students Affairs of your University and collect your loan form and fill it in.
  • Attach all documents required and pay all the fees necessary
  • Apply to the Student’s Loan Taskforce in the Dean’s Office.

Be patient until the approval and processing of the student loan application

You should wait for an answer from The Nigeria Students Loans Board. When processing is complete:

  • If you didn’t fill out the application form in the correct manner You will receive the form in error and receive an email or SMS or a contact from the Operations Unit of the loans Board to modify the form.
  • Ministry of Education will publish the names of candidates who have been successful in a newspaper of national circulation. Your name will also appear listed on the website of the Ministry, and you will be sent an email informing you of the amount that was allocated to you.
  • You will be given an identification number for student loans and issued ID cards and loan funds will be transferred into Nigerian education bank. Nigerian education bank to be disbursed the funds to your bank.
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The steps above apply to the Nigeria Education bank loan. Other lenders are listed below.

Other locations where you can obtain a Student loan with no collateral

You can apply for an advance loan through the initiative called the creative sector as well as local banks that offer educational loans. Below is an overview of the other loans below.

Creative Sector Loan

Another option is to obtain student loans from Nigeria that do not require collateral to apply for the loan to the creative sector. This loan was established by the Federal Government of Nigeria and recently created the Creative Sector Loan through a Central Bank of Nigeria initiative.

The purpose of the lending program is to build capacity and the creation of jobs for both businesses and individuals that are experts in certain industries.

The benefits:The credit is inexpensive and a single-digit loan for education and business, with a flexible structure, terms of repayment, and financial guidance.

Inadmissibility To receive this Creative Industry loan, your company must satisfy the following requirements:

  • Are part of the creative industry (fashion music, fashion, Movie Production, and distribution, as well as Information Technology).
  • Are you a registered business in the Corporate Affairs Commission
  • Make a full business proposal to the bank you prefer
  • Flawless Credit Bureau Report with no outstanding loan at any Commercial bank
  • An acceptable Credit Risk Management system(CRMS) reports sponsors, owners, and the director’s request process.

Documents are required in all CIF Loans

  • Accepted Offer Letter
  • Business Plan
  • Board Resolution (if corporate)
  • The Creative Sector Loan for Software Engineering Student

Learn about the requirements and steps to obtain a student loan to Nigeria with no collateral.

Conditions and Terms of creative industry student loans

These are the conditions and terms of this loan. Software Engineering student loan.

  • Rate of interest:Maximum Interest rate of 9% per year for the loan, with all costs included.
  • The type of loan is:Term Loan with an 80 percent Central Bank of Nigeria funding
  • A moratorium stoppage of payment for nine months beginning from the date of payment
  • Payment:Repayment occurs monthly after the 9 months or until the end of the freeze.
  • Repayment time Maximum of 3 years to pay back the student loan
  • Collateral:Minimum Equity Contribution (0%), University Degree, NYSC Certificate, Credible Guarantor, and Personal Guarantee.
  •  

How to complete your Creative Sector Loan for Software Engineering Student

Step 1. Visit the nearest Commercial Bank: Approach any financial institution for additional inquiries about the loan.

Step 2. What are the requirements to obtain the CIF student loan

  • The student must have a Software Engineering Student.
  • The applicant needs to gain admission into a training institution with job placement agreements.
  • Applicants should not have a poor credit score with the credit risk management systems (CRMS) and any bank that is commercial in Nigeria.
  • Request preferred areas that have very low Information Technology adoption.
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Step 3. Choose the amount You will require

Find the bank you like among the many commercial banks across the nation. You can apply for a maximum of N3 million in student loans with no collateral.

Step 4. Select a commercial bank

Visit the bank you prefer and establish a bank account for the loan. You can also discuss other conditions with the bank’s account manager.

Phase 5. Make an application for the money:

If you satisfy all of the above requirements complete and submit the form along with documents to start with the procedure of applying and you’ll be granted the loan.

Financial Institutions that offer education loans

Education funding in Nigeria has been a challenge in the eyes of Nigeria’s Federal Government. Thus it is best to go to the bank that offers the loan for educational purposes as a way to obtain a student loan from Nigeria with no collateral.

Banks loan money to help students pay for the costs of studying locally and internationally. The banks typically offer educational loans with various conditions and terms.

For example, Standard chartered bank has Smart Credit Educational Loan that allows students to borrow as much as 10 million and then pay it back within 6 years.

Stanbic IBTC Bank PLC has an educational program that provides the option of international money transfers for school fees and allowances in foreign countries.

Zenith Bank and Access Bank provide educational loans as well as personal loans for students.

For instance, At Zenith Bank Plc, you can get an education loan to pay for tuition fees. It’s a loan for a short duration subject to terms and conditions.

GTBank, Access, and others provide student loans

  1. Features of the Loan

You can obtain an amount that is as low as N100,000 up to a maximum of 5 million dollars. The school fee is paid is made directly to the child or school for students. The maximum period in Junior school is 3 months and in the case of Tertiary Institutions 9 months.

  1. Requirements
  • SecuritySalary bank account for the parent/guardian at the bank Direct payment of costs to schools. Students as well as the Ward must have an account at the bank.
  • Rate of interest:Prevailing commercial lending rate

How to process and obtain a student loan in Nigeria from the bank

Follow these steps for an education loan to Nigeria from banks

  1. Visit an office of the bank that you’ve chosen.

Determine the amount you require and notify your guardian or, if you have an account for salary with the bank, you can take care of it directly. You must also be in the position for a minimum of six months and have received a salary from the account.

  1. Meet Your Account Officer

Request an application for a loan, complete it out, and send the necessary documents such as an invoice, tuition charges, or bank statement, as well as other documentation.

  1. Allow the bank to process to approve the loan

After you have submitted your application, you will receive information via either email or telephone when the loan has been approved.

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