Easy step to get student loan in nigeria 2022
Easy step to get student loan in nigeria 2022
The ability to pay for housing and board, daily living expenses, stationery, and other educational fees while attending a higher education school is made possible by the availability of student loans. If a student meets the criteria for a student loan, they may apply for one even while they are having financial difficulties. Many poor students are unaware of its availability, and those who do are unable to apply because they lack the necessary knowledge.
We will look at how to obtain a student loan in Nigeria without a down payment in this post. We’ll provide a quick overview of the Nigerian education loan’s history, requirements, application process, loan amount, and repayment schedule. We’ll also talk about various loan programs and terms. Now let’s begin this tutorial.
History of Student Loans
Many parents in Nigeria believe that education will help their kids overcome their difficult financial circumstances. The “Nigerian Students Loans Board” was formed by the government in 1972. This organization was created to offer loans to eligible Nigerians so they may pay for undergraduate and graduate degrees both at home and abroad.
Jstor.org reported that from 1973 to 1991, this Board disbursed a total of N46 million. Due to difficulties in recovering the debts, the government replaced the Board with the “Nigerian Education Bank.”
In addition to other responsibilities, this new agency oversees the loan disbursement for professional studies like architecture, law, medicine, and accounting as well as advising services for educational reasons.
Nigerian bank loan requirements for education student loan in Nigeria
The National Council for Higher Education accepts applicants who are Nigerian students enrolled in certified programs at higher education institutions.
Publicity for the Loan That Is Available
The Nigerian Students Loans Board will publish an official ad in a respected national publication requesting that eligible students submit an application to the Board for loans or scholarships within a specific timeframe.
How to get student loan in Nigeria without collateral
For a student loan in Nigeria, you must gather the documentation listed below. This is mostly for a loan from the Nigeria Education Bank; for information on other lenders, continue reading the articles. They consist of:
Names, age, birthdate, marital status, and sex information
Student transcripts and an admission letter
A proof of identification, three current passport photos, and a copy of the institution’s fees are all required.
The duration, beginning date, and ending date of the study course.
Depositing N2,000 as a processing charge into a bank account (for Nigeria Education bank loan)
Please include the name of your institution’s banker (which is usually Nigeria Education bank.)
Please be aware that different lenders will have different requirements.
Wait for the processing and approval of student loan in nigeria application
Await the Nigeria Students Loans Board’s reaction. Processed during:
If the application form was not correctly completed, the Operations Unit of the Loans Board would contact you through email, SMS, or phone to make the necessary changes.
The names of the chosen candidates will be published by the Ministry of Education in a national newspaper. A letter informing you of the amount allotted to you will be sent to you, and your name will also appear on a list on the Ministry’s website.
You will receive identification cards, a student loan identification number, and the loan revenues will be sent to the Nigerian education bank to be disbursed to your bank.
For the Nigeria Education Bank Loan, follow the aforementioned instructions. Other lenders are listed below.
Financial Institutions that offer Education loan
The Federal Government has not had it easy providing funding for education in Nigeria. So, a way to obtain a student loan in Nigeria without collateral is to go to a bank that offers an education loan.
Banks provide loans to students to help them with the expense of their local and international education. Banks typically offer various terms and conditions for student loans.
For instance, the Smart Credit Educational Loan from Standard Chartered Bank allows students to borrow up to $10 million, with a 6-year repayment period.
For the payment of tuition and allowances abroad, Stanbic IBTC Bank PLC offers an educational package that offers an international money transfer solution.
For example, at Zenith Bank Plc, you can get an educational loan to pay tuition fees. It is a short-term loan with conditions.
GTBank, Acccess and others offer loans to students
How to obtain student loans in Nigeria without collateral was covered in this post. You learnt how to apply for education loans from commercial banks, the Creative Sector Loan, and the Federal Government of Nigeria. Read the rules of bank loans, which typically have tight short-term requirements, and only accept credit that you can repay.