Nigeria - Apply for Education Loan

Advertisement

Procedure

Apply In-Person

1. To apply for an Education loan in person, the student or applicant must first choose a loan issuer/bank according to his/her requirement or convenience. Then, the applicant should pay a visit to the nearest branch of the loan issuer/bank.
2. Locations and contact links of some banks are listed in the “Office Locations & Contacts” section of this page. You can make use of it if you wish to apply in any of those national banks.
3. Visit any nearest branch of your loan issuer and get information about the eligibility criteria and their loan provisions. Then, obtain the application form to apply for a student loan, from the respective counter.
4. Fill the form with appropriate details and required information in accordance with the provisions of the issuer. Make sure you have attached all the documents listed in the ”Required Documents” section of this page.
5. Now, submit the form and required documents to the concerned officer in your loan providing bank or institution’s office.
6. The concerned official will validate your documents and go through your application form for verifying if all the documents are in order and your requests meet their provisions.
7. If all the documents are found in order, the applicant will get a response about the approval or denial of the loan.
8. And if your loan has been approved, your bank account should be credited with the money within the stipulated time from the date of approval.

Advertisement

Required Documents

• Identification document of the Student and Surety
• Proof of residence for Student and Surety
• Proof of enrolment/registration or Acceptance from the educational institution
• Latest month’s payslip of surety
• Last three months’ payslips or bank statements of surety
• Proof of final academic results for the last year
• Proof of costs for tuition fees on institution letterhead, accommodation and textbooks/equipment

NOTE: Required documents and Criteria for the submission of the documents may vary depending upon the loan provider you choose.

Office Locations & Contacts

Nigerian Students Loans Board - Head Office
Federal Ministry of Education
Block 493/494, Zone 7,
Wuse District,
Abuja, Nigeria.
P.M.B 11
Abuja-Nigeria.
Phone: +234-95231059
Website: Link

Eligibility

• Any student who wants to be funded for his/her tertiary education can apply for a student loan.
• A parent, sponsor or a guardian who has proof of income should stand surety for the student, to pay the monthly interests.
• If no one is there to stand for surety, a part-time student, who is full-time employed and has proof of income, can apply on his own surety.
• The student applying for the loan must be registered with a Nigerian institution for his/her tertiary education.

NOTE: Eligibility criteria may vary depending upon the loan provider you choose.

Fees

Explain the fees structure which is required for obtaining the certificate/document.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

Please explain processing time taken in obtaining the document/certificate.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• The interests charged on student loans may vary depending upon the loan provider. So, while you search for a loan provider, carefully look for the best deal available.

•  They calculate how much you need to repay after graduation based on your salary.

• It will take half the amount of time to repay a loan if you stay at home. Carefully consider this when getting a loan.

• The money from the student loans gets deposited straight into your bank account, and you can use it as you please.

• Please make sure you check on your loan issuer’s specific documentation requirements, as this can be a real confusion.

Required Information

• Particulars of the student and surety
• Address and contact information of student and surety
• Identity card number of student and surety
• Income details of student or surety
• Academic details of the student

Need for the Document

• Tertiary education has become so expensive these days and a student, at any cost is needed to get a student loan from any of the providers available.
  

Information which might help

• A surety is a person who must take responsibility to make sure that your loan is repaid even if you cannot pay it.
• The loan can be used to cover your tuition fees, as well as accommodation for full-time students, textbooks, equipment and other education related expenses. This may differ between financial institutions.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Place some external links which might help.

Others

More information which might help people.