Loans - GFDD

Higher education in Nigeria can be costly, making it challenging for students to afford tuition, accommodation, books, and other expenses. As a solution, students may seek student loans to help finance their education and cover these expenses. Fortunately, several banks in Nigeria offer student loans with lower interest rates and more flexible repayment schedules. This article aims to provide a comprehensive list of banks in Nigeria that offer student loans to help students finance their education. Additionally, the article will provide guidance on how students can access these loans, including the requirements and conditions for each bank. List of Banks Offering Student Loan In Nigeria Access Bank Student Loan Access Bank Plc is one of the leading banks in Nigeria that offers student loans. The Access Bank student loan is tailored to offer short-term financing solutions for students in Nigeria to help cover their educational costs such as tuition and related expenses. This loan option helps students manage their finances better and ease the burden of high educational expenses by offering them an opportunity to pay their fees conveniently over a flexible repayment period. The loan can go up to ₦5 million with no option to refinance. Access Bank Student Loan Requirements: Student’s admission letter Tuition advice Letter of domiciliation of students' parent’s/sponsor’s salary account A copy of employment ID or valid means of identification belonging to the student’s Parent/sponsor Bank Verification Number (BVN) GT Bank Student Loan GTBank also provides loans to enable parents to finance their child’s/ward’s education. This loan is only available for schools in Nigeria. Up to ₦5 million loans can be accessed with a maximum tenure of 4 months. GT Bank Student Loan Requirements: GT Bank student loan helps parents in Nigeria fund their children's education. Parents must submit an employer's undertaking letter to access the loan, confirming their employment and willingness to repay. The loan limit is ₦5 million, and the maximum tenure is 4 months. Other required documents include proof of income and identification. The application process is straightforward, provided all requirements are met. Overall, the GT Bank student loan is a viable financing option for parents seeking to fund their child's education in Nigeria. First Bank Student Loan First Bank offers a student loan under the FirstEdu Loan scheme. The loan is designed to provide flexible funding for upgrading school facilities and also grants parents loans to pay their children's school fees. Education Bank Loan The Federal government approved the establishment of education banks and student loan boards by states at concessionary interest rates to allow students access funds. These loans are provided by state governments and can only be accessed by students in those states.