Student loans in Nigeria are designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses.
Since education has become a necessity in the world nowadays, people find it ideal to move with the trend and go to school to acquire knowledge. However, funding the school fees can be difficult for a lot of people especially those in private institutions, for this reason, students loan was put together to assist people who might find it difficult paying their school fees.
There are several reasons that can hinder you from attaining higher education. One of them is a lack of financial support. Lack of financial support has been an impediment for some people in acquiring higher learning. The unavailability of finance is considered one of the biggest hurdles in education as some of the courses and the schools are quite expensive.
A student that has financial difficulty can apply for the loan provided they meet the requirements for a student loan. Many needy students are not aware it exists, and those that know cannot get it because they do not know how to process the loan.
Although the funding of education in Nigeria has been riddled with setbacks and issues, there are a number of lenders who provide funding for students.
Insurancenews Nigeria examines how to get a student loan in Nigeria without collateral.
Nigeria education bank loan requirements
Eligibility Conditions
Applicants must be Nigerian students pursuing an accredited program in approved higher Institutions of learning, accepted by the National Council for Higher Education.
How to get student loans in Nigeria without collateral
Follow these steps to get Student Loan in Nigeria:
Calculate how much you need
To get a student loan, you must know how much loan you need, where to get it, and the documents for processing the loan and putting them together.
Find out required Documents
You must collate these documents below for student loans in Nigeria, this is mainly for Nigeria Education Bank loans, for other lenders, keep reading the articles. They include:
Names, age, birth certificate, marital status, and sex
Academic records – admission letter
A form of identification, three recent passport photos, and a copy of fees from the Institution
The Course of study, duration, start date, and end date.
Bank account and depositing of N2,000 as a processing fee (for Nigeria Education bank loan)
Submit the name of the banker of your Institution (which is usually Nigeria Education bank.)
Please note that requirements will vary among different lenders.
Study terms and Conditions
Find out the amount of loan, purpose, conditions of the loan, and repayment terms.
Loan Amount: It ranges between N24,000 to N32,000. Or any high amount higher than this
Purpose: Living expenses, stationaries, and other school expenses
Period of Loan: This varies depending on the number of years for the Course of each applicant.
Repayment: Usually two years after completing your studies
Most of these will depend on lenders.
Approach a lender
Go to a commercial bank of your choice. These banks are associates of the Nigerian education bank. Find out the requirements for opening an account and other information you need to get the student loan in Nigeria without collateral.
Next, open your account with the bank and deposit the sum of N2,000 as a processing fee for the student loan. That is if you want the Nigerian Education bank loan.
Submit your Student Loan application
Go to the Dean of Students Affairs of your University, collect the loan application form, and fill it
Attach all needed documents, and make all payments required
Submit your application to the Student’s Loan Taskforce in the Dean’s office.
Wait for the processing and approval of the student loan application
Wait for a response from the Nigeria Students Loans Board. During processing:
If you did not fill the application form correctly, you would get an email, SMS, or a telephone call from the Operations Unit of the loans Board to amend it.
Ministry of Education will publish the names of successful candidates in a national newspaper. Your name will also be on a list on the Ministry’s website, and you will receive a letter informing you of the amount allocated to you.
You will be assigned a student loan identification number, issued Identification cards, and the loan proceeds forwarded to the Nigerian education bank for disbursing to your bank.
7 Places to get Student loans in Nigeria are as follows:
1 Apply for a scholarship from Banks listed on NBS, NAB, PIB, or CBN
2. Apply for loans from private lenders
3 Get funds from family members and friend
4 Submit applications online
5 Through local Banks and microlenders
6 Through Microfinance
7 Apply for International loans
Student loans are not easy to get in Nigeria so if you have the opportunity kindly be careful with the process to avoid rejection.