Several banks for study loans are offered to support individuals pursuing higher education. These loans are specifically designed to cover tuition fees, it is important to note that specific study loan offerings and terms can change at any time.
What is a study loan?
A study loan is a type of loan that is designed to help students pay for their education it may be secondary or post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses
Here are GTB Bank, Wema Bank Study loans, and others
1. Guaranty Trust Bank (GTBank)
GTBank offers a bank-for-study loan called the GTBank Education Loan. It is designed to help you finance payment for school fees. This loan is available to individuals who have gained admission into higher education.
GTB Bank also has A loan called school fees advance,
This School Fees Advance is designed to finance the payment of your child’s/ward’s school fees. the tenure is a maximum of 4 months, and the loan maximum loan amount is 1 million nairas only, while is a minimum of 50 thousand naira only. it is one of the banks for study loans.
Requirements GTBank study loan
- Applicant must have an account with GTBank
- The customer must have received their salary through their GTBank account in the last 1 month
- Visit the nearest GTbank for the application form.
2. First Bank of Nigeria
First Bank provides study loans to eligible individuals that are called FirstEdu loans.
The loan is provided for schools that can sponsor their students or pupils with the loan. The loan covers tuition fees, books, accommodation, and other related expenses. therefore first banks are one of the banks for study loan
The loan has a repayment plan of 3 months.
Requirements for the FirstEdu study loan
- The targeted schools for the first loan are private schools. They must be registered under their state governments and have a CAC too.
- The school must have not less than 100 pupils and students.
- The maximum amount is 10 million naira
- The school must have a relationship with the bank for at least 6 months or a year with the first banks.
- No collateral is needed, the school fees must be domiciled with the bank.
3. Wema Bank study loan
Wema Bank is among the banks for study loans. You can borrow a maximum of 50 thousand and a minimum of 10, million naira with a tenor of 3 months for primary and secondary education and 12 months for tertiary institutions per request as the case may be.
Requirements for the Wema Bank study loan
- A well-filled application form from your nearest branch
- The applicant should have a letter of introduction showing the employment status of the parents.
- The applicant’s parents’ account must be domiciled.
- Tuition fees should be submitted
- Admission letter from the school
- 3 months’ payslips must be submitted to the bank
- Six months’ statement of account
- And a government-issued ID.
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5. Stanbic IBTC Bank
Stanbic IBTC Bank provides the Stanbic IBTC Education Loan to support individuals pursuing higher education. The loan covers tuition fees, accommodation, books, and other academic expenses. stanbic bank is one of the banks for study loan
For more information about the requirement visit the nearest branch.
6. Access Bank study loan
Access Bank is one of the banks for study loans to support individuals with short-term financing to cover tuition fees, accommodation, and other academic expenses.
The Access bank study loan is available from nursery to postgraduate study. It is accessible without refinancing a maximum of 5 mi.
Requirements for Acess bank study loan
- A complete filled form which you will obtain from the nearest branch
- An employment Id of an applicant’s parents
- Applicant Admission latter
- Tuition bills well detailed
- Bank verification number(BVN).
6. Zenith Bank study loan
Zenith Bank offers the Zenith Bank Educational Loan which offers educational loans to students both in junior and Tertiary education. which provides financial assistance to the student, the study loan covers tuition fees.
The study loan is a minimum of 100 thousand and a maximum of 5 million naira. The tenor for the study loan is a duration of 3 to 9 months for both Junior and tertiary education.
Requirements for zenith bank study loan
Application form well filled
Detailed tuition fees
The applicant’s parent should have a domiciliary salary account with Zenith Bank.
7. Stanbic IBTC Bank
Stanbic IBTC Bank provides the Stanbic IBTC Education Loan to support individuals pursuing higher education. The loan covers tuition fees.
Requirements of Stanbic IBTC Bank
- Complete application form
- Complete admission letter
- A valid ID card
- Tuition fee bills from the applicant
- A piece of detailed information about the parents or sponsor of the applicant.
5. United Bank for Africa (UBA)
UBA offers the UBA Education Loan, which is designed to support students in paying for their educational expenses. The loan covers tuition fees, accommodation, and other education-related costs. This is among the banks for study loans.
For more requirements visit the nearest branch for more information.
Please note that the availability, terms, and conditions of study loans may vary among banks. It is advisable to contact the respective banks directly or visit their websites for the most up-to-date information regarding the banks for study loan offerings in Nigeria. Additionally, it’s important to thoroughly review and understand the loan terms and repayment conditions before applying for any study loan.