How to Get Student Loan in Nigeria

Student loan in Nigeria

Do you need student loan in Nigeria without collateral? If yes, then you are at the right place.

In order to ameliorate the menace of dropping out of school and eliminate the hassles and delays associated with loans from commercial banks, some platforms are now giving student loan in Nigeria.

Consequently, you don’t need to abandon your education or go through unnecessary rigorous bureaucratic processes before you can have access to student loan in Nigeria.

Interestingly, whatever your course or school might be, there is a student loan in Nigeria without collateral for you.

Companies That Give Student Loan in Nigeria Without Collateral

In no particular order, the followings are some of the platforms where you can get student loan in Nigeria without collateral:

Renmoney’s student loan in Nigeria

Renmoney' Student Loan in Nigeria
Renmoney’ Student Loan in Nigeria

Renmoney is a financial institution that offers loan without collateral in Nigeria. Renmoney gives up to N4 million loan for a tenor that ranges from three (3) to nine (9) months for new customers.

With School Fees Loans, both adults and kids can have their education financed by Renmoney. School Fees loan disbursement is made directly to the educational institution on behalf of the applicant while applicant repays to Renmoney in convenient monthly installments.

Below are requirements for eligibility to the loan:

  • Be between ages 22 – 59 years.
  • Have a steady source of income that is verifiable.
  • Must be confirmed staff in place of present employment.
  • Have a functional current or savings bank account.
  • Have valid means of identification – International Passport, Driver’s License or National ID Card.

Meanwhile, here are the school fees loan details

  • Minimum Loan Tenure: 3 months.
  • Maximum Loan Tenure: 12 months.
  • Interest Rate: 3% – 5% monthly.
  • Finance Fee: 3% (One time cost spread over the loan repayment tenure).

To apply for renmoney’s school fees loan, kindly visit Renmoney’s website.

Stanbic IBTC Bank’s Student Loan in Nigeria

Stanbic IBTC Bank's Student Loan in Nigeria
Stanbic IBTC Bank’s Student Loan in Nigeria

Stanbic IBTC Bank is a financial institution that offers a wide range of personal and commercial banking products through over 180 branches spread across every state in Nigeria.

Stanbic IBTC Bank’s school fees loan is open to Stanbic IBTC customers only.
The loan can also be used to pay for other expenses, such as buying a laptop or materials needed to complete school projects.

Below are the requirements for eligibility to the loan:

  • An overdraft can be proof that confirms your place of work.
  • You must have been with your current employer for six months or longer.
  • Salary domiciliation/payroll deduction at company level.
  • Permanently employed or contract worker at an approved company with valid contract terms.
  • You have to be a Nigerian citizen with permanent residency.
  • Earn a minimum net monthly income of N20 000.
  • Must be 21 years or older (but not older than 60 years on expiration of the facility).
  • A satisfactory credit bureau report.

Meanwhile, here are the school fees loan details

  • You get immediate access to a revolving term loan to pay school fees directly to the school.
  • Flexible repayment terms over four months (if the school fees are payable each term) or 12 months (if school fees are payable yearly).
  • Flexible interest rates.
  • You can renew the loan every year if you have a satisfactory repayment and current account record.

LAPO Microfinance Bank’s Student Loan in Nigeria

LAPO Microfinance Bank's Student in Nigeria
LAPO Microfinance Bank’s Student in Nigeria

LAPO Microfinance Bank is a pro-poor financial institution committed to the social and economic empowerment of low-income households through provision of access to responsive financial services on a sustainable basis.

LAPO Microfinance Bank’s education loan is a designed strictly for the payment of children’s school (Primary and Secondary) related expenses in Nigeria only. Education loan is aimed at protecting the cash flow of clients’ businesses. This loan can be accessed by a client who is a member of a group (Union).

Below are the requirements for eligibility to the loan

  •     Loan application letter
  •     Duly completed application form
  •     2 Guarantors
  •     A valid means of ID (national ID, driver’s license, voter’s card or  international passport)
  •     Current utility bill
  •     4 recent passport-size photographs

Meanwhile, here are the school fee loan details:

  • Facility range: N15,000 (minimum) to N40,000 (maximum)
  • Methodology: Group
  • Duration: 8 months
  • Grace period: 1 month 
  • No collateral
  • Access to funds for the prompt payment of children’s school related expenses.
  • Flexible repayment structure
  • Low interest rate

FINCA Microfinance Bank’s Student Loan in Nigeria

FINCA Microfinance Bank's Student Loan in Nigeria
FINCA Microfinance Bank’s Student Loan in Nigeria

FINCA Microfinance Bank Ltd Nigeria is part of the FINCA Impact Finance Network, a group of 21 microfinance and financial institutions that provide socially responsible financial services and enable low-income entrepreneurs and small business owners to invest in the future.

FINCA School Fees Loan is a short term loan that is intended to facilitate the prompt payment of school fees by parents and guardians for their children and/or ward’s educational needs such as tuition fees, uniforms, books, meals , school bus among others.

The loan is structured that the children’s school must not necessary have account with FINCA for the parents or guardians to access this loan.

Meanwhile, here are the school fees loan

  • This loan ensures that your children never miss one a day at school because their fees are paid promptly
  • Pay for all your children hassle free
  • Does not restrict you from taking business loan
  • Very easy to access with flexible collateral
  • Insurance cover for life and disability.
  • Gives peace of mind because the entire session fees is paid for.
  • The interest rate is on reducing balance.
  • No upfront savings

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