5 best Ways to Get a student loan in Nigeria Without getting confused
Hello and welcome, in this post, I will show you the 5 best ways to get a student loan in Nigeria. This is going to be a complete post about student loans in Nigeria, so it is advisable that you read all the way to the end to get the maximum result.
Many Nigerian students have been looking for ways to get a loan, some of them tried different ways that fail to work out for them, while others are still in search of the best place they can borrow loans as students.
This post will help you out, whether you are looking for a loan to pay for academics or you are looking for a loan to buy some school materials.
Don't forget to read all the way to the end because I will also cover a few related questions that you may be having in mind, now without wasting any time, let's proceed with the post.
What is a student loan?
Simply put, a student loan is the type of loan that is only open to students, this type of loan has a much lower interest rate and you need to verify you are a student before you can actually receive this type of loan.
In most cases, students will want to request a loan, the student may have an urgent emergency that needs to be solved, or maybe the student needs some money to pay for their school kinds of stuff, that is why students loan are made available in Nigeria, and as long as you are a student in Nigeria, you can request for a student loan easily by following any of the five ways listed in this article.
How much can you get as a student loan?
You can get a student loan of up to 5 million Naira, although in most cases, you may only have access to much smaller loan to help you reduce the risks of payment failure, because when you fail to repay your loan, you may face some serious issues.
As a student, it is not advisable that you borrow a large sum of money as a loan unless you have a very serious reason to do so. You can borrow a student loan to help you pay for school fees or other school stuff.
Is a student loan advisable?
A student loan is safe because it is more like a mortgage which means you will have quite a long while to repay back the loan. In fact, according to debt.com, student loans are good loans.
Other loans have extremely high-interest rates and their repayment timeframe is very small, but a student loan is much more preferable for many reasons.
Is there a student loan app in Nigeria?
I have noticed that many people have been searching for student loan apps in Nigeria. There is no student loan app in Nigeria, in order to get a student loan in Nigeria, you need to submit some of your school documents at the bank, so this process is not doable on an app.
5 ways to get a student loan in Nigeria
1. Access bank student loan (Education loan)
You can get a student loan from Access bank in Nigeria, Access bank has now made it possible for any Nigerian student to borrow a loan from the bank with ease, and the documents you need to get a student loan from Access bank are basic which means it is suitable for any student at all.
Access bank student loan requirements
School fees bill
A valid government-issued ID card
Utility bill receipts of the last 3 months
School acceptance letter
Bank statement
Before trying to borrow a student loan from Access bank, make sure that you have all the listed documents listed above, if not, your loan request may be rejected.
2. FCMB student loan (School support loan)
FCMB also has a student loan option, this student loan offered by FCMB bank is one of the most popular student loans in Nigeria, this is because getting a student loan from FCMB is very easy and can be done even by dialling the FCMB loan code on your phone, how cool is that?
FCMB student loan requirements
Active FCMB account
Government-issued ID card
School fees bill receipt
Bank statement
3. GT bank student loan
If you are in need of a student loan in Nigeria, GT bank student loan might be the right choice for you, because, with this, you can collect a loan quickly and pay for your school tuition fee, as long as you are a student of a Nigerian university, you can get access to GT bank student loan.
GT bank student loan requirements
Active GT bank account
Government-issued ID card
School acceptance letter
School fees bill receipt
Bank statement
4. FirstBank student loan
First bank also offers student loan for Nigerian students, and with this loan, you can easily pay your school fees and other things that you need as a student, they also have a website dedicated to this, you can visit their student loan website and read further about how the loan works and how you can qualify for it.
The requirements
School fees bill
A valid government-issued ID card
Utility bill receipts of the last 3 months
School acceptance letter
Bank statement
5. Government loan for students in Nigeria
There are many options you can choose to get a student loan from the federal government of Nigeria as a Nigerian student, you can get access to student loans that is made available to your State of origin. Although you may need time and your school documents to qualify for this type of loan.
This type of loan is only available to Nigerians attending Nigerian universities, so if you find yourself in this calibre, then you have a great chance of having your loan approved.
Conclusions
Getting a student loan in Nigeria is not difficult, as long as you have the necessary documents that are required by the loan providers, you are good to go. One good thing about it is that, in most cases, the required documents are basic, which means as a student, you may already have them.
I am sure this post has been able to help you with getting a loan as a student in Nigeria, if you find this post helpful, please share it with others on social media, and if you have any questions about this, leave them in the comments section, I will take out time to reply to them.
Thanks for stopping by today and I also wish to see you next around, have a nice day.
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