First bank student loan in Nigeria – first as a name is not just a title but rather it is a position that one keeps based on once effort that overly yielding fortunes to the society.
In the past we discussed First Bank transfer code, First Bank Mobile App, First bank Online Banking and First Monie App but now we are talking about first’s bank magnanimity for students in a well designed package called First bank student loan in Nigeria.
With this you can now see why the name First Bank is more that what the name means. Indeed the word “first” is not a title but rather a function of what you have to offer to the world.
Before we continue on this topic, we will be pleased to bring you the major sub topics of the day:
What is student loan in Nigeria
This is a Study loan in Nigeria designed to help students get, achieved, realize or actualize their academic dream through the payment of their tuition fee, accommodation fee, medical and other necessary school fees that is both mandatory and necessary for their academic pursuit.
This above reason is why this Education loan in Nigeria is also referred to as School fees loan in Nigeria
This now takes us to the how, means and processes of how to get student loan in Nigeria which starts with one getting acquainted with various Education loan givers in Nigeria
Education loan givers in Nigeria
These are various bodies like governments (like Federal government of Nigeria student loan)
, Banks, blue chip companies, NGOs and Foreign donor’s whose complete or part responsibility is to provide Loans for students in Nigeria.
Such bodies provide either full or partial loan services to students for the same academic purpose.
On such loan we are concerned with student loan in Nigeria banks which then brings us to the topic:
First bank student loan in Nigeria
This is one of the major Education loan in Nigeria given by First bank Nigeria Limited to eligible schools according to their policy for the establishment of educational facility for the school in general and the students in particular.
The irony of this loan is that the name given to it appears to serve a different purpose other than direct tuition payment of the students, accommodation, medical bills and many other things.
It deals with school facility rather than students hence the reason why the choice of First bank student loan in Nigeria appears ironic. Maybe First bank educational loan in Nigeria should be better.
Apply for student loan in Nigeria
Applying for Apply for student loan in Nigeria is not difficult but it is not without its demands.
This means that terms and conditions are involved here.
- The school must be a private school
- The private school must be registered with Corporate Affairs Commission of Nigeria CAC).
- The schools must not be government approved.
- The population density of the school must not be less than 100 persons with evidence.
- They must have an existing banking relationship for a minimum of 1 year.
- Provides form CAC7 which is school’s memorandum and articles of association.
- Other documentary evidence to show that the school has been in business as claimed.
- With these in place, simply fill the student loan application form how can I get a student loan in Nigeria?
The loan tenor is a maximum period of one year and a minimum period of 3 months.
The loan amount is a maximum of N20m with assets purchase of up to N20m in 2 years. The assets purchase includes the financing of the purchase of schools vehicles – both new and Second hand.
Please note that this loan is for Nursery, primary, secondary and tertiary as the case may be.
The collateral is very simple.
The school must write a letter of domiciliation of school fees with the bank during this loan period. This means that all the school fees of the students of this school must be paid into their account with First bank.
Now are you a proprietor of a school? Does your school need this kind of financial assistance from first bank?
The answer to your question is before you.
Just click here
FinanceDropbox is the brain child of Okekeobi Chisom Ferdinand, a seasoned Banker. He holds in his treasure box a whopping 13 years of Banking experience from which you are being furnished with the very best of financial information and blogs.
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Okekeobi Chisom Ferdinand