20 Best Student Loan Firms In Nigeria | Requirements and How To Apply

Student loans are essential for many Nigerian students to afford their education. However, finding the right loan firm can be a challenging task. With numerous options available, students must choose a reputable and reliable firm that offers competitive interest rates and favorable repayment terms.

In this article, we have compiled a list of the 20 best student loan firms in Nigeria, along with their requirements and application process. Whether you are pursuing undergraduate or postgraduate studies, these loan providers offer various options to meet your financial needs.

This comprehensive guide will help you make an informed decision on which loan firm suits your educational and financial goals best. Read on to discover the top student loan firms in Nigeria and how to apply for them.

What Are Student Loan Firms In Nigeria?

Student loan firms provide loans to students in Nigeria to cover tuition fees, accommodation, books, and other expenses associated with higher education. In Nigeria, different types of student loans are available, from student loans offered by some private organizations and financial institutions to federal government student loans, also known as government-sponsored loans.

These loan firms offer financial assistance to students who want to pursue higher education to cover costs such as tuition and other fees that may be involved. Student loan companies have become even quite popular especially after the student loan bill in Nigeria was passed..

Student loans help Nigerian students who do not have the financial means to pay for their education upfront. So, by taking out a loan, students can get the finance to fund their studies and pay them back after completing their education and getting a job.

Read: How To Apply For Student Loans In 2024 | Federal and Private

20 Best Student Loan Companies In Nigeria

Here are some of the best loan firms in Nigeria:

1. Lendwise

Lendwise is a UK-based organization that primarily assists Nigerian students in financing their higher education. The Financial Conduct Authority of the United Kingdom oversees the company.

To apply for a student loan with Lendwise, you must be a full-time Nigerian student. Also, you must accept the grace period provided after graduation to begin repaying your loan.

The interest rates for Lendwise student loans for Nigerian students are fairly competitive and remain stable throughout the loan duration. The application process is also simple, as you can apply online and directly through their website.

Apply here

2. Prodigy Finance

Prodigy Finance is next on our list of best student loan firms in Nigeria. They offer student loans that don’t require collateral or a co-applicant, which means you can get the money you need without relying on someone else’s support.

The loan caters to all the expenses you will need to cover in pursuing your higher education, that is, from tuition fees to living expenses.

One of the best parts of obtaining a student loan from Prodigy Finance as a Nigerian student is that you don’t have to start repaying it until six months after graduation and you have started working. And once you start repaying, you have up to 20 years to pay it back, which means you won’t be under much pressure to pay it all right away.

There’s no fixed amount of student loan you can receive from this loan company as that varies based on factors like your discipline and profile. So, to apply for a student loan with this firm, you must first meet the criteria of being a full-time student in a recognized Nigerian institution and must also be enrolled in a recognized and approved faculty or department.

Apply here

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3. LAPO – Education Loan

The LAPO Education loan is another reputable student loan company in Nigeria. Their student loans are specifically for students in primary and secondary schools in Nigeria.

To be eligible to apply for this loan for your children, you must first be a member of a LAPO-recognized group (Union). Also, you will need to provide the following documents:

• Fill out an application form
• Two (2) guarantors
• A letter stating why you need the loan
• 4 recent passport-size photographs
• Your current utility bill or proof of address
• Valid ID, like your driver’s license, national ID, or passport
• Your Bank Verification Number (BVN)

This student loan firm has no fixed loan amount they can give to parents. It will depend on how much you are willing to take and other factors like your background or profile. They also have an inbuilt loan calculator on their website to help you understand what you’re getting into if you decide to get your student loan from them.

Apply here

Also, read: What Is Work-Study? Benefits And Opportunities For Students

4. Renmoney – Individual Loan

Renmoney is a digital banking service provider that enables Nigerians to save, make payments, and obtain loans to cover academic, business, and other expenditures.

So, if you need a loan to cover school fees or other obligations, Renmoney’s Individual Loan could be a smart choice.

This student loan company uses a risk-based pricing strategy to establish interest rates on their loans, which means that the rate you pay will be determined by your creditworthiness and the type of loan you apply for. You can anticipate to pay a flat monthly interest rate of 2.6% to 5.3% on the loan.

Renmoney provides loans up to ₦10,000,000 for individuals, with a minimum repayment period of 4 months based on the amount borrowed. The maximum repayment period is 36 months.

Apply here

5. Zenith Bank Education Loan

This is one of the best student loans in Nigeria. It covers only your school expenses. That is to say, you will need to have a source of income to cover your living expenses.

The Zenith Bank Personal loan is designed to provide short-term funding that can help you cover the cost of school fees. You can get a minimum loan amount of ₦100,000 and a maximum loan amount of ₦5,000,000, with a maximum repayment period of 9 months for higher education institutions and 3 months for junior schools.

The best part of the Zenith Bank Education Loan scheme is that the school fees will be paid directly to your school, so you don’t have to worry about managing the money yourself.

Apply here

6. GTB Personal Loan (School Fees Advance)

The GTB Personal Loan (School Fees Advance) can be a lifesaver for Nigerian students seeking the support they need to pursue their education in Nigeria. It is one of the most popular student loan firms in Nigeria.

This loan can help you cover all your expenses. With the GTB School Fees Advance loan, you can borrow up to N5 million, with a maximum tenor of 4 months per request.

To apply for a GTBank school fees advance loan, you’ll need to submit some documents and information, such as a completed application form, proof of employment, and the school fees bill. The bank will also need to know how much money you make each month so they can decide if you can afford to repay the loan.

Once the loan request is approved, you’ll receive the money right away. For the GTBank student loan, you will need to make equal monthly repayments as you go, including the amount you borrowed and the interest on the loan.

Apply here

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7. Federal Government Student Loan

This might just be the most trending student loan available to Nigerian students. The bill that introduced the student loan has just been passed in the country to increase access to higher education and everyone is checking out to see how that works. There are quite interesting things to learn bout the Federal government student loan in Nigeria.

The program is run by the Nigerian Education Loan Fund (NELFUND). The loan covers tuition, fees, charges, and living expenses during their studies in approved Nigerian institutions and vocational and skills acquisition schools.

To qualify for the loan, you must be a Nigerian student who has not defaulted on any previous loans or been found guilty of exam malpractice, felony, or drug offenses.

Now, to the most exciting part: This loan is interest-free! The federal government aims to provide all eligible students equal access to higher education. Also, the application process is simple and easy, taking just 15-30 minutes to complete on the federal government student loan portal.

While the loan is interest-free, you are to repay the loan two years after completing the mandatory National Youth Service Corps (NYSC) program.

Apply here

8. Stanbic – Unsecured Personal School Fees Loan

This is another popular student loan in Nigeria for students and parents as well. That means it is for students at all education levels in Nigeria. The Stanbic student loan is unsecured, which means you don’t have to put up any collateral to get it.

With the Unsecured Personal School Fees Loan, you can borrow up to ₦5 million with a repayment period of up to five years. You can also roll over the loan every year for five years, giving you more time to pay back without pressure.

The application process for the loan is quick and simple, and there is no need for you to provide collateral or a guarantor. The loan can be accessed by any parent in Nigeria.

Apply here

9. Firmus Personal Loan

The Firmus personal loan can be used to pay for school fees or other school-related expenses. This loan product is offered by Firmus Microfinance Bank and is designed as a salary advance. To access the loan, you will need to provide your salary account bank statements and signed post-dated cheques.

With the Firmus Personal Loan, you can borrow up to ₦10 million to pay for school fees or any other expenses you need to cover. However, this is the maximum loan amount, and getting out up to this amount will be dependent on your background and profile.

The loan repayment period can range from 6 months to 36 months, depending on the amount you borrow and your agreement with the bank.

This loan can be a good option if you have a steady income and you’re looking for a quick and easy way to get the money you need. The Firmus Microfinance Bank will review your application and determine if you qualify for the loan based on your financial history and ability to repay.

Apply here

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10. The Education Advisory Service

Although this student loan firm in Nigeria focuses more on Nigerian students looking for financial assistance to study abroad, it is also one of the best in the country.

The EAS is a collaboration between First City Monument Bank and MOD Group, and it offers Nigerian students loans, advice, and assistance with admissions, accommodations, travel arrangements, and airport concierge services.

The EAS loan is designed to cover all of your tuition, living expenses, and other study-related costs while you’re studying in the UK, USA, Canada, Australia, or Ireland. The bank will pay these expenses directly to your chosen institution abroad.

Only First City Monument Bank can provide the EAS loan to Nigerian students.

Apply here

11. Access Bank – Advance for school feels

The Access Bank student loan is a package made available to students for short-term educational financing. The Access bank loan is available from primary to tertiary level. You can access up to ₦5,000.000 without refinancing.

Advance for School Fees product offers affordable financing to salaried customers and business owners to pay tuition fees and other related costs for themselves, and their children/ ward.

To be eligible for the Access Bank student loan you must meet the following requirements:

• Have an Access Bank account
• Fill out a loan application form from the bank.
• A government-issued means of identification.
• Your admission letter
• Tuition bills
• An employment ID of your parents or sponsors.
• Your credit checks
• And duly accepted the offer letter and term sheet.

Apply Here

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12. First City Monument Bank – School Support Loan

This is another good student loan for Nigerian students. The loan comes in two groups; the school support loan which offers over 15 million Naira to schools and support for customers. .

For school support;

• The school must be registered.
• At least 6 months of customer relationship with the bank.
• Not having less than 100, 000 credit balance.
• Must be active on at least two products of the bank.

Apply Here

13. Fidelity Bank Student Loan – Back2School

The Fidelity Back2School is another credit facility made available to students. This facility is aimed at helping parents get their children back to school.

You can access up to 10 million Naira with a convenient repayment plan and low interest rate with Fidelity Eduloan.

Visit the website to apply.

How To Secure A Student Loan In Nigeria?

Here’s how to apply for a student loan in Nigeria:

1. Research different loan options: Look into government-sponsored loans, like the Education Advisory Service (EAS), as well as private bank loans like the ones offered by GTB, Access, or Zenith Bank.
2. Gather your documents: Get all the documents you will need together in one place. This can include your admission acceptance letter, BVN, and some other documents we will discuss later in the article.
3. Submit your application. Once you’ve chosen a loan and gathered the necessary documents, you can apply for the loan by filling out the necessary forms and providing any additional information or documentation that may be required.
4. Wait for approval. Once your application has been submitted, the bank or lending institution will review it and decide whether or not to approve your loan.
5. Receive your funds. If your loan is approved, you will receive the funds in your bank account and can use them to cover your educational expenses.

How To Apply For The Federal Government Student Loan In Nigeria

Once you know the steps, applying for a student loan with the Nigerian Education Loan Fund (NELFUND) is straightforward.

First, visit the NELFUND website and click “Apply Now.” Next, you’ll need to answer a few questions, verify your educational information, and create an account with your email address and password.

Once your account is created, you must fill out your contact details, educational details, and account details. These details will help the NELFUND team verify your identity and ensure your loan eligibility.

After you’ve completed your profile, you’re ready to apply for the loan. You can request a student loan by clicking the “Request for Student Loan” button on the homepage of the NELFUND website.

Here is a step-by-step guide to applying for a student loan through the NELFUND platform:

Step 1: Access the Loan Application Portal

Visit the NELFUND website and navigate to the loan application portal.

Step 2: Create or Log Into Your Account

If you are a new user, create an account. If you already have an account, log in. This account allows you to save your progress and access your application at any time.

Step 3: Prepare Necessary Documents

Here’s a list of requirements for student loans in Nigeria

• Joint Admissions and Matriculation Board (JAMB) admission letter
• National Identification Number (NIN)
• Bank Verification Number (BVN)

Step 4: Complete the Loan Application Form

Fill out the form with your details (name, contact information, date of birth), academic information (course of study, institution, level of study), and financial details (income, expenses, other funding sources).

Step 5: Review and Submit Your Application

Carefully review your application for any errors or missing information. Ensure all required documents are attached before submitting the form through the portal.

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Step 6: Follow Up

After submission, you will receive a confirmation email from NELFUND with further instructions. Follow these instructions promptly, which may include providing additional documentation or attending an interview, to ensure your application is processed efficiently.

You can track your loan status by clicking on the “Loans” button on the NELFUND website. This will show whether your application has been approved, denied, or is still pending.

Review your application thoroughly and adhere to any instructions from NELFUND for a smooth application process.

What To Know Before Choosing A Student Loan Company In Nigeria

Before applying for finance from a student loan firm in Nigeria, here are things you should know:

1. Ensure the company is well-known and has a good history of giving student loans.
2. Check different companies’ fees and interest rates to find the best deals.
3. Make sure you meet the requirements to get the loan before you apply.
4. Read the loan agreement carefully to know how much you have to pay back, when you have to start paying, and any other things you need to know.

FAQs On Best Student Loan Firms In Nigeria

Conclusion

There are tons of student loan firms in Nigeria to choose from, but we’ve narrowed the list down to the best 13. These loan providers can help you cover the expenses for your education. However, it is important to research different firms, compare interest rates and fees, and read the loan agreement carefully before signing.

Also, remember that student loans are not free money. Some require you to pay back after graduation, while others require you to pay back before graduation.

References

• nairametrics.com – Best Educational Loans Firms for Nigerian Students
• nairaland.com – Educational Loans In Nigeria
• linkedin.com – Student Loan in Nigeria

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