Education they say is the best Legacy. In this age and time, having quality Education is tantamount to being relevant in society. However, as a student or parent, there may be instances where you might not be able to meet up with your tuition or your child’s for one reason or the other. This might be due to some financial constraint or some unprecedented events. If you are in this category, you need not worry yourself, help is here. There are several financial institutions offering school fee loans in Nigeria. This article covers all you need to know about school fee loans, and it also answers all questions regarding the subject.
What is School Fees Loan?
As the name implies, this is a short-term financial aid that they generally design to provide parents or guardians with a short-term loan to finance the educational needs of their children or wards. This may include school fees, uniforms, meals, books, etc.
What are the advantages of school fee loans?
The advantages of school fee loans are many. Some of them include:
- The school fee loan helps ensure that your children do not miss out on school because of your inability to pay their fees
- It enables you to cater to your children, or wards’ need with no hassle.
- Taking a school fee loan does not restrict you from accessing other types of loans
- The interest rate of school fees loan is moderate as compared to other types of loans
- School fees loans have flexible repayment terms
How can I get a loan for school fees in Nigeria?
As we have mentioned earlier, there are several financial institutions offering school fee loans in Nigeria. They basically do this to cover for parents, guardians, or students” inability to meet up with their school expenses. Some institutions offering school fee loans in Nigeria are:
Access Bank (Advance for school fees)
As one of the biggest financial institutions in Nigeria, Access Bank has designed this loan option to cover your children’s/wards’ Educational needs. They generally believe that Education is the most important investment any parent/guardian can make in their child’s tomorrow. This loan offer allows you to spread your repayment over 4 to 6 months, has an Easy Application process, and a flexible repayment option.
Requirements (Salary Earners)
If you are a salary Earner, here are the documents that Access Bank would require of you.
- A completed \Application form
- Duly Accepted offer letter
- The school fee bill of your child/ward
- A valid identity card and a utility bill which is at least 3 months old.
Non-salary Earners
- 1 year Bank Statement
- CAC documents
- A duly Accepted offer letter
- Receipt of Acceptable guarantee
- Statement of the Net worth of the guarantor
To learn more about this loan option, kindly visit any Access Bank Branch Near you. Or you can visit their official website at www.accessbankplc.com/personal-banking/loans/advance-for-school-fees.aspx
LAPO Microfinance Bank ( Education Loan)
This loan option by LAPO Microfinance Bank is basically designed to cater for the payments of your children/ward’s school fees. The aim of this loan is to bridge the gap between the needs of your child and what you can afford. This loan option ranges from #20,000 – #200,000. This loan option has an interest rate of 48% Per annum.
Here are the documents you must provide to access this loan.
- Loan application letter
- A completed application form
- 4 recent passport photographs
- 2 guarantors
- A valid means of identification
- Recent utility bill
To learn more about these loan options, visit www.lapo-nigeria.org/loans/educationloan
Guarantee Trust Bank (School Fees Advance)
GTBank is one of the powerhouse financial institutions in Nigeria. They have been around for many years. GTBank designed this loan facility to finance the payment of your child/ward’s tuition in any Financial institution in Nigeria. However, this loan option is only available to people who work for public or private reputable organizations. Additionally, it is compulsory that you domicile your salary with the bank. Furthermore, the GTBank School fee advance allows you to access up to 5 million with a maximum of 4 months’ tenor per request.
To apply for this loan, you must provide the following:
- A completed copy of an Application form and an Employer Undertaking form
- The school fees bill of your child/ward and Credit Insurance
- Ensure that your salary is domiciled with the Bank
Page financial School Fees loan:
It is the popular belief of page financials that it is the prayer of every parent to give their children quality education. But in some situations, growing needs might get in the way of your child’s/ward’s school fee payment. On this note, page financial basically design this loan to cater to your Education needs. To get this from page financials kindly visit their official website pagefinancials.com/registration
Conclusion
With the availability of these loan options, having your child out of school is almost impossible. Leverage any of these loan options today and keep your child in school. There’s also an Edu loan made available by First Bank, read more here
