A student loan is a financial aid option for students to manage their expenses during their education. Due to the high costs of education, student loans have become a necessity. If you are in Nigeria, you can easily get a student loan from various banks to finance your education. However, high-interest rates on student loans can be a burden for many students. In this post, we will list some banks that offer low-interest rates on student loans and how you can apply for them.
List of Banks with Low Interest Rates for Student Loans in Nigeria:
- First Bank FirstEdu Loan; First Bank’s FirstEdu loan is designed for school proprietors to upgrade school facilities and meet funding gaps pending the receipt of school fees. It offers flexible funding with a repayment plan spread over 90 days. With a maximum loan amount of ₦10 million, the only collateral requirement is domiciliation of school fees with First Bank. The school must have an account relationship with FirstBank for a minimum of 6 or 12 months with other banks, and a minimum of 100 students in the school population.
- Access Bank Student Loan; Access Bank Student Loan is a short-term financing option designed to provide students with an advance for school fees. The loan amount can be up to ₦5 million, and there is an option to refinance the loan. The loan requirements include a completed application form, admission letter, tuition advice, letter of domiciliation of salary account, or parent’s/sponsor’s salary account, copy of employment ID, or valid means of identification.
- GT Bank Student Loan; GT Bank’s school fees advance is a loan facility designed to finance the payment of your child’s/ward’s school fees for schools in Nigeria. You can get up to ₦5 million in student loans with a maximum tenure of 4 months per request. The loan features a competitive interest rate, and the requirements include a completed application form and employer undertaking form, school fees bill and credit insurance, and staff terminal benefit domiciled in GTBank or obtain Corporate Guarantee.
By choosing a bank with low-interest rates, you can save a considerable amount of money on student loans. Ensure that you meet the eligibility criteria and requirements of the bank you choose before applying for a student loan.