Best 7 Easy Way To Get Students Loan In Nigeria 2023. Here are Best 7 Easy Way to Get Students Loan in Nigeria 2023. We all Know Some Companies that offer loan to international students in Nigeria Do Exist, Here are Ways Of Online loan for students in Nigeria.
You want to get Students Loan in Nigeria? To get a student loan or scholarship to cover your tuition fees and other education expenses in the Nigerian universities, this is where to start. Now if you are looking for a Nigerian student loan, you need to know what type of Nigerian government loans exist, make sure you read the article completely to find answers to the questions on How to Get Students Loan in Nigeria as requested by 360Hausa Visitors.
Types Of Students Loan in Nigeria
- Loans from the Federal Government of Nigeria: These are for those who are studying at a tertiary level. They fall under the National Youth Service Corps (NYSC) Loan Scheme.
- Loans from the Loans Board: These are for those who are studying at a tertiary level. They fall under the Postgraduate School Education (PSE)/Junior Staff of the Banks Loan Scheme.
Under both schemes, you can borrow depending on your needs and academic performance by meeting the necessary criteria. But before we proceed, we need to take a look at what qualifies you to apply for a loan in Nigeria and the Nigerian government rules which govern them.
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Eligibility To Get Student Loan in Nigeria
To be eligible to get a Student Loan in Nigeria, you should meet the following requirements:
- You must be 18 years or above.
- You must meet the criteria of your school. Refer to them for your qualification and academic requirements. Do not exaggerate on them because they may deny your loan application. If they do, you do not have anything to lose but time and money because the money is available only for those who qualify under the rules.
- You must satisfy the Nigerian government rules. For a Federal Government’s student loan, the minimum duration of study is two years and can go to six years, depending on your course. While for a Loans Board student loan, the minimum duration of study is one year and can go to three years, depending on your course.
- Your age must not be more than 35 years if you are applying for a Federal Government’s loan or up to 40 if you are applying for a Loans Board loan.
- For a Federal Government’s loan, you must be a high school graduate. You may also qualify for the PSE/ Junior Staff of the Banks Loan Scheme if you have a post Junior School Certificate (PSJC) or an OND/OND with Upper Credit.
- For a Loans Board loan, you must be employed with a fixed monthly wage of NGN 5,000 and possessing the necessary skills to pursue your course. If you are not employed but are an entrepreneur with fixed capital and business, that is also acceptable.
- For both schemes, you should have a valid bank account. Those who do not have a bank account can easily get one online. There are several banks offering comprehensive services to cater for all your banking needs and security concerns.
- You must apply for the loan within the period specified in the guidelines. In case of any delay, you may miss out on a Nigerian Government’s loan because they are very strict on timelines.
7 Ways to Get Students Loan in Nigeria
Schools and universities are still free, getting loans to pay for school can be quite a challenge. Fortunately, these 7 effective ways to get student loan will guarantee you appropriate funding for your tertiary institution:
- Apply for scholarship from banks listed on NBS, NAB, PIB or CBN
Banks with branches in Nigeria are usually very supportive of the idea that you should get a scholarship before getting a loan.
While this is not an option for all students, it’s certainly something to consider especially if you are from a poor, rural family that has little access to financial support. Take advantage of the opportunity and start applying for small scholarships online.
- Apply for loan from private lenders
There are quite a number of private lenders in the Nigerian financial industry. A good number of them have special schemes for helping students get loan as well. So, before you proceed to the government to apply for loan, Edustuff advice you to consider the private institutions first. Remember, you might get better interest rate with private institutions than government ones.
Source: fluxnaija
