Top 10 Nigerian Banks that gives Loan to International Students across Africa
Here are the Financial Institutions in Nigeria that provides International Students Loan in Africa.
In Nigeria, education and studying has become more than a necessity. It has been imposed into the culture of an average Nigerian household regardless of their status. Just like every other things that attract huge interest, education doesn't come cheap.
However, it's easy to get distracted with financial problems while studying abroad especially in Africa countries where there is no student job to sustain in school.
To solve this study financial problems, finding a student loan is the best option, especially when you are an African or Nigerian student.
In this article, I have outlined best financial institutions in Nigeria to get a student loan. I also explained what student loan is all about in Nigeria and Africa as well.
What is Student loan?
A student loan is a financial support given to a student to pay for h/er schooling fees, such as education and it's associated fees.
The loan is different from any other kinds of loan. It has the lowest interest rate and it repayment schedule is relatively much more flexible.
Why you should take International Student Loan
Getting an International Student Loan is a great way to pay off your educational and living expenses while studying abroad.
Below are other reasons International Student Loan are best option for Students.
- Pay off Expensive Overseas Tuitions
- Lack of Support from Nigeria
- Stiff Competition
- Unavailability of Grant and Scholarship
- And lots more....
Apart from International Student Loan, there are other means to get financial support, such as Family Loan, Scholarship, Grants, Crowding etc.
How to get an International Student Loan in Nigeria.
Here are steps to follow when planning on getting or applying for student loan in Nigeria.
Find a Lending Platform
Quickly do a research on which financial institution is willing to lend a student like you money. Have a snapshot of all your documents and criteria and use those information to streamline your search.
Eligibility Status
After you've done researching on the suitable platform, check with them if you're eligible. Check if your school is eligible.
In addition, also check the loan offers such as repayment schedule whether it will align with your personal situation.
Submit your Application
Now, the next step is to submit your loan application to the lender. Loan application can be submitted online or via physical location depending on the area the lender preferred.
For instance, if you're borrowing money from bank, all your paperwork and collateral will be submitted at bank.
However, for international student loan, most of their application submitted and done online.
Read and Understand the Lender Terms and Conditions
When applying or getting a student loan, you must make sure you read and understand the lending financial institution terms and conditions before getting the loan. Don't be in a hurry to get the money.
Especially, the repayment schedule and interest rate terms and conditions.
Disbursement
After you've accepted the terms of service of the lender, and your application has been reviewed and approved, the money will be credited into your submitted bank account within 24 hours.
However, as a student, do not use the money for another thing different from educational fees. Some lenders prefer paying into school account directly.
Now that you've known steps to take when you're planning to request a student loan, let's dive to the best financial institutions that offers International Student Loan in Nigeria.
Top 6 Online Lending Platforms that gives International Student Loan.
Here are the best financial institutions that offers International Student Loan online. These platforms includes commercial banks and micro-finance banks.
Lend wise
- Lend Wise Official website - Lendwise.com
- Maximum Loan Amount - $100,000
Lendwise offers flexible repayment plans, long tenure, low interest rate and no collateral required.
Mpower Finance
- Official website of Mpower Finance - Mpowerfinancing.com
- Maximum Loan Amount Offers - $100,000
Mpower Finance only support schools in US and Canada. In addition, the financial institution support over 190 countries across the world including Nigeria.
It offer it interest rate at 6.48-12.49%. No collateral is required, no credit score history and no paperwork and guarantors are required.
Global Student Loan Corp
- Official website of Global Student Loan Corp - Globalslc.com
- Maximum Loan Amount Offers - $20,000
No guarantor, collateral or paperwork is needed to get Global Student Loan Corp loan for international students. Also, it offer it interest at a very low rate.
Prodigy Finance
- Prodigy Official website - Prodigyfinance.com
- Maximum Loan Amount Offers - $20,000
Prodigy Finance offers it services at No collateral required, No credit history required, No guarantor required, No hidden fees and Flexible repayment plan.
In addition, the financial institution offer low interest rate.
Stilt Finance
- Official website of Stilt Finance - Stilt.com/
- Maximum Loan Amount Offers - $35,000
Stilt Finance is among the financial institution that provides International Student Loan to Nigeria Student.
It has a very low interest rate and supports immigrants & underserved. No guarantor is required, No prepayment fees and have Flexible repayment schedule.
Future Finance
- Official website of Future Finance - Futurefinance.com
- Maximum Loan Amount Offers - £40,000
Future Finance Lending Platform is only available to UK student. So if you are a Nigerian studying in the United Kingdom, this opportunity is opened for you.
It has an interest rate of 17.6 - 20%. However, guarantors are needed before loan can be granted.
4 Banks giving Student Loan in Nigeria.
Here are Nigerian Banks that are granting study loan to students.
Access Bank Student Loan
- Maximum Loan Amount Offers - N5,000,000
- Refinancing is available
- Availability of Remittance Service
Requirements
- Complete Application Form
- School Admission Letter
- Tuition Advice
- Your Bank Verification Number (BVN)
- Parent, Guardians or Sponsor's letter of domiciliation of salary account
- Parent, Guardians or Sponsor's Employment ID card or valid means of Government Issued ID card.
- Your Credit Score History
The Access Bank Student Loan is an advance financial support or short-term financing given to students to pay for tuition fees. It ensures that nothing interrupt your education process.
FirstEdu Loan by First Bank Nigeria
- Flexible Repayment Schedule for 90 Days
- Maximum Loan Amount Offers is N10,000,000
Requirements
- Collateral Needed is Domiciliation of School Fees with First Bank Nigeria.
- The School must have Partnered with First Bank Nigeria for a Minimum of Six (6) Months.
- Supported Schools are Private Schools fully Registered under CAC and State Government.
- The School must have Minimum Students of 100.
First Bank's FirstEdu Loan is the best study loan for private school students in Nigeria. The bank offers flexible funding and flexible repayment schedule.
Federal Government Education Loan
The Nigerian government approved the establishment of education banks and student loan boards by states at flexible interest rates to give students easy access to financial support.
The government also approved the establishment of education funds by all states of the federation. Special emphasis is on funding teacher development and secondary education, as well as establishing a special intervention fund for individuals with special needs.
GT Bank Student Loan
- Immediate Access to Loan
- Maximum Loan Amount Offers is N5,000,000
- Very Low Interest Rate.
- Loan Request is every Four (4) Months
Requirements
- Loan Application Form
- School Fees Form
- Credit Insurance
- School Admission Letter
Guarantee Trust Bank (GTB) Student Loan is a School Fees Advance designed to Finance the Payment of your School Activities or Tuitions.
Final Thoughts
Now, I believe everyone has known the value of education even though some of our parents don't know? So if it seems you're not getting support from your parents or guardians, don't blame them too much. They might not no the value of it.
So, Like I said earlier that getting an international student loan is the best option if you can't get any financial support from your home country while studying abroad. So it is to students in Nigeria. Getting a loan is also the best option to finance education in Nigeria if their is no financial support from anywhere.
No matter what, make sure you read and understand lender's terms and conditions before applying for loan.
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