Education loan is a loan designed strictly for the payment of children’s school (Primary and Secondary) related expenses in Nigeria only. Education loan is aimed at protecting the cash flow of clients’ businesses. This loan can be accessed by a client who is a member of a group (Union).
Education Finance Loan is categorized under two main product offerings.
School Fees – Designed for economically active parents/guardians who have the willingness to educate their children in private schools. This product is tailored to close the gap between the need of the child and what the parent can offer in regard to school fee/levies, uniforms, books and school bus fees.
- Loan range-N50,000-N250,000
- Competitive Interest rate
- Repayment Mode-Monthly
- Grace period-1 Month moratorium(Approximately 30 days after disbursement)
- Loan purpose: To cover Tuition fees, uniforms, Books and; Transportation(School Bus)
School Improvement Loans-Designed for school proprietors (low-medium income private schools Nursery-Secondary),to improve their schools in terms of Increased learners enrolment and quality education. The loan is structured around classification of school needs such as working capital, buildings improvement/renovation and
procurement of fixed assests than enhance learning.
- Loan range-N250,000-N10,000,000
- Loan period-3-18 months
- Competitive Interest rate
- Repayment Mode-Termly
- Loan period-Loan can be disbursed all year round
- Loan purpose-Building extension,working capital,extra classrooms,dormitories,wash facilities,sick bay,buying of IT
equipment,purchase laboratory equipment and furniture,projectors,textbooks,school bus,blackboards e.t.c.
Features
- Facility range: N50,000 (minimum) to N250,000 (maximum)
- Methodology: Group
- Duration: 8 months
- Grace period: 1 month
Benefits
- No collateral
- Access to funds for the prompt payment of children’s school related expenses.
- Flexible repayment structure
- Low interest rate
Requirements
- Loan application letter
- Duly completed application form
- 2 guarantors
- Duly executed Global Standing Instruction
- A valid means of ID (national ID, driver’s license, voter’s card or international passport)
- Current utility bill
- 4 recent passport-size photographs
