A student loan is a facility that can pay the student room personal expenses, stationaries and academics while attending a higher institution.
A student that has financial constraints can apply for this loan will be provided as they meet up with the requirement of the student loan.
Moreover, students that are in need are not aware of it, and those that know about it can not get it because they don’t know the loan process.
In this article, you will know more about how to get student loans in Nigeria without collateral. Telling you the requirements, how to process it and the certain amount for the loan. So keep reading!
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Brief History Of Education Loan
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Various Nigerian parents see education as means of lifting their children above their poor financial status. So in 1972, then the Government established “The Nigerian Students Loans Board.”
This body provides loans for Nigerians that qualify for undergraduate and graduate studies in Nigeria and abroad.
According to fo the report by jstor.org, the Board disbursed some amount of money from 1973 to 1991 which is 46 million naira.
Getting the loan back was difficult and as a result that the Government replaced the Board with “Nigerian Education Bank.”
For the current organisation that provides advisory services for educational purposes and supervises disbursing loans for professional studies that include Law, Medicine, Architecture, Accountancy etc.
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Nigeria Education Bank Loan Requirements
The applicants should be Nigerian students that want to pursue a program that is accredited in the higher institutions of learning and accepted by the National Council for Higher Education.
Moreover, the Nigerian Students Loans Board will make a proper advertisement in the prime of the national newspaper to inform students that are qualified to apply for loans or scholarships within a certain period.
How To Get A Student Loan In Nigeria Without Collateral
You need to follow these steps to know how to get Student Loan in Nigeria:
Make Sure You Calculate What You Need
For you to get this loan, you must know how much loan you need, where you can get it, the necessary documents you will need to process the loan, and how you will assemble them.
Know The Documents That Are Required
You must gather the documents below if you want to get student loans. You will have to provide your name, birth certificate, marital status and sex.
Also, you will provide your admission letter, a form of identification, Bank account and deposit of your processing fee.
The Study Terms And Conditions
You need to find out the amount of the loan and its purpose, the conditions of the loan and how to repay it including the terms.
The loan amount is between N24,000 to N32,000 or is much much more than this. The loan will contain your stationary and other school expenses.
The time for the loan is different because it depends on the number of years the course you apply for. But repayment usually takes place after completing your studies. It now depends on the lender.
Approach The Lender
You will have to visit any bank of your choice. For they are associated with the Nigerian education bank. Then ask for the requirements for opening the account and some other information that will be needed for you to get the loan without collateral.
What you will do next is to open a bank account with them and deposit a sum of N2,000 for the processing form. Maybe you want to use the Nigerian Education bank loan.
Submit Your Student Loan Application
You will have to go to the Dean of Student Affairs of Your University to collect the loan application forms and fill them out.
Then attach your dividers and make all the necessary payments. To submit your application to the Student’s Loan Taskforce in the Dean’s office.
Wait For The Process And Approval Of Your Loan Application
You will have to wait for the Nigeria Students Loans Board. So during the processing when you don’t fill out your application correctly you will get a small from the operations unit for you to amend it
So when it is finally ready the Ministry of Education will publish the names of the nominees that were selected in the national newspaper. Your name will be included also on the Ministry’s website and you will receive a letter that will inform you of the amount allocated to you.
Steps To Process And Get A Student Loan In Nigeria
The following are the steps to get a Nigerian loan from banks which include:
- Visit The Branch Of The Bank You Chose
You will choose the amount you need and tell your guardian or maybe you have a salary account with the bank, then you can do it directly.
Also then you have to operate the account for good six months and receive a salary through the account.
- Meet Your Account Officer
You will ask for your loan application from your account officer then fill it out, and submit the required documents, for instance, the tuition fee or invoice. , bank statement etc.
- Allow Bank To Process The Loan
When they are done with your application process, you will receive information through email or phone when your loan has been approved.
READ MORE: Get STUDY ABROAD LOANS in Nigeria
Conclusion
In this article, we have explained in detail how to get student loans in Nigeria without collateral and how to get education loans From a commercial bank that is approved. So follow the terms and conditions as you apply for it.
