Access, GTB, Zenith And 5 Other Banks Parents Can Obtain School Fees Loans For Their Kids
- After the Christmas and New Year spending, the school fees season has come again.
- No need to run helter-skelter to gather your children's school fees because the solution is just around the corner.
- Here is a list of Nigerian banks offering school fees loans with no collateral.
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Across Nigeria, nursery, primary and secondary schools resumed a new academic session this week. Payment of school fees is a significant part of a new academic session and many parents are already running helter-skelter to gather tuition fees for their children.
Given that salary-earning parents may have exhausted most of their income and savings during the last Christmas and New Year celebrations, it becomes imperative to find other sources for tuition fees so as not to interrupt their children's education.
For any parent finding it difficult to meet up with payment of their kids' tuition this season, never worry, because there are several Nigerian banks and financial institutions offering school fees loans at considerable interest rates and flexible repayment periods with no collateral.
Legit.ng, in this article has compiled some of the banks offering these loans:
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GTBank offers school fees loans
Guaranty Trust Bank’s School Fees Advance is a loan facility designed to help parents and guardians finance the payment of their child or wards’ school fees for schools and institutions in Nigeria.
The loan facility is available to members of staff of public and reputable private organizations whose salaries are domiciled with the bank.
The minimum loan amount is N50,000 and the maximum loan amount is N1,000,000 applicable per child. Each loan has a maximum tenor of 4 months per request.
To be eligible, the customer must have a salary account with GTBank and must have received their salary through the account in the last 1 month.
To learn more about this loan option, visit: GTBank
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Stanbic IBTC Bank offers school fees loans
Stanbic IBTC Bank's Unsecured Personal School Fees Loan is an unsecured personal loan targeted at meeting the financial needs of parents and guardians looking to pay the school fees for their children or ward in any tier of the education system in Nigeria.
The loan caters to all tiers of the education system and can be accessed by any parent with zero collateral. The loan repayment period can be extended to suit the parent's needs.
To learn more about this loan option, visit: Stanbic IBTC Bank
Zenith Bank offers school fees loans
Zenith Bank’s education loan is designed to help parents facilitate short-term funding for the payment of their kids’ tuition fees.
A minimum of N100,000 and a maximum amount of N5,000,000 is offered in the loan scheme. It also comes with a maximum tenor of three months for Junior School and nine months for tertiary institutions.
Eligibility demands that operate a salary account domiciled with the bank and the child must also have an account with the bank.
To learn more about this loan option, visit: Zenith Bank
Access Bank offers school fees loans
Access Bank's Advance for School Fees scheme is designed to provide parents/guardians with short–term financing to cover tuition fees for their children/wards. It is also ideal for financing undergraduate study, postgraduate study and professional examinations.
The bank offers a loan amount of up to N5 million and up to 6 months repayment period.
To learn more about this loan option, visit: Access Bank
Wema Bank offers school fees loans
Wema Bank School Fees Advance is a loan facility designed to finance the payment of school fees for schools in Nigeria and the diaspora. This facility is available to salaried individuals and self-employed individuals.
The loan facilitates a minimum amount of N50,000 and a maximum amount of N10,000 with a minimum tenor of 3 months (For Nursery/Primary/Secondary schools) and a maximum tenor of 12 months (for tertiary institutions) per request.
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To learn more about this loan option, visit: Wema Bank
First City Monument Bank (FCMB) offers school fees loans
The First City Monument Bank (FCMB) FastCash is fashioned to meet emergency financial obligations such as payment of children's school fees and rent
FastCash offers loan amounts of up to N200,000 and it requires no collateral or paperwork. It is available and accessible to salaried and non-salaried customers of FCMB through its mobile app and USSD platform.
To learn more about this loan option, visit: FCMB FastCash
LAPO Microfinance Bank offers school fees loans
LAPO Microfinance Bank's Education Loan caters for the payment of children's school fees. With the loan scheme, the bank hopes to help bridge the gap between actual fees and what parents/guardians can afford.
The loan option ranges between N20,000 and N200,000 and has an interest rate of 48% per annum.
To learn more about this loan option, visit: LAPO Microfinance Bank
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Bowen Micro Finance Bank offers school fees loans
Bowen Micro Finance Bank's School Fees Loan is there to help parents avoid interruption to their children's education by the prompt payment of tuition fees.
The bank offers a maximum loan amount of between 50% and 70% of the school fees value and the loan scheme is open to parents/guardians who are salary earners
To learn more about this loan option, visit: Bowen Micro Finance Bank
Hike in Private School Fees Forces Parents to Contemplate Withdrawing Their Kids
Legit.ng investigation has shown that many parents are contemplating withdrawing their kids from private schools to taking the public school option because of excessive increases in tuition fees.
Many parents who spoke with Legit.ng claim that the schools have resorted to hiking school fees payable for each student at the resumption of every term. This trend, the parents lament they can no longer tolerate, given the harsh economic realities in Nigeria.
Some of the parents claim that in some cases, the increment is as much as 20% from the last payment which they consider an insensitive move by the schools' management.
The school proprietors on their part insist that inflation in the country is a major reason for the increment. One proprietor told Legit.ng that adequate facilities, salaries of staff, and fueling of generators are a few of the things that the management needs to make adequate provisions for.