Best student loan options for polytechnic students in Nigeria 

Financing higher education in Nigeria, particularly for polytechnic students, presents unique challenges. With the rising costs of tuition, accommodation, and educational materials, many students seek financial assistance to pursue their academic goals. Fortunately, several financial institutions in Nigeria offer student loan programs tailored to meet these needs. This article explains the available student loan options for polytechnic students, outlining their features, eligibility criteria, application processes, and repayment terms.

1. Access Bank Student Loan

Access Bank provides a student loan facility designed to assist students in covering tuition fees and other educational expenses.

• Loan Amount: Up to ₦5 million.
• Interest Rate: 15% – 20% per annum.
• Repayment Period: 6 – 12 months.
• Eligibility:
  
  • Must be a student of a recognized Nigerian university or polytechnic.
  • Parents or guardians may act as guarantors.
  • Must have an existing Access Bank account.
• Application Process:
  
  • Submit an application form along with proof of admission, tuition fee invoice, and a valid means of identification.
  • Provide a guarantor with verifiable income.

Access Bank’s student loan aims to ensure that students can pay their tuition fees promptly, reducing financial stress and allowing them to focus on their studies.

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2. First Bank FirstEdu Loan

First Bank of Nigeria offers the FirstEdu Loan to support parents, guardians, and students in financing educational expenses.

• Loan Amount: Up to ₦10 million.
• Interest Rate: 9% – 15% per annum.
• Repayment Period: 6 – 24 months.
• Eligibility:
  
  • Student must be enrolled in a recognized institution.
  • Parents or guardians must provide proof of income.
  • Collateral may be required for higher amounts.
• Application Process:
  
  • Visit a First Bank branch with required documents, including admission letters and a fee schedule from the institution.

First Bank’s FirstEdu Loan is designed to ease the financial burden on students and their families, ensuring that educational pursuits are not hindered by financial constraints.

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3. GTBank Student Loan (School Fees Advance)

Guaranty Trust Bank (GTBank) offers a School Fees Advance loan catering to students studying in both local and foreign institutions.

• Loan Amount: Up to ₦5 million.
• Interest Rate: 16% – 20% per annum.
• Repayment Period: Up to 12 months.
• Eligibility:
  
  • Parents or guardians must be salaried account holders with GTBank.
  • The applicant must provide an admission letter and school fee invoice.
  • Guarantors may be required.
• Application Process:
  
  • Submit an application online or at a GTBank branch with the necessary documents, including a bank statement and tuition invoice.

4. UBA Educational Loan

United Bank for Africa (UBA) provides Education Loans to assist students in covering academic expenses.

• Loan Amount: Up to ₦5 million.
• Interest Rate: 10% – 18% per annum.
• Repayment Period: 6 – 12 months.
• Eligibility:
  
  • The borrower must have an active UBA account.
  • Proof of enrollment and tuition invoice is required.
  • Parents or guardians must have a steady income source.
• Application Process:
  
  • Visit a UBA branch with an admission letter, school fee invoice, and identification documents.

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5. Zenith Bank Education Loan

Zenith Bank offers Education Loans designed for students and parents needing financial assistance for academic purposes.

• Loan Amount: Up to ₦7 million.
• Interest Rate: 14% – 20% per annum.
• Repayment Period: 6 – 24 months.
• Eligibility:
  
  • Applicants must have a Zenith Bank account.
  • Proof of admission and school fee breakdown is required.
  • Salary account holders have higher approval chances.
• Application Process:
  
  • Complete an application form at a Zenith Bank branch, submit necessary documents, and await approval.

6. LAPO Microfinance Bank School Fees Loan

LAPO Microfinance Bank offers the School Fees Loan to assist students and parents in covering educational expenses.

• Loan Amount: ₦20,000 to ₦200,000.
• Interest Rate: 4% reducing balance (48% per annum reducing balance).
• Repayment Period: 8 months with a grace period of up to 1 month.
• Eligibility:
  
  • Must provide 2 guarantors.

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7. NELFUND Student Loan

The Nigerian Education Loan Fund (NELFUND) is a government-backed student loan scheme designed to provide financial assistance to students in tertiary institutions, including polytechnics.

• Loan Amount: The loan covers tuition and other academic expenses, with amounts determined by the student’s needs and the institution’s fee structure.
• Interest Rate: The loan is expected to have a low-interest rate, as it is designed to be affordable for students.
• Repayment Period: Repayment begins two years after completion of NYSC or securing employment, whichever comes first.
• Eligibility:
  
  • Must be a Nigerian citizen enrolled in a recognized polytechnic or university.
  • Family income must fall within the specified low-income bracket (to be determined by the government).
  • Students must maintain good academic standing to continue receiving funds.
• Application Process:
  
  • Applications are submitted through the NELFUND online portal.
  • Required documents include proof of admission, academic records, and financial status verification.

NELFUND aims to provide accessible and sustainable financial aid for students, ensuring that no Nigerian is denied higher education due to financial constraints.

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