Education Loans: How to Apply for an Education Loan in Nigeria
The biggest barrier to obtaining an international education is frequently the cost of living. There have been instances where applicants who were accepted to institutions overseas went above and above to pay for their tuition And financial assistance frequently doesn’t show up. But with Wema Bank’s new school loan program, this issue might soon be a thing of the past.
Are you or your child considering attending a university overseas but need assistance paying for tuition?
You may now conveniently and stress-free finance your academic aspirations with Wema Bank’s new education loan package.
Wema Bank and MOD Group Work Together
This brand-new loan program from Wema Bank in collaboration with MOD Group (An Education Advisory Organization) which provides up to N5,000,000 in school fees in advance to finance the payment of school fees for primary, secondary, and undergraduate/postgraduate education both in Nigeria and abroad over a 12-month tenure.
Who Is Eligible For This Education Loan Program?
You may apply for this loan if you are a parent who satisfies the Bank’s loan eligibility requirements, has been properly referred by MOD Education Nigeria Limited, or whose child has a Royal Kiddies or Purple Account.
Parents and guardians who are paid workers, independent contractors, Wema Bank employees, entrepreneurs with steady income sources, and staff members of recognized organizations are all eligible to apply.
To get this loan, your child does not have to have a Royal Kiddies or Purple Account. However, Wema Bank offers a concessionary rate of 3% off the standard rate if you have a children’s account with them.
Do you need a Wema Bank account to access the package loan for educartion?
No, you must have an irrevocable standing order from the customer’s bank where the salary is paid or postdated checks in place if a parent does not have an account with Wema Bank or if salary cannot be domiciled.
Benefits Of Wema Bank’s Partnership With MOD Group Education Loans
- Encourages the parent’s or guardian’s desire to provide a top-notch education for their child.
- Having access to money to pay a child’s or ward’s tuition in advance.
- No security is needed.
- Simple renewal procedure for loans.
- Flexible terms for repayment.
- A 3 percent discount on the interest rate for loans based on the Royal Kids/Purple account’s activity
Paper required for this student loan
The properly filled out School Fees Advance Application Form is one of the documents needed to apply for a loan.
- Introduction letter from the workplace to ascertain the parent’s or guardian’s job status.
- School Fees Invoice: to establish the precise amount needed
- Identification document (driver’s license, national identification card, passport, or voter registration card)
- Payslips for the last three months.
- A statement of account covering the last six months for clients whose salary accounts cannot be or are not domiciled with Wema Bank.
- A signed agreement with the Bank, the MOD, and the applicant (if the request is made under the MOD partnership).