Student Loan

How To Get Student Loan In Nigeria

The ability to pay for housing and board, daily living expenses, stationery, and other educational fees while attending a higher education school is made possible by the availability of student loans. If a student meets the criteria for a student loan, they may apply for one even while they are having financial difficulties. Many poor students are unaware of its availability, and those who do are unable to apply because they lack the necessary knowledge.


We will look at how to obtain a student loan in Nigeria without a down payment in this post. We’ll provide a quick overview of the Nigerian education loan’s history, requirements, application process, loan amount, and repayment schedule.We’ll also talk about various loan programs and terms. Now let’s begin this tutorial.

History of the Education Loan

Many parents in Nigeria believe that education will help their kids overcome their difficult financial circumstances. The “Nigerian Students Loans Board” was formed by the government in 1972. This organization was created to offer loans to eligible Nigerians so they may pay for undergraduate and graduate degrees both at home and abroad. reported that from 1973 to 1991, this Board disbursed a total of N46 million. Due to difficulties in recovering the debts, the government replaced the Board with the “Nigerian Education Bank.”


In addition to other responsibilities, this new agency oversees the loan disbursement for professional studies like architecture, law, medicine, and accounting as well as advising services for educational reasons.

Nigeria education bank loan requirements

Eligibility Conditions

The National Council for Higher Education accepts applicants who are Nigerian students enrolled in certified programs at higher education institutions.


Advertisement of the Available Loan

The Nigerian Students Loans Board would place an official advertisement in a premier national newspaper urging qualified students to apply to the Board within a set deadline for the loans or scholarships.


How to get student loan in Nigeria without collateral

To obtain a student loan in Nigeria, follow these steps:


Calculate how much you need

To apply for a student loan, you must be aware of how much money you require, where to find it, and how to put together the necessary paperwork.


Find out required Documents

For a student loan in Nigeria, you must gather the documentation listed below. This is mostly for a loan from the Nigeria Education Bank; for information on other lenders, continue reading the articles. They consist of:


  • Names, age, date of birth, marital status, and sex


  • Academic records – admission letter


  • A proof of identification, three current passport photos, and a copy of the institution’s fees are all required.
  • The duration, beginning date, and ending date of the study course.
  • Depositing N2,000 as a processing charge into a bank account (for Nigeria Education bank loan)
  •  Include the name of your institution’s banker (which is usually Nigeria Education bank.)

Please be aware that different lenders will have different requirements.

Study terms and Conditions


Obtain information on the loan’s size, intent, terms, and circumstances.


  • Loan Quantity: It goes from 24,000 to 32,000 Naira. Or any significant sum more than this Goal: living costs, school supplies, and other costs


  • Loan term: This varies according to the amount of years each applicant has left in their course.
  • Repayment: Typically two years following graduation


The majority of these will vary per lender.


Approach a lender

Go to a bank that offers commercial services. The Nigerian Education Bank is affiliated with these banks. Find out what’s needed to open an account and other details so you can apply for a student loan in Nigeria without putting up any collateral.


Open a bank account and deposit N2,000 as a processing fee for the student loan after that. That is, if you desire the bank loan for Nigerian education.


Submit your Student Loan application

Pick up the loan application form from the dean of students affairs at your university, then fill it out.

Include all necessary documentation, and make any necessary payments.

Send your application to the Dean’s office’s Student Loan Task Force.


Wait for the processing and approval of student loan application

Await the Nigeria Students Loans Board’s reaction. Processed during:


  • If the application form was not correctly completed, the Operations Unit of the Loans Board would contact you through email, SMS, or phone to make the necessary changes.


  • The names of the chosen candidates will be published by the Ministry of Education in a national newspaper. A letter informing you of the amount allotted to you will be sent to you, and your name will also appear on a list on the Ministry’s website.


  • You will receive identification cards, a student loan identification number, and the loan revenues will be sent to the Nigerian education bank to be disbursed to your bank.

For the Nigeria Education Bank Loan, follow the aforementioned instructions. Other lenders are listed below.

Other Places where you can get Students loan without collateral

Both the creative sector initiative and regional banks that offer educational loans are sources of funding for you. Below is a list of your alternative lending possibilities.

Creative Sector Loan

Applying for a loan for the creative sector is another way to obtain a student loan in Nigeria without providing any security. Through a Central Bank of Nigeria initiative, the Federal Government of Nigeria has launched the Creative Sector Loan.


The purpose of the loan is to improve the capability of people and firms that are already experts in particular industries and to create jobs in those fields.


Benefits: include customizable structure and repayment periods, low cost and single-digit funding for business and education, and financial counseling.


Eligibility: Your company must fulfill the following requirements in order to be eligible for the Creative Industry loan

  • Be a part of the creative sector (fashion, music, Movie Production, Movie Distribution,and information technology).
  • Register your company properly with the Corporate Affairs Commission.


  • Make a thorough business plan available to the bank of your choice.
  • Acceptable Credit risk management system (CRMS) report of owners, sponsors, and the director’s application procedure. Clean credit bureau report with no defaulted debts to any commercial bank.

All CIF Loans require certain documents.


  • Acceptance Letter for Offer Business Plan


  • Board Decision (if corporate)
  • Student Loan from the Creative Sector for Software Engineering
  • See the conditions and procedures for obtaining student loans in Nigeria without security.


Terms and Conditions of the student loan for the creative industry

The terms and conditions for the student loan for software engineering are listed below.

  • The annual maximum interest rate for the loan, inclusive of all fees, is 9%.
  • Term Loan with a 100% Central Bank of Nigeria funding is the loan’s type.
  • A moratorium is a nine-month suspension of all repayment obligations.
  • After the nine-month freeze expires, there is a monthly repayment schedule.
  • Maximum three years for student debt repayment
  • Collateral includes a personal guarantee, a degree from an accredited university, a certificate from the NYSC, and a minimum equity contribution of 0%.

Process for Obtaining a Creative Sector Loan for Students Studying Software Engineering

Step 1: Visit a commercial bank in Ask more questions about this loan at any financial institution.


Step 2: Conditions for obtaining a CIF student loan


  • You must be a student of software engineering.
  • The applicant must be accepted into a training program with agreements for job placement.
  • Candidates must not have a poor credit history with the Nigerian commercial banks or the Credit Risk Management System (CRMS).
  • Apply for ideal locations with little use of information technology.


Step 3: Determine the Needed Amount


Out of the many commercial banks in the nation, do your research and choose one you prefer. You can obtain a student loan up to N3 million without providing any security.


Step 4: Select a commercial bank.


Open a bank account for the loan at the bank of your choice while you’re there, and talk with the account officer about the additional conditions.


Step 5: Fill out the loan application:


Fill out the application and submit it together with the required paperwork to start the loan application procedure if you meet all the criteria listed above.

Financial Institutions that offer Education loan

The Federal Government has not had it easy providing funding for education in Nigeria. So, a way to obtain a student loan in Nigeria without collateral is to go to a bank that offers an education loan.


Banks provide loans to students to help them with the expense of their local and international education. Banks typically offer various terms and conditions for student loans.


For instance, the Smart Credit Educational Loan from Standard Chartered Bank allows students to borrow up to $10 million, with a 6-year repayment period.


For the payment of tuition and allowances abroad, Stanbic IBTC Bank PLC offers an educational package that offers an international money transfer solution.


Educational loans and cash advances are available from Zenith Bank and Access Bank.

For instance, you can obtain a student loan from Zenith Bank Plc to pay for tuition. It’s a quick loan with restrictions.


Students can get loans from companies like GTBank and Access.


1.Features of the Loan

A loan might be for as little as N100,000 or as much as N5,000,000. School fees are paid directly to a student’s or a child’s school. For junior high school, the maximum tenor is three months, while for tertiary institutions, it is nine months.


  • Security: 

Parent or guardian salary account in the bank; direct payment of tuition to the school. The student or Ward needs to have a bank account.


  • Interest rate:  Standard rate for commercial loans

Steps to process and get the Student Loan in Nigeria from bank

To obtain a student loan from a bank in Nigeria, adhere to these instructions.

  1. Visit a branch of the bank you have selected

Choose the amount you require, inform your guardian, or, if you have a bank account for your salary, process it right now. Additionally, you must have paid your salary into the account for at least six months while operating it.


2. Meet Your Account Officer

Request a loan application form, fill it out, and attach any necessary paperwork, such as a bank statement or an invoice for tuition.


3. Allow the bank Process the loan

You will be informed through phone or email once your application has been processed as to whether the loan has been accepted.


How to obtain student loans in Nigeria without collateral was covered in this post. You learnt how to apply for education loans from commercial banks, the Creative Sector Loan, and the Federal Government of Nigeria. Read the rules of bank loans, which typically have tight short-term requirements, and only accept credit that you can repay.

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