Different banks in Nigeria offer Eduloan to their customer including microfinance bank like Accion MFB, AB microfinace bank and others. To ensures that loan is made available to people when the need arises and to make this possible, borrower should consider credit facilities that will be easily accessible and not at a high interest rate.
The oldest bank in Nigeria, First bank plc has unveiled FirstEdu loan, a facility that is available to Private schools owners duly registered with CAC (either Government approved or not) who require extra cash for the smooth running of their school operations.
This loan facility help private school owner’s Increase investment in their education institution in area of asset acquisition of up to N20m for 24 months , renovations or construction of premises, Finance of operational vehicles for schools (new and fairly used) etc.
FirstEdu loan are offered without collateral’s, the Bank has made available right products and services tailored for school owners and proprietors just as it is poised to constantly provide the platform to support the life styles of its teeming customers.
This product allows the customer access up to N20 million with no tangible collateral required apart from the domiciliation of school fees collection account with the Bank.
However, Schools with CAC registration but without Ministry of Education approval can access up to N2million for 90 days. They must have a minimum student population of 100.
The facility is a short-term facility designed to finance working capital needs of schools. There is a product (Commercial Mortgage) available for schools who want to construct school buildings.
Documents to apply for FirstEdu loan
To apply for first bank education loan, all private schools duly registered with CAC, register or without Ministry of Education approval should provide the following documents
1.Evidence of Government Approval of school.
2.School Memorandum and Articles of Association (MEMART) where applicable.
3.Documents showing how long school has been in the business.
4.Documents showing the number of students in the school.
5.Any other documents that may be required by the bank.
Who Can Apply for FirstEdu loan
Schools with CAC registration but without Ministry of Education approval can access up to N2million for 90days.
Private pre-primary, primary, secondary schools, A’ level Tuition Providers registered with both State Ministry of Education and Corporate Affairs Commission.
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How to Apply for FirstEdu loan
To Apply for an FirstEdu Loan,interested borrower should simply follow the steps below.
1, Download the Retail Loan Application Form
Complete the form and submit to the Retail Team at the nearest FirstBank branch
For more information speaker with you account manager or visit any first bank branch nearest to you to talk on FirstEdu Loan