Blog

Loans come in different forms to meet different needs. Some are easy to pay back and can be done in a few months, while some hover around for years because of their sizeable amount. Long-term loans are those types of loans that require a long-term payback period. This is because we mostly use them for financing huge products and investments. There are several institutions that offer long-term loans in Nigeria and are all covered in this article.

What are long term loans?

Many companies undergo frequent capital projects that require a huge sum of upfront capital. This project ranges from machinery purchase to setting up arrangements with individuals that intend to purchase a property. Since these individuals mostly hope to pay back over time (from salaries), the company needs to turn to long term loans from banks to foot the project. This is a vivid picture of the continuous loop of long terms loans in Nigeria.

The loan is repaid in installments depending on the agreement, in accordance with business or personal cash flow. It could be monthly, quarterly, half-yearly, or even annually. Generally, long term loans in Nigeria can span anywhere from one or two years and above. Examples of these loans include equipment lease finance, operational vehicle, project finance, commercial mortgage, personal loan, asset finance, etc.

The structure adopted by most banks in offering long terms loans is that they fund a certain percentage of the total sum, while you are left to fund the rest. It is mostly in a 70/30 proportion.

How to get long term loans in Nigeria 

Getting long term loans in Nigeria is not as difficult as it sounds. Especially if you meet the eligibility requirements. Most commercial banks offer long-term loans and development banks like the bank of industry and bank of Africa. There are also different government initiatives for offering loans to businesses by CBN, through commercial banks too. Simply visit any physical branch or the official website of these financial institutions to get started.

However, there are general documents that most banks require of you to give out a long-term loan. They are: 

1. Application letter 
2. All duly completed retail loan application forms (it varies from one bank to another and some may require KYC due diligence)
3. Proforma invoice approved by vendors supplying goods for your business
4. Company profile 
5. Current utility bill 
6. Last audited account 
7. Previous six months bank statement 
8. Cash flow budget
9. Certificate of incorporation 
10. Proof of address
11. Other KYC requirements necessary for opening a current account
12. Details of collateral where applicable (differs from one bank to another and depends on the amount of loan)
13. Third party guarantors (this could be requested instead of collaterals or along with it)

Note that different banks have different requirements. It could be more or less than what is listed above. However, the documents above are standard long-term loan requirements in Nigeria. 

What are the types of long term loans in Nigeria?

Long term loans in Nigeria generally fall under two categories. The categories are:

1. Individual long term loans

This loan caters to the needs of individuals. However, they are mostly available to high net-worth individuals. You can also divide them into the following;:  

2. Personal loan 

They offer this loan to individuals who might need it for personal reasons. They mostly give it to those with a capacity to pay back because they have a job or receive regular cash flow regularly.

3. Home loans 

They give home loans out to individuals who intend to obtain a property. The individual secures the loan with the bank, who funds a certain percentage of the value of the property you intend to purchase.

4. Home equipment finance 

This loan narrows the loan purpose down to furnishing a home. It offers you a loan to pay for the equipment expenses and takes it back from your salary based on the pre-agreed payment structure. The amount you are eligible for depends on your ability to repay.

5. Auto loan 

Auto loans are for those intending to purchase a car. How much you can access depends on your ability to repay. This makes it mostly offered to those with a salary or business with good cash flow.

6. Business and corporate long-term loans 

Business and corporate loans cater to the needs of businesses. We can further divide them into the following:

• Commercial mortgage
• Equipment lease finance
• Project finance
• Operational vehicle finance
• Asset/ office equipment finance
• Bill discounting

Where can I get long-term loans in Nigeria?

Getting long-term loans in Nigeria is a simple decision. Virtually all commercial banks offer long term loans in the country. What differs, however, is the maximum amount of loan that they can offer. This mostly depends on your ability to repay, and sometimes the capacity of the bank in question. Simply walk into any commercial bank to inquire about the type of long term loan you are interested in.

As a business owner, can I get long term loans for my company?

Case Study

Getting a long term loan as a business owner for your company is all about meeting the eligibility requirement and possessing the right documents. To paint a better picture, let’s look at a case study of David as business man trying to expand his reach.

David has a truckload of experience in the processing industry, where he has worked for the last ten years. During this time, he rose from being a low factory worker to being the head of the division, therefore gather experience in the business and manufacturing aspects of the industry. He observed the trend of food hitting their lowest prices at certain times of the year, especially in their harvest period, and roaring outrageously high during scarcity.

David discovered the outrageous prices of yam, especially in the southern part of Nigeria, where there are not so many farms. Although the prices seem fair, he has been to the north where they are produced and seen how much cheaper they are.  While locals trade yams, there wasn’t any really top manufacturer that supplies hygienic and high-quality yams and its finished products in the south. He quickly realized this was his jackpot and called his job a quit.

Putting in the effort

His plan was to start the business of supplying yam and its finished products to the south, and he raised capital to this end. He was able to raise capital from family and friends, and the business kicked off and blossomed more than he expected. The business earned about N100 million in the past year which was more than enough to repay the capital and keep things running.

With time, he noticed the shortage of yam flour especially during some seasons in the year. This was paramount in the southern and western parts of the country, and he decided to tap into that market. To do this, however, he would need to expend his production capacity by purchasing machinery to meet demand. A savvy business that he hi, he inquired from his business bank officer the most viable way to fund this ambitious project. Although he would normally opt for an overdraft (N50 million), his officer advised against it, due to the short term that usually accompanies the loan. It wouldn’t be wise to obtain a year loan to acquire machines that would exceed the duration of the overdraft before yielding profit and have a repayment period that exceeds the overdraft.

After careful consideration and discussions, his account officer advised him to opt for a long term loan. The preferred option from the recommendation was through a development institution like the Bank of Industry (BOI) or Bank of Africa (BOA). Although much documentation is required to get the loan, David was able to fit in due to his numerous years of experience working in a top food processing company.

Knowing how to create value with loans

With time David put together the necessary detailed documentation, including his company’s operating profit and established market share, and got a loan from BOA at a favourable rate of 7% per annum. In obtaining this loan, he was able to keep his business running after expansion, reinvesting the profits and paying off the long-term loan.

Imagining this scenario, David would not have been able to expand his business without a long term loan. This is because he would have taken an overdraft, which has a tenure of around 12 months. Although he would have gotten the machine in this time, his business would scramble to repay the overdraft within this short time frame. As a good entrepreneur, it’s a totally bad idea, and he would most likely not take the overdraft. Rather, he would forgo his dream of expansion and try to save towards it. 

Conclusion

Long term loans are beneficial both on an individual level, and a business scale. It affords you enough cash flow to keep running, and acquire important assets immediately. The maximum amount of a long term loan you have access to, depends on your repayment capacity. 

Let’s face it, there are tons of options to choose from when it comes to taking loans, as pretty much any company would offer you a hand as long as you meet their minimum requirement. However, at this point, it’s left to you to select what works for you best. First, you should have an answer to the question “how can I compare loans from different lenders”, what it contains all the information you’d need to make the right choice. Essentially, don’t choose before you know it’s a good one and that it’s the best you can get at that time.

Why should I compare loans from different lenders?

Each respective lenders have terms and conditions that apply to their loans. Rarely would you see a state imposing specific rates on loans, they only set a ceiling. This allows you to get the best loan offer that works for you and wouldn’t trap you in an endless loop of interest that you’d find difficult to pay up. As a result, you can simply compare loans from different lenders and select what best meets your needs at that time before proceeding to apply. Instead of searching out individual loans and placing them side by side to compare, simply make use of the loan comparison engine. All you need to do is supply a few details, and the software presents the most favorable loan options with the lowest interest to you.

An Overview of Loanspot.Africa

Loanspot.Africa is an online loan platform that has only one goal, which is to create easy accessibility to the right loans for businesses and individuals. Therefore, they have a good number of credit partners which the obtain data from, and selects the best for a user. Some of Loanspot.Africa’s credit partners include CredPal, Lendigo, Kwaba, Gare Advance, Creditville, and more. Together, their partners lend out an average of N500 million monthly. Also, taking the relevance of loanspot.africa into consideration, their software have helped over 180,000 individuals get the right loans information, in order to choose the best loan, therefore, saving 46% in possible interest costs.

What are the factors to consider when looking at loans from different lenders?

You can directly compare the following terms of a loan before applying:

Interest rate and APR: 

The interest rate is basically the extra you’d be paying on your loan. It is expressed as a percentage of the loan principal itself and is paid up within the loan tenure. Also, you might discover an annual percentage rate (APR) in the loan, as it is the sum-up of the interest rate plus loan fees. Essentially, the APR gives a better sense of the true cost of the loan. In addition, keep an eye out for the interest types, be it variable or fixed.

Collateral: 

Collateral comes into play when you opt for a secured loan. Unlike an unsecured loan, a secured loan is backed by collateral, which is an asset you’d have to stake to obtain the loan. Therefore, in the event when you’re unable to pay back the loan, you may lose your collateral. On the other hand, an unsecured loan does not need collateral, therefore you don’t have to worry about losing an asset. Generally, a secured loan usually comes with lower interest rates than unsecured loans.

Fees: 

There are a good number of fees that you should compare when obtaining a loan. It includes the origination fee which a lender charges for processing your loan, the prepayment penalty that kicks in when you pay off your loan early, late payment fee for when you don’t meet up, and insufficient fund fee when your account is always low. Insufficient fund means the borrower cannot deduct the regular repayments from your account, as agreed. Consider all these fees to see the least, and that it’s not putting you in a tight corner

Loan term: 

A loan could either be long-term or short-term, depending on your agreement. Normally, personal loans term ranges from 12 months to 84 months, with an extended period of grace. Also, you have the option of playing the long game by obtaining loans for up to 20 years or more. Always match the loan term with your needs and capacity to repay, to be sure that it is in your favour.

Monthly payment: 

This is the sum that you are required to pay up every month until your debt is completely repaid. Therefore, go through this to ensure it fits perfectly within your means, and living budget so you can conveniently pay other bills too.

Total loan amount: 

This includes the loan principal, interest, and extra fees. Before obtaining a loan, compare the total loan amount to see which is the least. This is because you might have two loan offers of the same price, but a huge difference in their total loan amount. Essentially, the total loan amount gives you the full picture in one spin.

How can I compare loan from different lenders?

To compare loans and get the best option for your exact needs, simply follow the step below:

1. Visit a loan comparison website
2. Select the type of loan you intend to borrow from their available products (SME or Consumer-based)
3. Create an account by signing up and completing your KYC verification.
4. Fill the prompt by the left side of the screen, providing details of your earnings and income
5. After completing those processes, sit back and allow the system to do the rest by hitting the search button.
6. Lastly, get options on the best available loans, and select the one you’d prefer.

Conclusion

Comparing loan offers is always the best way to pick what’s best for you. These factors in mind actually help you find the best and avoid something that would throw you into a financial crisis later on. Loanspot.africa is the best way to compare loans from different lenders and select what’s best for your specific needs. You can read here for standard loan clauses and loan liquidations here.

GTBank remains one of the largest financial institutions in Nigeria and serves millions of customers in the country. Although well known for its excellent banking services and good customer service, the loan scheme from GTBank is also one of their top services that you can benefit from. This article explores available loans, and how to get a loan from GTBank.

What are the available loan services with GTBank?

There are several loan services available with GTBank, which are:

GTSalary Advance: 

this loan package allows you to get up to 50% of your net monthly salary upfront, to meet urgent needs. To qualify for this bank, your salary account has to be domiciled in GTBank. It is available to private and government workers.  

What it entails:  

• Up to 50% of net monthly salary in advance.
• The tenor of 30 days. Renewable monthly.
• No collateral is required.
• Minimum salary of N25,000 for employees in the public sector and N50,000 for the private sector.
• Salary advance will be made available within 24 hours.

How to apply:

• Simply log in to Internet banking
• Dial *737*8*2# to apply
• Visit any GTBank branch or ATM near you

GTBank school fees advance:  

this loan package is designed to pay for your child’s fees for institutions in Nigeria only. For you to qualify, your salary account must be domiciled with GTBank, and you must be a staff or a reputable public or private organization.

What it entails:

• Up to N5 Million School Fees Advance.
• Maximum tenor of 4 months per request.
• Very Competitive interest rate with equal monthly repayments comprising of principal and interest.
• Immediate access to funds for the prompt payment of your child/ward’s school fees.

How to apply:

• Submit the completed application form and employer undertaking form.
• Provide School Fees bills and Credit Insurance.
• Ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee.

Quick credit: 

this service caters to the needs of the self-employed and salary earners. It offers funds of up to N5 million, at an interest rate of 1.33% monthly, and a tenor of 6 to 12 months. Therefore, get the cash you need instantly, and pay back later.

What it entails:

• Up to N500,000 – 5 Million
• Convenient repayment plan spread over 6 – 12 months.
• At an interest rate of 1.33% per month

How to apply:

• You can request Quick Credit instantly by dialling *737*51*51#
• Quick Credit is also available on all GTBank online and mobile banking platforms (Internet Banking, GTBank Mobile App, GTWorld and Habari App)

Max Advance:  

max advance is another loan service that offers personal loans to the staff of some corporate and government organizations. To benefit as a staff, however, your salary account must reside with GTBank.

What it entails:

• Facility amount of N100,000 to N10,000,000
• Tenor of 3 to 48 months
• Repayment equals monthly repayment that comprises the principal and interest. This payment does not exceed 33.3% of your net monthly salary.

 How to apply:

• To apply, visit their official website at https://www.gtbank.com/personal-banking/loans/maxadvance to obtain the form.

Max plus: 

this service is available to platinum customers only, whose salary account is domiciled with GTBank. It offers a larger loan facility and more flexibility regarding payment plans.

What it entails:

• Get a loan of between N6 Million and N30 Million.
• Tenor of up to 48 months. Monthly repayment cannot exceed 33.3% of your net monthly salary.
• Equal monthly repayment comprising principal & Interest.
• No collateral is required.

How to apply:

• Follow this link to their official website, https://www.gtbank.com/personal-banking/loans/maxplus, and download the MaxPlus Application form and Employee undertaking form. Submit upon filling it, to an officer in the bank. 

Computer Advance: 

this service is specially designed for serving Corp members, whose allowance account is domiciled with GTBank. It enables you to acquire computer and mobile devices during your service year by paying on your behalf.  

What it entails:

• It has a maximum loan amount of N60,000
• 3 to 10 months tenor
• Equal monthly repayment of principal and interest over the loan tenor, which shall not exceed 33.3% of Corps member’s monthly allowance

How to apply:

• Submit the following document to apply:
• Completed Application Form
• Employer Undertaking Form
• Domiciliation of NYSC allowance with the Bank
• All applications to be completed during the NYSC orientation activities

GT Mortgage: 

this loan specially addresses customers intending to purchase a property by providing the funds for it. To benefit, your salary account or business proceeds must be domiciled with the bank.

What it entails:

• A sum of 5 to 150 million for low-density residential areas in Lagos and Abuja, and 5 to 50 million for medium-density areas
• A tenor of 1 to 20 years which is subject to a maximum age of 55 when the loan expires
• Flexible repayment structure

How to apply:

• Submit the following completed form to apply for this loan
• Completed Application Form
• Title Document of Property
• Offer Letter to Sell Property from the Vendor
• Valuation report from any of the Banks approved estate valuers
• Search report from GTBank Legal Group

Premium Advance:

this is an overdraft loan facility, that places the debt on your debit naira MasterCard. It helps you out during emergency needs.  

What it entails:

• Up to N1 Million overdraft with a 1 year Tenor (subject to clean-up every 30 days).
• Very Competitive interest rate. 2% flat fee on N1 million upon first utilization.
• Overdraft accessible via Naira Debit MasterCard (for ATM withdrawals, POS purchases, and web payments)
• Monthly repayment of interest with a bullet payment of principal at the end of the cycle.
• For Platinum customers only.
• Your average monthly salary should not be less than N1 million in the last six months.
• Annual turnover should not be less than N10 million.
• You should have received your salary through your GTBank Account for the last three months consecutively.
• Please ensure that you do not have any past-due obligations with GTBank or other banks.

How to apply:

• Download the application forms from their official website at https://www.gtbank.com/personal-banking/loans/premium-advance. Fill out this form and submit it at any branch of the bank.

Travel Advance: 

Just as the name implies, a travel advance offers you a loan amount in advance, to meet your travelling expenses. It is available to only those with salary accounts domiciled with the bank.  

This loan service is available for the following travel expenses:

• Airline Ticket
• Hotel Reservation
• Airport Pickup and Transfer
• Tours and Events

 What it entails:

• Facility amount of N250,000 to N3,000,000
• A maximum tenor of 12 months
• 20% per annum interest rate that is subject to money market conditions
• Your salary account must be domiciled with GTBank.
• You must have received your salary through GTBank in the last three months from the same employer.
• Your Salary must be paid in Naira (NGN).

How to apply:

• Login to Internet Banking
• Click Travel Advance under Investments and Quick Loans
• Select Travel Advance and initiate a New request
• Fill in the required details
• Authorize your request by inputting the 6 digits on your token and submit

Vehicle Insurance Premium Financing: 

this is a time loan service that allows you to pay for your motor insurance premium upfront. It is available to corporate organizations and salary earners with salary accounts domiciled with the bank. You are allowed to spread the loan repayment over a 12-month period.  

What it entails:

• Loan Amount: Individuals – N20,000 – N1,000,000 (Individuals) & N20,000 – N5,000,000 (Corporate)
• Tenor: Maximum of 1 year
• Pricing: The interest Rate is 1.67% per month
• Repayment: Equal Monthly repayment comprising principal and interest
• Equity Contribution: 20% of total insurance premium cos
• Fees: 1% one-off flat fee

How to apply:

You can apply for Vehicle Insurance Premium Financing on Internet Banking or on GAPS through any of the following procedures: 

• For Internet Banking

Sign On – Menu – Insurance Loans – Vehicle Insurance 

• For GAPs/GAPs Lite 

Sign On – Single Transactions – Collections – Insurance Loans – Vehicle Insurance Leadway

On following any of your preferred processes above, the following happens: 

• The loan is made available immediately 
• Your Insurance Service provider processes the policy within 48 hours.
• A copy of the insurance certificate is sent to your email address.

You repay the loan on a monthly basis. Also, note that each loan has credit score qualifications that may play a key role in the bank approving or declining your application.

Conclusion

GTBank offers various loan services to meet your needs at different points in time. You can take advantage of these services to benefit in different ways by subscribing to their services today.

In this age of technological advancement, everything is going digital, from marketing to academics, and even banking. Today, you can sit in the comfort of your home and carry out the most complicated transactions or even obtain a loan. VFD Microfinance Bank is a digital bank that is rapidly bringing e-banking innovations to citizens. Currently, all their operations are online as they do not operate from physical branches.

About VFD Microfinance Bank

VFD Microfinance Bank is a leading fully digital bank in Nigeria, based in Lagos. The company is run by a highly experienced management board, with more than five decades of excellent customer service under their belt. Also, VFD Microfinance Bank has a major goal to ensure secure, memorable, and enjoyable services to customers. As a result, it is to this end that the company was established, and also runs fully digital. VFD is a registered limited liability company, regulated by the CBN as a microfinance bank.

What are the benefits of using VFD Microfinance Bank?

Here are some of the pros of using VFD microfinance bank:

• It is completely digitized
• Rapid customer service response time
• They offer a wide array of loan products

What services does VFD Microfinance Bank offer?

VFD microfinance bank offers the following:

Corporate banking: 

this service is for customers who have an account with the bank. They have a corporate banking portal, which allows you to log in and perform transactions.

Employee loan: 

this loan is specially designed for employees of organizations who have signed a memorandum of understanding with VFD microfinance bank. Therefore, it allows you to obtain loans with competitive interest rates and a payback time of 12 months.

Travel loan: 

travel loans are for those who move around a lot and therefore need money to book their tickets. Also, it covers those looking to go on a vacation, allowing an all-expend paid booking for you to pay back later. However, you can only have access to the documents after paying all outstanding balances.

Secured loans: 

secured loans are for customers who need quick cash within a short time. Therefore, it allows you to stake your assets as collateral for a loan. During the loan period, VFD bank would hold on to the original documents of the asset.   

Other services offered by VDF microfinance bank are:

• Unsecured loans  
• Bridge financing
• Corporate cash advance
• Start now

For more information about VFD products, you can simply visit their official website at https://www.vfdbank.com/

V by VFD

V by VFD is the name of their application for smartphones, which is available on Android and iOS. Besides, the application allows you to carry our cardless withdrawals, pay bills, budget, access savings packages, and so much more. In addition, the application is secured with biometric login access so only your fingers can get in.

What is the maximum amount that I can borrow from VFD Microfinance Bank?

The maximum amount you can borrow from VFD Microfinance Bank varies from one loan package to another. Also, another important factor that the bank considers before offering you a loan is your monthly earnings. Therefore, they allow you to borrow a certain percentage of your salary and pay back later. With this system, there really isn’t a cap on the maximum or minimum amount you can borrow. However, for packages like secured and unsecured loans, you can borrow a maximum of N2,000,000 and N250k.

What interest rates are applicable to VFD Microfinance banks?

The interest rates once again vary from one loan package to another. However, one thing is sure, which is the fact that it would be stated during your application process, to ensure you agree to whatever it is. In addition, their corporate cash advance loan is currently fixed at 4% per annum.

What are the minimum requirements for taking up a loan with VFD Microfinance Bank?

The requirements vary from one type of loan to another. However, you would be generally required to provide the following documents for most loan applications:

• A valid means of Identity
• Poof of employment
• Application form
• Passport photograph
• Bank statements for the past 6 months
• BVN/ proof of bank account ownership. See how to check BVN

How fast does VFD Microfinance bank disburse loans?

The loan application process takes an average of 6 hours, after which you would know if your application was as successful or not. In addition, if successful, it would be disbursed right away into your account.

How can I contact VFD Microfinance Bank?

You can contact the bank through any of the following means:

Address: 5th Floor, Elephant House, 214 Broad Street, Marina, Lagos.

Email: support@vbank.ng

Phone:  +234 908 752 2472,  01 2950814.

Conclusion

VFD is one of the fore microfinance banks, pushing digital banking in Nigeria. Therefore, their services are accessible and easy to use with the presence of an excellent customer support system.  

First Edu loans is an initiative by the premier and leading financial service provider in Nigeria, the First Bank of Nigeria Limited. This service is basically an educational solution that aims at enhancing Educational facilities in the Nation. This move is to improve the quality of Education in Nigeria.

Furthermore, this loan offering meets the needs of Private Nursery and Secondary schools in Nigeria. This includes payment of staff salaries, purchase of buses, replacement or repair of furniture, etc. Asides from all these, and also to help them achieve their medium and long-term goals.

Asides from the provision of financial aid to the private nursery and secondary school owners, the FirstEdu Portal is basically a platform for managing academic, administrative, professional, and logistic payment challenges. In addition to this, it also features an e-learning platform, virtual library, academic calendar management, etc.

In this article, we will discuss all that you need to know about FirstEdu loans. This includes the eligibility requirements, how to apply, etc. In short, the lending processes.

About First Bank of Nigeria Limited

The First Bank of Nigeria is the apex Bank in West Africa with its impact woven into the fabric of society. In fact, over the years, to be more precise 126 years, they have been sustaining their development-oriented service as Nigeria’s foremost inclusion service provider.

Furthermore, First Bank of Nigeria offers a comprehensive range of retail and corporate financial services to over 17 million customers. They basically achieve this through their 57,000 business outlets across the nation.

As a national icon in the Nigerian Banking industry, First Bank of Nigeria is basically one of the most enduring financial services brands in Africa. They have an international footprint in London, Paris, Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal.

As the Apex bank in Nigeria, First Bank has been nimble at promoting a digital economy in Africa. In fact, they have been able to issue over 10 million cards, and they are the only bank in Nigeria to ever achieve this feat. Asides from this first bank’s financial drive for cashless transactions have resulted in over 28 million users on their USSD banking services.

Features of FirstEdu Loans

• Available to all Private schools in Nigeria that are duly registered under CAC (either Government approved or not)
• The maximum loan amount is N20M
• The Loan tenor is 90 days to 12 months.
• Schools with CAC registration but without the Ministry approval will access up to N2million for 90 days
• Finance of operational vehicles for schools
• Collateral is undertaking to domicile school fees with First Bank
• To be eligible, your school must have been in an account relationship with any bank for a minimum of 12 months
• Your school must have a minimum student population of 100 students.

What are the required documents for accessing FirstEdu Loans?

To access the FirstEdu loan, your school must own the following documents. These are:

• Evidence of Government Approval of School
• Document showing the number of students in your school
• School Memorandum of Articles of Association (MEMART), where applicable
• Document showing how long your school has been in business
• Any other document as required by the First Bank of Nigeria.

Note that you may also be required to verify your identity by providing government-backed identity documents.

Who can apply for the FirstEdu Loan?

You can apply for the FirstEdu loan if your school satisfies the following:

• CAC registration, with or without the Ministry of Education Approval
• Private, pre-primary, primary, and secondary schools A’ level Tuition provides registered with both the state Ministry of Education and CAC.

How do I apply for FirstEdu Loan?

The application processes for FirstEdu loans are hassle-free and seamless. To apply kindly follow the following procedures:

• Download the FirstEdu Loan application form. You can leverage this URL https://www.firstbanknigeria.com/wp-content/uploads/2016/04/Retail-loan-Application.pdf
• Look through the form to understand the requirements
• Complete the Form
• Submit the form to the nearest First Bank Branch near you

What amount can a school get from FirstEdu Loan?

As we have stated earlier, the Maximum loan amount your school can access is N20 Million. Also, it is important to note that the amount you can access depends on some factors as deemed fit by GTB. However, if you meet all the requirements, basically you should be able to access the maximum loan amount. 

Conclusion:

 First Bank of Nigeria designed the FirstEdu loan to generally cater to the needs of school owners who require extra funds for the smooth running of their school operation. Are you are school owner? Do you meet all the requirements? If yes, seize this opportunity. Do not let this opportunity pass you by. Click here to learn about other Educational loans

Visit First Bank’s official website at www.firstbanknigeria.com for more information.