Access, Zenith lead banks offering student loans

Nigerian banks are providing student loans with maximum limits ranging from N1 million to N10 million to enhance access to education across Nigeria.

These loans can be used to pay tuition fees, accommodation, books, and other educational expenses.

Access to student loans from multiple banks provides Nigerian students and parents with increased options and flexibility when financing their education.

The following are the banks in Nigeria that offer student loans: Access Bank, Ecobank Nigeria, Fidelity Bank, First Bank of Nigeria, First City Monument Bank (FCMB), Guaranty Trust Bank, Heritage Bank, Keystone Bank, Polaris Bank, Stanbic IBTC Bank, Sterling Bank, Union Bank of Nigeria, United Bank for Africa (UBA), Unity Bank, Wema Bank, and Zenith Bank.

How the student loans work

To be eligible for a student loan, parents or student applicants typically need to provide proof of admission to a recognized institution and demonstrate their ability to repay the loan, often with the help of a guarantor.

The interest rates and repayment terms for student loans may vary between banks and depend on the borrower’s credit history, the loan amount, and the repayment period.

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Some Nigerian Banks Offering Student Loans and Maximum Limits

• Access Bank– up to N5million.
• Fidelity Bank – N10 million
• First Bank of Nigeria – N5 million
• First City Monument Bank (FCMB) – N20 million
• Guaranty Trust Bank(GTB) – N5 million
• Polaris Bank – N100 million
• Stanbic IBTC Bank – N10 million
• Union Bank of Nigeria – N5 million
• United Bank for Africa (UBA) – No limit
• Wema Bank – N5 million
• Zenith Bank – N10 million

CBN to close millions of bank accounts in Access, UBA, Zenith, and others

Meanwhile in another report, Legit.ng revealed that CBN is planning to close bank accounts without BVN to clean up the sector and reduce fraud

BVN is a unique identifier capturing biometric data used to verify customer identities and prevent fraud

There are 24 commercial banks operating in Nigeria including Access, UBA, Zenith, and other financial institutions that require BVN.