10 Best Student Loan Firms in Nigeria | Requirements and Eligibility

Student Loan Firms in Nigeria

Getting student loans in Nigeria is a great way to finance your education, especially for students who may have financial constraints but desire education. But with so many different student loan firms in Nigeria, it can be challenging to know where to start.

Choosing a student loan firm can be confusing. Knowing what to look for is essential to finding the best one. You should consider how much interest you will have to pay, how you will be expected to repay the loan, and how you can apply.

In this article, we’ll be sharing our top 10 picks for student loan firms in Nigeria. We’ll also explain what you need to apply so you can decide which loan is right for you.

What are student loan firms in Nigeria?

In each country, there are usually organizations that offer financial assistance to students who want to pursue higher education to cover costs such as tuition and other fees that may be involved. These student loan firms or companies exist in Nigeria, too, and have become even quite popular especially after the student loan bill in Nigeria was passed..

They provide loans to students in Nigeria to cover tuition fees, accommodation, books, and other expenses associated with higher education. Now, in Nigeria, different types of student loans are available, from student loans offered by some private organizations and financial institutions to federal government student loans, also known as government-sponsored loans.

These loans are helpful for Nigerian students who do not have the financial means to pay for their education upfront. So, by taking out a loan, students can get the finance to fund their studies and pay them back after completing their education and getting a job.

Read: Can I Get Student Loans Before School Starts? Best Expert Advice

What are the student loan companies in Nigeria?

Here are some of the best loan firms in Nigeria:

1. Lendwise

Lendwise is a UK-based organization that primarily assists Nigerian students in financing their higher education. The Financial Conduct Authority of the United Kingdom oversees the company.

To apply for a student loan with Lendwise as a Nigerian student, you must meet specific criteria, one of which is being a full-time Nigerian student. Also, you must accept the grace period provided after graduation to begin repaying your loan.

The interest rates on Lendwise student loans for Nigerian students are pretty competitive and fixed for the entire loan term. The application process is relatively straightforward, too, as you can apply online and directly on their website.

Apply here

2. Prodigy Finance

Prodigy Finance is also another one of the best student loan firms in Nigeria. They offer student loans that don’t require collateral or a co-applicant, which means you can get the money you need without relying on someone else’s support.

The loan covers basicaly all the expenses you will need to cover in pursuing your higher education, that is, from tuition fees to living epenses.

One of the best parts of taking your student loan Prodigy Finance as a Nigerian student is that you don’t have to start repaying it until six months after graduation and you have started working. And once you start repaying, you have up to 20 years to pay it back, which means you won’t be under much pressure to pay it all right away.

However, there’s no fixed amount of student you can receive from this loan firm as that will vary based on different actors like your discipline and profile. So, to apply for a student loan with this firm, you must first meet the criteria of bein a full-time student in a recognized Nigerian institutuion and must also be enrolled in a recognized and approved faculty or department.

Apply here

3. GTB Personal Loan (School Fees Advance)

The GTB Personal Loan (School Fees Advance) can be a lifesaver for Nigerian students seeking the support they need to pursue their education in Nigeria. It is one of the most popular student loan firms in Nigeria.

This loan can help you cover all your expenses. With the GTB School Fees Advance loan, you can borrow up to N5 million, with a maximum tenor of 4 months per request.

To apply for the loan, you’ll need to submit some documents and information, such as a completed application form, proof of employment, and the school fees bill. The bank will also need to know how much money you make each month so they can decide if you can afford to repay the loan.

Once you’ve been approved for the loan, you’ll receive the money right away. However, for this loan, you will need to make equal monthly repayments as you go, including both the amount you borrowed and the interest on the loan.

Apply here

4. LAPO – Education Loan

The LAPO Education loan is alo another of the best student loan firms in Nigeria, however, this one specifically focuses on students in primary and secondary schools in Nigeria. So, it is for parents who need help covering expenses for their children in the country’s recognized primary and secondary schools.

To be eligible to apply for this loan for your children, you must first be a member of a LAPO-recognized group (Union). Also, you will need to provide the following documents:

  • Fill out an application form
  • Two (2) guarantors
  • A letter stating why you need the loan
  • 4 recent passport-size photographs
  • Your current utility bill or proof of address
  • Valid ID, like your driver’s license, national ID, or passport
  • Your Bank Verification Number (BVN)

This student loan firm has no fixed loan amount they can give to parents. It well depends on how much you are willing to take and other factors like your backround or profile. They also have an inbuilt loan calculator on their website to help you understand what you’re getting into if you decide to get your student loan from them.

Apply here

Also, read: Are There Student Loans That go Directly to You? How to get!

5. Renmoney – Individual Loan

Renmoney is a digital banking service provider built to help Nigerian save, make payments and as well take out loans to help in their cademics, business and other expenses.

So, if you’re looking for a loan to cover school fees or other expenses, Renmoney’s Individual Loan might be a good option.

However, before you choose the student loan firm, you must know that it uses a risk-based pricing model to determine the interest rate on their loans, which means that the rate you pay will depend on your creditworthiness and the type of loan you apply for. You can expect to pay between 2.6% and 5.3% flat monthly interest on the loan.

Renmoney offers loans of up to ₦10,000,000 for individuals with a minimum repayment period of 4 months, depending on the amount borrowed. The maximum repayment period is up to 36 months.

Apply here

6. Federal Government Student Loan

This might just be the most trending student loan fim in Nigeria. Not a firm, per say, but the bill for this has just been passed in the country to increase access to higher education and everyone is chekcing out to see how that works. There are actually quite intressting things to learn bout the Federal Governmnet student loan in Nigeria.

The program is run by the Nigerian Education Loan Fund (NELFUND). It loans eligible Nigerians for tuition, fees, charges, and living expenses during their studies in approved Nigerian institutitions and vocational and skills acquisition schools.

To qualify for the loan, you must be a Nigerian student who has not defaulted on any previous loans or been found guilty of exam malpractice, felony, or drug offenses.

Now, to the most exciting part: This loan is interest-free! The federal government aims to provide equal access to higher education for all eligible students. Also, the application process is simple and easy, taking just 15-30 minutes to complete on the federal government student loan portal.

While the loan is interest-free, it is not free money. I mean, you have to pay back at some point. So, for this, you must start paying back the loan two years after completing the mandatory National Youth Service Corps (NYSC) program.

Apply here

7. Stanbic – Unsecured Personal School Fees Loan

This is another one of the popular student loan firms in Nigeria for students and parents as well. That means, it is for students at all education level in Nigeria. This loan is unsecured, which means you don’t have to put up any collateral to get it.

With the Unsecured Personal School Fees Loan, you can borrow up to ₦5 million with a repayment period of up to five years. You can also roll over the loan every year for five years, giving you more time to pay back without pressure.

The application process for the loan is quick and simple, and there is no need for you to provide collateral or a guarantor. The loan can be accessed by any parent in Nigeria.

Apply here

8. Firmus Personal Loan

The Firmus personal loan can be used to pay for school fees or other school-related expenses. This loan product is offered by Firmus Microfinance Bank and is designed as a salary advance. To access the loan, you will need to provide your salary account bank statements and signed post-dated cheques.

With the Firmus Personal Loan, you can borrow up to ₦10 million to pay for school fees or any other expenses you need to cover. However, his is the maximum loan amount and getting out up to this amount will be dependent on your background and profile.

The loan repayment period can range from 6 months to 36 months, depending on the amount you borrow and your agreement with the bank.

This loan can be a good option if you have a steady income and you’re looking for a quick and easy way to get the money you need. The Firmus Microfinance Bank will review your application and determine if you qualify for the loan based on your financial history and ability to repay.

Apply here

9. Zenith Bank Personal Loan (Education)

The Zenith Bank Personal Loan is also another one of the best student loan firms in Nigeria. However, this loan only covers your school expenses and nothing short of that. If you’re going to go with this, you will need to have a source of income to cover your living expenses.

This loan is designed to provide short-term funding that can help you cover the cost of school fees. You can get a minimum loan amount of ₦100,000 and a maximum loan amount of ₦5,000,000, with a maximum repayment period of 9 months for higher educatio institutions and 3 months for junior schools.

The best part of the Zenith Bank Personal Loan (Education) scheme is that the school fees will be paid directly to your school, so you don’t have to worry about managing the money yourself.

Apply here

Also, see: Certified Student Loans vs Uncertified Private Student Loan | All You Need to Know

10. The Education Advisory Service

Although this student loan firm in Nigeria focuses more on Nigerian students looking for financial assistance to study abroad, it is also one of the best in the country.

The EAS is a collaboration between First City Monument Bank and MOD Group, and it offers Nigerian students loans, advice, and assistance with admissions, accommodations, travel arrangements, and airport concierge services.

The EAS loan is designed to cover all of your tuition, living expenses, and other study-related costs while you’re studying in the UK, USA, Canada, Australia, or Ireland. The bank will pay these expenses directly to your chosen institution abroad.

Only First City Monument Bank can provide the EAS loan to Nigerian students.

Apply here

How to get a student loan in Nigeria?

Here’s how to apply for a student loan in Nigeria:

  1. Research different loan options: Look into government-sponsored loans, like the Education Advisory Service (EAS), as well as private bank loans like the ones offered by GTB, LAPO, or Zenith Bank.
  2. Gather your documents: Get all the documents you will need together in one place. This can include your admission acceptance letter, BVN and osme other documents we will discuss later in the article.
  3. Submit your application. Once you’ve chosen a loan and gathered the necessary documents, you can apply for the loan by filling out the necessary forms and providing any additional information or documentation that may be required.
  4. Wait for approval. Once your application has been submitted, the bank or lending institution will review it and decide whether or not to approve your loan.
  5. Receive your funds. If your loan is approved, you will receive the funds in your bank account and can use them to cover your educational expenses.

How to apply for the Federal government student loan in Nigeria

Once you know the steps, applying for a student loan with the Nigerian Education Loan Fund (NELFUND) is straightforward.

First, visit the NELFUND website and click “Apply Now.” Next, you’ll need to answer a few questions, verify your educational information, and create an account with your email address and password.

Once your account is created, you must fill out your contact details, educational details, and account details. These details will help the NELFUND team verify your identity and ensure your loan eligibility.

After you’ve completed your profile, you’re ready to apply for the loan. You can request a student loan by clicking the “Request for Student Loan” button on the homepage of the NELFUND website.

After you submit your application, you can keep track of your loan status by clicking on the “Loans” button on the NELFUND website. This will show whether your application has been approved, denied, or is still pending.

Once your loan has been approved, you’ll be able to use the funds to cover your educational expenses. It’s important to use these funds wisely and stay on top of your loan payments, as this can help you establish a good credit history and make it easier to access financial assistance in the future.

Requirements for student loans in Nigeria

Who is eligible for a student loan in Nigeria? Well, first, you will have to be a Nigerian citizen, and then there are other requirements you will need to meet:

  • Must be currently enrolled in a tertiary institution
  • Provide proof of admission to the institution
  • Provide proof of financial need
  • Must provide a guarantor with a verifiable source of income
  • Must provide proof of identification (National ID card, driver’s license, international passport, etc.)
  • Have a valid bank account with a recent statement
  • Provide proof of school fees
  • Be willing to sign a loan agreement with the lender
  • A recent passport-sized photograph
  • Proof of residency, such as a utility bill or lease agreement
  • A letter of recommendation from a professor or academic advisor
  • Proof of course registration, such as a course schedule or transcript
  • A detailed budget outlining your expected expenses and income
  • A letter of acceptance or enrollment from the institution you plan to attend
  • A statement of purpose outlining your reasons for pursuing higher education

And yes, your NIN (National Identification Number) and BVN (Bank Verification Number) are also required when applying for student loans in Nigeria.

What to know before choosing a student loan firm

Before choosing a company to give you a student loan, it’s important to think about some things. Here are some things you should know:

  1. Ensure the company is well-known and has a good history of giving student loans.
  2. Check different companies’ fees and interest rates to find the best deals.
  3. Make sure you meet the requirements to get the loan before you apply.
  4. Read the loan agreement carefully to know how much you have to pay back, when you have to start paying, and any other things you need to know.


Does UBA offer student loans?

United Bank for Africa (UBA) does offer student loans to help people pay for higher education in Nigeria. These loans can be a big help if you are studying at approved universities or colleges in the country. The amount of money and how long you have to pay it back will depend on the loan program and your eligibility.

How to get a student loan from Access Bank?

Getting a student loan from Access Bank is a simple process. All you have to do is go to the bank and ask for an application form for a student loan. After filling out the form, you must provide some documents, like your ID and proof of enrollment, and then wait for the bank to review your application. If your application is approved, you will get the money you need.

How can I get money as a student in Nigeria?

To get money as a student in Nigeria, you can consider applying for scholarships, taking on part-time jobs, or seeking out loans from banks or other financial institutions.


There are actually tons of student loan firms in Nigeria to choose from, but we’ve narrowed the list down to the best 10. These firms can help you cover the expenses for your education. However, it is important to research different firms, compare interest rates and fees, and read the loan agreement carefully before signing.

Also, remember that student loans are not free money. Some require you to pay back after graduation, while others require you to pay back before graduation.



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