Are you a Nigerian student that is wishing to study abroad but doesn’t have the means, this post will provide you with cheap loans that you can get to pursue your academics abroad.
Study abroad loans or international loans are given to young Africans who are looking for financial aid to support their education. These loans are given out to students annually and those who are lucky will be given a financial grant that they can use to study.
Schools abroad are now becoming expensive due to global inflation and it will be very hard for a common Nigerian to study abroad without having any financial help in form of a loan. This loan will cover your tuition fees, your accommodation fees, and your Travelling fees.
This loan initiative became more popular in Nigeria after the outbreak of COVID-19 and many students in Nigeria and other African Nations have benefited from this loan to complete their university education in any of the countries they want.
You don’t need to have a connection whatsoever before you can get this type of loan, all that is required of you is to meet up with the criteria for getting a study abroad loan.
Requirement For Getting A Study Abroad Loan
They are some criteria that applicants need to meet up with before they can get a loan to study abroad. If you don’t meet up with these criteria, your loan application will be declined.
However, some of the requirements for getting a loan to study abroad are:
You Must Be A Nigerian Or a Resident Of an African Country
One of the first and basic requirements for getting a loan to study abroad is that you must be from Nigeria or any other African country. This will require you to prove your citizenry and you will need some documents to back it up.
Not A Beneficiary of Any Other Study Abroad Loan
If you have a study abroad loan already, you don’t need to apply again. These loans are meant for students that are fresh and have not applied for any loan before.
Admission Letter From Your University
You need to get an admission letter from the university to which you got admission to. The loan companies will verify the status of your admission in other to enable them to start processing your loan. Your admission letter will also contain your tuition fees and other expenses and this will help the company determine the amount of loan they can give you.
A Legal Means of Identity
You will be required to submit a document that can verify your identity. As a Nigerian documents like your National identity, Voters card, and International passport will be required.
Letter of Recommendation From Your Referee
Also, you will need a letter from your Referee in other to process your loan. This letter will be addressed to the loan companies you want to apply and it should state how you are good and sound academically and that you have good moral behavior.
Where Can I Get A Loan To Study Abroad In Nigeria
You can get a loan to study abroad in Nigeria either from the Federal government or from private companies like Banks and Education Advisory Service(EAS). However, most people in Nigeria get their loans from private companies and bank to foot their academic bills.
Private Companies That Give Study Abroad Loan In Nigeria
Below is the list of trusted private companies that give educational loans to Nigerians:
Future Finance Loan
Future Finance is one of the leading private loan companies that give loans to students to complete their university education.
Future Finance only gives loans to students that are studying in the United Kingdom. If your University of choice is in the United Kingdom, then this loan is a great shot.
On Future Finance you can get loans of up to $5,000 as an international student which can cover your tuition fees, application fees, and accommodation fees. The interest for this loan is very small loan can be paid back in installments.
This loan can cover all your expenses till you complete your education in the United Kingdom.
Nomad Credit Student Loan
Nomad Credit helps international students with loans from any African nation. They are experts in student loans and have demonstrated to be one of the best and most used options by students looking for loans to study abroad.
Unlike other loan companies that will require you to bring collateral security before you can get a loan, Nomad credit does not require any collateral security before you can apply for the loan. Also, you don’t need a guarantor or cosigner before you can get a loan as an international student.
This loan is for students studying in the United States and other tier-one countries.
EDFIN Micro Finance Loan
EDFIN finance will make your dream of studying abroad become a reality with their simplified student loan for aspiring students who want to study in the USA, Canada, UK, and Australia.
The loan application is done online completely without any paperwork no collateral security, and no forex insurance charges.
You can access up to a $100,000 loan with 20 years of repayment terms and low interest. If you are going for a degree, MBA, MSc, and Ph.D. then this loan is a great one for you.
Prodigy Finance Education Loan
Prodigy Finance is also one of the companies that gives loan to a student that wants to study abroad. The student loan on Prodigy finance is very flexible with payment terms of 6-20 years.
However, on your application, you will be required to submit some document which includes your means of identity, your school admission, and lastly your credit history.
This loan is available for every student studying in the list of schools supported by Prodigy and locations supported by the company.
MPower Financing is a public benefit corporation whose aim is to help needy students with financial aid to help them complete their education.
They offer scholarships and loans to international students and other financial services that will help students graduate effortlessly without any financial constraints.
The loan application is online base and it doesn’t require some paper works before your loan application will be approved.
Which Bank In Nigeria Gives Loan To Study Abroad
Aside from private companies, banks in Nigeria also give loans to study abroad for Nigerian students. However, the list of banks that gives loan to Nigerians to study abroad are:
FCMB Bank International Student Loan
FCMB partners with many companies to give loans to students who want to study abroad in Nigeria. Unlike the private loan mentioned above where an application is done online, the FCMB international student loan application is done physically and one of the requirements is that you have an account with FCMB bank.
You can work with any of the FCMB bank branches closer to you to book your loan request.
Wema Bank School Fees Advance
Wema bank provides a school fees advance for Nigerian students studying in Nigeria and the diaspora. However, this service is only available to their customers who are gainfully employed with a salary account or self-employed individuals.
You can get a loan advance of up to 10 million to complete your academic pursuit.
Studying abroad can be a life-changing experience, and with the availability of study abroad loans for Nigerian students in 2023/2024, more students can access this opportunity. By carefully considering the options and exploring all available funding sources, students can make informed decisions that will help them achieve their academic and career goals while minimizing financial burden.