Nigerian Banks That Give Loans to Students with Low Interest – Apply Now

Nexus March 08, 2025 0

Are you a student in Nigeria looking for a loan to finance your education? Many Nigerian banks offer student loans with low interest rates, making it easier for you to pay tuition fees, buy study materials, and cover other academic expenses. If you're searching for student loans with low interest or a way to get quick approval on student loans, this guide is for you.

In this post, we'll explore Nigerian banks that provide student loans, their interest rates, eligibility criteria, and how to apply. If you’re ready to secure your education, you can apply now for a low-interest student loan.

What is a Student Loan?

A student loan is a type of financial assistance designed specifically for students to help cover tuition fees, accommodation, books, and other academic expenses. Unlike scholarships or grants, student loans need to be repaid, usually after graduation or at a low interest rate while studying.

In Nigeria, banks and financial institutions offer student loans to help individuals struggling to fund their education. With flexible repayment plans and competitive interest rates, students can now complete their studies without financial stress.

If you need funds urgently, you can apply now for a low-interest student loan from any of the banks listed below.

 Nigerian Banks That Offer Student Loans with Low Interest

1. Access Bank Student Loan

Loan Amount: ₦50,000 – ₦5,000,000
Interest Rate: As low as 9% per annum
Repayment Period: Up to 12 months

Access Bank provides student loans to parents and guardians who need financial support for their children's tuition fees. The loan is paid directly to the school, ensuring it is used for educational purposes.

2. First Bank FirstEdu Loan

Loan Amount: Up to ₦10,000,000
Interest Rate: 9% – 15% per annum
Repayment Period: Up to 12 months

First Bank’s FirstEdu Loan is designed for educational purposes. Although primarily available for school owners, parents and students can also access this loan for tuition and study materials.

Eligibility Requirements:

• Must provide proof of admission and school fees invoice.
• Parents or sponsors must have a stable income source.
• A guarantor may be required for higher loan amounts.

3. GTBank Student Loan (School Fees Advance)

Loan Amount: ₦50,000 – ₦5,000,000
Interest Rate: 10% – 15% per annum
Repayment Period: 6 – 12 months

GTBank’s School Fees Advance helps students pay tuition fees on time. The bank transfers the loan directly to the institution, ensuring students do not miss their academic sessions.

Requirements to Apply:

• Proof of admission and school fees breakdown.
• Guardian or sponsor with a valid income source.
• A filled application form from GTBank.

If you’re interested, apply now for GTBank student loans and continue your education without financial stress.

4. UBA Student Loan (Educational Loan)

Loan Amount: Up to ₦5,000,000
Interest Rate: 8% – 14% per annum
Repayment Period: 12 months

UBA offers student loans to assist with school fees and academic-related costs. The funds are transferred directly to the school to ensure proper usage.

Click here an apply for free scholarships for Nigerian Students

5. Union Bank Student Loan

Loan Amount: ₦50,000 – ₦3,000,000
Interest Rate: As low as 9% per annum
Repayment Period: Up to 12 months

Union Bank supports students who need financial assistance for tuition and academic materials. The bank offers easy repayment terms, making it one of the best options for student loans in Nigeria.

Requirements for Getting a Student Loan in Nigeria

Most Nigerian banks have similar requirements for student loan applications. To qualify, you typically need:

1. A valid admission letter from a recognized institution.
2. School fees invoice or breakdown.
3. A guarantor (parent, guardian, or employer).
4. A functional bank account with the loan provider.
5. A means of identification (NIN, Voter’s Card, International Passport).
6. Proof of income (for guardian or sponsor).

If you meet these requirements, you can apply now and get your student loan approved!

How to Apply for a Student Loan in Nigeria

Applying for a student loan is easy. Follow these steps:

1. Choose a bank that offers student loans with low interest.
2. Gather necessary documents (admission letter, school fees invoice, ID, guarantor details).
3. Visit the bank or apply online if the option is available.
4. Fill out the application form and submit required documents.
5. Wait for approval – loans are usually processed within a few days.
6. Receive funds – banks send the money directly to your school.

Frequently Asked Questions (FAQs)

Can I get a student loan without a guarantor?

Most banks require a guarantor, but some allow students to apply with proof of income or a reliable sponsor.

What is the lowest interest rate for student loans in Nigeria?

UBA, Access Bank, and Union Bank offer student loans starting from 8% – 9% per annum.

How long does it take to get a student loan?

It usually takes 3 – 7 business days for banks to process and approve student loans.

Can I apply for a student loan online?

Yes, many banks like GTBank, Access Bank, and UBA allow online applications. Simply visit their websites and apply now.

Conclusion

Education is an important investment, and lack of funds should not stop you from achieving your dreams. With low-interest student loans from Nigerian banks, you can pay your tuition and other expenses without financial stress.

If you’re a student in need of a quick loan, don’t wait! Apply now for a Nigerian student loan and secure your academic future.

Let us know in the comments if you have any questions about getting a student loan in Nigeria.