How to Apply for Student Loan in Nigeria

If you are a Nigerian student who is finding it difficult to pay your school fees and other related fees, the NELFUND loan is here to temporarily relieve you of the financial burden. The student loan is designed to assist students to pay their fees and upkeep, especially those who are finding it difficult to do so.

Applying for a student loan in Nigeria is very easy; just with a few steps and you are done. However, before you can apply for this loan, you are required to meet certain eligibility criteria. It didn’t stop there; you are also expected to upload certain documents during the application process. Once you meet these criteria and have the supporting documents handy, it will be easy for you to apply for the student loan.

Meanwhile, if you want to apply for this loan but don’t know where to start, there is no cause for alarm because you are in the right place, and we’ll guide you on the application process shortly. 

Requirements for Applying for Student Loan in Nigeria

To qualify to apply and get the students, applicants are expected to meet the following eligibility criteria:

• You must be Nigerian.
• You must be enrolled in any accredited higher institution in Nigeria  
• You must have good past financial records; if you defaulted on the loan previously, you won’t access the student loan
• You must have a good behavioral track record, like you mustn’t be found wanting for examination malpractice, drug abuse, felony, etc.

Documents Required to Apply for Students Loan in Nigeria

When applying for a student loan in Nigeria, you will be required to scan and upload some documents. They are:

• Original copy of your admission letter
• Your student identification card

Once you have these documents ready, you can apply for the loan. 

What you Should Know About the Student Loan in Nigeria

Before applying for this loan as a Nigerian student, it is important for you to know everything concerning the loan to enable you to make an informed decision as you begin your application.

• This student loan is interest-free
• The loan is designed to give Nigerians equal access to higher education
• The loan repayment plan is flexible; beneficiaries are required to repay it two years after completing their NYSC program and they are gainfully employed.
• The loan application process is seamless and it can be completed in less than 30 minutes.
• The maximum yearly loan is ₦500,000 while the maximum cumulative loan amount for each student is pegged at ₦2,000,000

Now that you know the loan eligibility criteria, required documents, repayment plan and other related aspects of the student loan in Nigeria, let’s look at the loan application process.

How to Apply for Student Loan in Nigeria Online

Applying for a student loan in Nigeria is not difficult. However, there are different steps that you’ll need to follow when applying for this loan but the steps are grouped into stages

First Stage: Account Creation

• Visit nelf.gov.ng
• Once you access the page, click on APPLY NOW button to start your application
• When the question prompts you, click ‘Yes, I am a Nigerian.’.  
• Enter your academic details, like selecting your school from the list of institutions and entering your matriculation number 
• Now, tap on ‘Verify with JAMB’ and input your JAMB details in the space provided.
• At this point, you’ll need to create an account using your email address and password. 
• To complete account creation, go to your email inbox and click on the link sent to you.

Second Stage: Profile Completion

• Login by inputting your correct email address and password
• Tap on the  “Proceed to Contact Details” option
• Update your details, like phone number, permanent home address, state of residence, LGA of residence, etc. 
• Next, update your educational information by choosing your institution and entering your Matric Number. Then, tap on “Proceed to Account Details” option
• At this point, verify your account details by entering your BVN, bank name, and account number. After that, tap on “Save Changes,” and your profile is completed. 

Third Stage: Loan Application Proper

• Login to the portal.nelf.gov.ng
• Look at the top right-hand side of your screen and tap on the “Request for Student Loan.” tab.
• Click the check box if you want an upkeep loan and then tap on the ‘Continue’ tab. But if you only need school fees, tap on the ‘Continue’ tab directly.
• Upload your Admission Letter and Student ID card to the portal
• Once you’re done uploading it, click on the checkbox to accept the loan, and then tap on the ‘Continue’ option to proceed.
• Finally, click on the “Submit Application” button and that’s all.

Frequently Asked Questions

Is the student loan portal still open?

Yes, the NELFUND student loan portal is still open. The portal is always opened to allow interested students to apply for the loan.  You can visit the portal.nelf.gov.ng and start your application.  

How much is a student loan in Nigeria?

The student loan that a student can access from the NELFUND loan is not fixed; it varies depending on the student’s institution and course of study. However, the maximum loan amount that a student can access in a year is ₦500,000, while the maximum cumulative loan amount for each student is pegged at ₦2,000,000. 

Which bank is the best for a student loan?

All the commercial banks in Nigeria are good for student loans. But our top picks are listed below:

• First Bank of Nigeria
• Zenith Bank
• Access Bank
• GTBank
• United Bank of Africa (UBA)

Conclusion

Applying for a student loan in Nigeria is straightforward and the application process can be completed online. If you need the loan and meet the requirements, you can visit the portal and start your loan application. All the best as you start your application today.