Bank Loans

First Bank FirstEdu Loan for Private School Owners in Nigeria

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Bank Loans

There is a FirstEdu loan accessible to private school owners who need additional finances to ensure the proper operation of their educational establishments.

Loan Features

  • Available to all CAC-registered private schools (either Government approved or not).
  • The duration of a tenor ranges from 90 days to a year (terms and conditions apply).
  • N20m is the maximum loan amount.
  • Schools that are registered with CAC but do not have Ministry of Education clearance can borrow up to N2 million for 90 days each.
  • Funding for the use of school cars (new and fairly used)
  • Up to N20 million in 24 months of asset acquisitions.
  • FirstBank has agreed to act as collateral for the payment of the student’s tuition.
  • A bank account must have been maintained by the school for at least a year.
  • A school must have at least 100 students.

Benefits

  • An easy way to get the money you need for your business’s operating capital.

Documents Required

  • Proof that the school has been approved by the government.
  • Where appropriate, the school’s Memorandum and Articles of Association (MEMART).
  • There are records to illustrate how long the school has been in operation.
  • Records indicating the total number of students enrolled at the institution.
  • The bank may demand further paperwork.

Who Can Apply

  • Without Ministry of Education clearance, schools that have CAC registration can borrow up to N2 million for 90 days.
  • A’ level Tuition Providers who are registered with both the State Ministry of Education and the Corporate Affairs Commission are permitted to operate.

How to Apply

  • For those interested in applying for a FirstEd Loan,

LSETF

Brief Description

Only schools and relevant educational institutions (ME and SME categories only) with a minimum student population of 100 are eligible for this 5B intervention fund (one hundred).

Interest Rate

The fixed interest rate is at 9% per annum (all-inclusive).

Loan Tenure

Twelve (12) months for loans of less than or equal to N1,000,000.00.

N1 million and above loans have a grace period of 24 months.

Loan Amount

Maximum of N5 million.

Eligibility Requirements

  1. Must be a Lagos State resident to apply
  2. Registration with the CAC is required, as is at least one year of operation at the school or training institute in question.
  3. Have a minimum of 100 pupils enrolled for the entire year.
  4. Must have two (2) well-off guarantors who can back up the loan.
  5. a good credit history
  6. Documentation of Tax Obligation and Payment

Required Documents

  1. Application form
  2. CAC Documents
  3. 6 months bank statement
  4. LASRRA ID (Lagos State Residency Registration) of the borrower
  5. Evidence of Tax payment
  6. Bank Verification Number (BVN)
  7. One (1) Guarantor who must have verifiable LASRRA registration – (Below N500,000)
  8. Two (2) Guarantors who must have verifiable LASRRA registration – (Above N500,000)

Stanbic IBTC Quick personal loan and requirements

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Stanbic Ibtc Quick Personal Loan.jpeg

Stanbic IBTC Get Quick Loan lets you borrow money for emergencies and other short-term needs so you can do what you want, when you want. The loan includes Unsecured Personal School Fees Loan, Home Loan, Vehicle and Asset Finance, Smart Loan, Secured Term Loans, Unsecured Loans, and Salary Advance.

We’ll explain the different types of Stanbic IBTC quick loans so you can choose the one that best fits your needs, requirements, and how to apply.

1. Stanbic IBTC Unsecured Loans

This is a medium- to long-term loan that gives you access to money for personal needs like buying household items, paying for school, fixing up your car, paying rent, etc.

Stanbic IBTC Unsecured Loans Application Requirements

To get an unsecured personal loan, you must have been working for the same company for at least six months.

  1. You Must be 21 years or older (but not older than 60 years on the expiration of the facility).
  2. You should earn a minimum net monthly income of N20 000.
  3. You must have a satisfactory credit bureau report.
  4. Your salary must be paid into a Stanbic IBTC Bank account
  5. You have to be a Nigerian citizen with permanent residency.
  6. You need to be permanently employed or be a contract worker at an approved company with valid contract terms.

2. Stanbic IBTC Unsecured Personal School Fees Loan

This kind of credit facility is made for parents and guardians who need money to pay school fees for their children or wards in any level of Nigeria’s education system.

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There are no collateral requirements for the loan. You can make the loan last longer (that is 12 months tenor to be rolled over year for five years). Credit is given to both local and international people. As the loan amount, you can get the exact amount that the school charged you.

What documents are required

To apply for a Stanbic IBTC Unsecured Personal School Fees Loan, you must provide the following documents:

  1. Letter of Introduction and Salary Domiciliation from Employer
  2. Immediate past three months’ pay slips.
  3. Six months’ salary account statement (new customers).
  4. Valid means of ID or Staff ID.
  5. Invoice from the school indicating the tuition, accommodation, and upkeep fees

To apply for any Stanbic IBTC quick loan kindly visit any branch closest to you.

3. Stanbic IBTC bank Home loan

This type of Stanbic IBTC Home loan is available to business owners and salaried people, and you can choose to make payments monthly, quarterly, biannually, or annually. It lets you buy a finished residential unit. The minimum loan amount is NGN 3,000,000, and you can pay it back over a maximum of 20 years if you make at least NGN 200,000 a month.

You should buy an off-the-plan unit from one of the bank’s approved developers and buy properties in a number of different places.

Requirements to apply for Stanbic IBTC bank Home loan

Before you can apply for a home loan from Stanbic IBTC Bank, you have to show the following documents:

  1. Recent 6 months’ bank statements with evidence of salary payment.
  2. Completed Home Loan application form
  3. You must provide an Offer letter for sale from the vendor.
  4. Provide a Copy of the company (work) ID card.
  5. Copy of valid photo identification (Int’l passport and driver’s license).
  6. Letter of introduction from employer (stating salary and confirmation status).
  7. A copy of the title documents to the property.
  8. Valuation report from any of the Bank’s approved valuer.
  9. Satisfactory search report.
  10. Recent three months’ pay slips.

4. Stanbic IBTC Smart Loan

The Stanbic IBTC Smart Loan can be accessed through the Stanbic IBTC Mobile App without any paperwork, and you can get up to N10M if you have mutual funds investments with Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings, with a maximum term of 48 months.

Requirements to Apply for Stanbic IBTC Smart Loan

To apply for Stanbic IBTC Smart Loan, you must provide the following documents:

  1. Three months pay slips from the employer or other proof of regular source of income
  2. Bank statements that support cashflow
  3. Your salary must be paid into a current account with Stanbic IBTC Bank
  4. Satisfactory credit bureau report

5. Stanbic IBTC Bank Vehicle and Asset Finance

Stanbic IBTC Bank’s Vehicle and Asset Finance is for both salaried and non-salaried customers who want to buy things like cars and power generators. The loan has flexible payment terms, and you can pay it back over up to 4 years. You also get access to a large dealer and partner network to help you find a car.

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Offerings are:

  • Vehicles both new and used but with a maximum loan limit of N15m and tenor of 48 months
  • Inverter and Solar Solution Maximum loan limit of N5M and Tenor of 18 months.
  • Generator maximum loan limit of N7m and tenor is 36 months.

No initial contribution. 100% financing.

Maximum TAT of 24hrs from submission of complete documentation.

Other important features are

  • General Combo financing.
  • Management fee
  • Insurance cover the entire duration of the loan.
  • Asset Insurance cover. For any accident and damage to the assets financed
  • Life insurance cover job loss, permanent disability, and death only,

How to Apply

To apply for Stanbic IBTC Bank Vehicle and Asset Finance kindly follow the steps below:

  1. A completed application form
  2. Proof of income/evidence of salary
  3. A proforma invoice for your vehicle or asset of choice (preferably from a Stanbic IBTC partner dealer)

Or you may:

Visit the nearest Stanbic IBTC branch
Call: 01 422 2222
Email: [email protected]

6. Stanbic IBTC bank Salary Advance

The Stanbic IBTC bank Salary Advance is made for people who get a salary and have their salary account at the bank. You can borrow as little as N20,000, and you can choose to roll over your loan and use the money you’ve already paid back.

For this type of loan, you must be at least 21 years old and make at least N40,000 per month (but not older than 60 years when the facility would end). If you are a contract worker, you must have a valid contract with a company that has been approved. Also, you have to have worked for the company for at least six months.

How to apply

  • The account that your salary is paid into must be with us
  • You must earn at least N40,000 per month and must have
  • Minimum loan amount of N20,000.
  • You must have been with your employer for at least six months.
  • You must be 21 years or older (but not older than 60 years when the facility would end).
  • In the case of a contract worker, you need to be contracted to an approved company and must have valid contract terms.
  • You can choose to revolve your loan and re-use the re-paid amount
  • You can renew your revolving salary loan amount after

You can get Stanbic IBTC salary advance by:

Visiting your nearest Stanbic IBTC Branch
Calling 01 422 2222
or emailing [email protected]