This post reveals some of the best companies that offer loan to international students in Nigeria, keep reading to find out more about these companies
Nigeria is home to many tertiary institutions and has the largest number of international students in Africa. If you are an international student looking to study in Nigeria, you could face challenges securing a student loan. Most banks will not issue you with a student loan if you intend to use it for your tertiary education.
You need to show that you have enough funds from your own resources or from suitable sponsorship before they will give you the loan. Fortunately, there are few companies that offer loan to international students in Nigeria.
These lenders understand the challenges of financing higher education for Nigerians and other international students, which is why they have created special programs and services just for them.
The following top companies that offer international student loans in Nigeria have opened their doors to help students get the education they need while also helping them pay later on with affordable monthly payments. Here are some of these top companies:
MPower is a top company that offers loans to international students in Nigeria. The company understands the challenges of financing higher education, which is why it offers flexible repayment terms and special programs geared toward students.
MPower only conducts business online and offers three types of loans:
Custom Student Loan: This is a general loan that does not have a specific use. MPower will allow you to choose how you want to use it. MPower also provides other services like free credit scores and credit reports that enable students to track their progress to graduation.
MPower was founded in 2015 by a team of financial experts who saw the need to provide better financing options for students in the USA.
The company is dedicated to simplifying the financing process to help students focus on what really matters – their education.
Standard Chartered Bank 2022 Smart Credit Education Loan for Nigerian Students
This is another top company that offers international student loans in Nigeria. The company understands the challenges of financing higher education, which is why they have created a special program just for Nigerian students.
The Smart Credit Education Loan, which is available only to Nigerian students, offers flexible repayment terms and a minimum monthly payment of $50. The program also provides incentives for timely payments, and it is possible to repay the loan in as little as 1 month after graduation.
This special program for Nigerian students is offered through the Standard Chartered Bank branch network. Standard Chartered Bank is one of the world’s leading financial services groups. Although the company’s head office is in Singapore, it has a lot of branches in Nigeria.
The LendKey loan program has no upfront fees, no application fees, and no income verification. LendKey also accepts all Nigerian students, regardless of credit history. LendKey has partnered with several lenders, including banks, credit unions, and online lenders, who will provide loans to Nigerian students.
LendKey has a team of financial advisors who will help you navigate the process of applying for a student loan and assist you in choosing the best option for your situation. You can also receive advice about how to save for college, how to pay for college, and how to stay on track with your educational goals.
Students can choose the lender and the loan terms that best suit their needs. Repayments can be made through a bank transfer, an electronic transfer from a checking account, a check, or even a credit card. LendKey will stay in touch with students throughout the process to make sure that everything goes smoothly.
The company has a special mobile app that makes it easy to apply for a student loan and track your progress to graduation.
Prodigy also accepts Nigerian students. However, unlike U.S. students, you will have to fill out a separate application to be accepted. Once you submit your application, you will receive an email notification when you are accepted or denied. The good news is that you can reapply for consideration up to a year after your initial denial.
Prodigy does not require any standardized test scores or a specific GPA for admission.
This site is a good resource for students looking to obtain information about financial aid, scholarships, and grants to help pay for college. You can search through their database of schools, read blog posts, or find advice on how to finance your education.
First Bank International Student Loan
First Bank is one of the leading banks in Nigeria and is one of the biggest companies that offer loan to international students in Nigeria. The bank provides different types of loans to individuals, companies, and students. The loans are offered at different interest rates depending on the type.
For international students, the bank offers education loans at a lower interest rate.
Students that want to apply for a loan can do so by visiting their website or one of their branches. Students have to fill in their details and select their preferred loan type. The bank requires a few documents before the student can receive the loan. Once the documents are submitted, the students can expect to receive the loan in the next few days.
Access Bank Tertiary Education Loans Program
Access Bank is another reputable bank in Nigeria and they mainly created a student loan program known as the access bank tertiary education loan program
This program is designed to help Nigerian tertiary students with their educational expenses. The program offers a variety of benefits, including a low-interest rate, longer repayment term, and flexible payment options. Additionally, if you meet certain eligibility requirements, you may be eligible for scholarships or grants.
This program is mainly for students who are in need of financial assistance to complete their tertiary education and who have access bank accounts. This program is open to individuals between the ages of 18 and 35 years old who have an active access bank account. The amount of the loan offered through this program varies from student to student, and each student’s financial situation varies as well.
These top companies that offer international student loans in Nigeria are reliable partners from whom you can get the education you need while also repaying your loan. and some of these companies offer flexible repayment terms and have simplified the application process.
They also offer a range of loan amounts so you can choose the loan that best fits your needs. This way, you can focus all your attention on your studies and graduation, without having to worry about how you will repay your loan.