This post reveals some of the best companies that offer loans to international students in Nigeria; keep reading to learn more about these companies.
Nigeria has many tertiary institutions and 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 a student loan if you intend to use it for your tertiary education.
It would be best to show that you have enough funds from your resources or suitable sponsorship before they give you the loan. Fortunately, few companies offer loans to international students in Nigeria.
These lenders understand the challenges of financing higher education for Nigerians and other international students, so 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 allowing them to pay later on with affordable monthly payments.
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Companies That Offer Loans to International Students in Nigeria
Here are some of the top companies that offer loans to international students :
1. MPower Finance
MPower is a top company that offers loans to international students in Nigeria. The company understands the challenges of financing higher education, so it provides 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 with no 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 matters – their education.
2. 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, so it created a special program for Nigerian students.
The Smart Credit Education Loan, 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, application fees, or 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, to provide Nigerian student loans.
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 ensure everything goes smoothly.
The company has a unique mobile app that makes it easy to apply for a student loan and track your progress to graduation.
4. Prodigy Finance
Prodigy also accepts Nigerian students. However, unlike U.S. students, you must fill out a separate application to be taken. 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 requires no standardized test scores or a specific GPA for admission.
This site is a good resource for students seeking 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 financing your education.
5. First Bank International Student Loan
First Bank is one of the leading banks in Nigeria and is one of the biggest companies that offer loans 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.
The bank offers education loans at a lower interest rate for international students.
Students applying for a loan can visit 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.
6. 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 need financial assistance to complete their tertiary education and have access to bank accounts.
This program is open to individuals between 18 and 35 with an active access bank account.
The loan amount offered through this program varies from student to student, and each student’s financial situation also changes.
Check also: How to Choose the Right Student Loan for You
How can I get an international student loan in Nigeria?
Getting an international student loan in Nigeria can be challenging as most loan companies target Nigerian citizens.
However, some private financial institutions may offer loans to international students under certain conditions, and all those loan companies and their conditions have already been listed on this page.
Are loans available for international students in Nigeria?
It’s uncommon for international students to access loans in Nigeria; however, some private financial institutions may offer loans to international students under certain conditions, such as having a Nigerian citizen or resident guarantor or providing tangible collateral. And another private sector that can lend international student loans is listed above.
Which bank in Nigeria gives loans to study abroad?
Several banks in Nigeria offer loans to students who want to study abroad, and banks like GTB, Zenith, FirstBank, and Access Bank provide loans to study abroad. However, you know Nigeria matters nah. Everything Nah connection
These top companies that offer international student loans in Nigeria are reliable partners from which you can get the education you need while 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 to choose the loan that best fits your needs. This way, you can focus on your studies and graduation without worrying about how you will repay your loan.