Education Loan in Nigeria
Oftentimes, the cost of tuition and living cost are the major hindrance to accessing international education. There have been cases where people who have secured admission into universities abroad go to extreme length to fund their tuition. And in many instances, financial help never materialize. But then, this problem might soon be a thing of the past with Wema Bank’s new education loan package.
Are you or your child planning to study abroad and you need help with financing the tuition?
With Wema Bank’s new education loan package, you can now finance your degree goals easily and without excessive strain.
Wema Bank In Partnership With MOD Group
This new loan package by Wema Bank in partnership with MOD Group (An Education Advisory organisation) offers up to N5,000,000 in school fees in advance to finance the payment of school fees of primary, secondary, and undergraduate /postgraduate education both in Nigeria and abroad over a 12-month tenure.
Who Is Qualified To Access This Education Loan Package?
Every parent who meets the Bank’s loan eligibility criteria or duly referred by MOD Education Nigeria Limited, or whose child has a Royal Kiddies or Purple Account can apply for this loan.
Parents/guardians who are salaried individuals, self-employed individuals, Wema Bank staff, businessmen/women with fairly regular income streams and employees of reputable organizations are eligible to apply.
It is not compulsory that your child operates a Royal Kiddies or Purple Account in order to access this loan? However, if you have a children account with Wema Bank, this attracts a concessionary rate of 3% off the applicable rate.
Do You Need To Have an Account with Wema Bank to access the school fees advance package?
No, where a parent does not have an account with Wema Bank or salary is not or cannot be domiciled, irrevocable standing order from customer’s bank where salary is paid or postdated cheques must be in place.
Benefits Of Wema Bank / MOD Group Education Loan Partnership
• Supports the parent/guardian’s desire to give their child a quality education.
• Access to funds for early payment of child/ward’s school fees.
• No collateral is required.
• Easy loan renewal process.
• Flexible repayment terms.
• Cheaper interest rate on loan based on the operation of Royal kiddies/Purple account (Discount of 3%)
Documents Required For Loan Application
• Duly Completed School Fees Advance Application Form.
• Letter of introduction from employer: to determine the employment status of
• Invoice of School Fees: to determine the actual amount required
• Proof of identity (Driver’s license, National ID, International Passport or Voters card)
• Last three month’s payslip.
• Six months’ salary statement of account (for customers whose salary accounts cannot be
or are not domiciled with Wema Bank)
• Executed Tripartite agreement between the Bank, MOD and the applicant (if referred under
the MOD partnership)
For more information on how to access the loan and other enquiries about international study applications, speak with an International Education Specialist at MOD Education