Explore our comprehensive guide on how to apply for a FirstEdu Loan – an initiative by First Bank of Nigeria. Learn about the eligibility requirements and step-by-step application process to secure financial assistance for private nursery and secondary schools in Nigeria. Improve the quality of education with FirstEdu.
How To Apply For FirstEdu Loan: A Comprehensive Guide (Requirements Included)
FirstEdu Loans, an initiative by the First Bank of Nigeria Limited, aims to enhance the quality of education in Nigeria by providing financial assistance to private nursery and secondary schools.
This comprehensive guide will walk you through the details of the FirstEdu loan, eligibility criteria, and the application process.
About First Bank of Nigeria Limited
The First Bank of Nigeria is a leading financial institution in West Africa, serving about 17 million customers with a full range of retail and corporate financial services.
The bank is a pioneer in promoting Africa’s digital economy, with over 10 million cards issued and more than 28 million users of its USSD banking services.
Features of FirstEdu Loans
Here are some key features of the FirstEdu loan:
- Available to all Nigerian private schools registered with CAC.
- Maximum loan amount: N20 million.
- Loan term: 90 days to 12 months.
- Schools with CAC registration but no Ministry approval can access up to N2 million for 90 days.
- Financing for school operational vehicles is available.
- Collateral: Agreement to deposit school fees with First Bank.
- Schools must have had a bank account for at least 12 months and a minimum enrollment of 100 pupils to be eligible.
Eligibility for the FirstEdu loan requires the following documents:
- Evidence of School Government Approval
- Document demonstrating the number of students enrolled
- School Memorandum of Articles of Association (MEMART), if applicable
- Document demonstrating the operational duration of your school
- Any other documents requested by First Bank of Nigeria
- Government-issued identification documents may also be required for identity verification.
You can apply for a FirstEdu loan if your school meets the following criteria:
- CAC registration, with or without Ministry of Education approval.
- Registered private, pre-primary, primary, and secondary schools, and A’ level Tuition providers with both state Ministry of Education and CAC registration.
The application process for FirstEdu loans is as follows:
- Fill out the FirstEdu Loan application.
- Familiarize yourself with the prerequisites on the form.
- Complete the form.
- Submit the form to your nearest First Bank branch.
Your institution has the potential to borrow up to a whopping N20 million as the ceiling for the loan amount.
The actual amount you can access is determined by several factors. If you meet all the criteria, you should be able to receive the maximum loan amount.
The FirstEdu loan from First Bank of Nigeria is a significant financial tool for school owners who require additional funding for successful operations. If your school meets all the requirements, don’t miss this opportunity. Click here for more information about other Educational Loans.
Disclaimer: Always contact your financial advisor or the relevant financial institution for the most accurate and up-to-date information.