First Bank FirstEdu Loan for Private School Owners in Nigeria

Bank Loans
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)
You May Also Like
Read More

Open banking: the advantages of PSD2 for small and medium-sized enterprises

Open banking: a new way of “banking” The European directive PSD2 concretizes the concept of Open banking and introduces new players in the financial market, increasing competition and innovation in the banking sector. PSD2 and Open Banking: What is Open Data Banking? The Payment Service Directive 2 (PSD2), the European directive on payment services that entered into ...

Read more

atm withdrawal
Read More

Freedom Credit Union ATM Withdrawal Limit: What You Need To Know

In this chapter of our guide, we will talk about the Freedom Credit Union ATM withdrawal limit in the United States. The Freedom Credit Union is a community-based, not-for-profit financial cooperative that provides services to the five counties that are located around Philadelphia. The cooperative financial institution began operations in 1934 and had assets worth ...

Read more

dubai bank list
Read More

Complete Dubai Bank Name List (2024)

Dubai Bank Name List Dubai in the United Arab Emirates, is one of the busiest and richest cities in the world when it comes to commerce, business and tourism. Dubai is always in the front row among the committee of cities. The city is known as the world’s biggest trade zone. The city of Dubai ...

Read more