The earliest bank in Nigeria, First Bank Plc, has an array of products that are targeted to cater to specific sectors. One of them is the First Edu Loan which is packaged and designed to provide funding solutions to schools and other educational facilities nationwide. The entire essence of this loan product is to help improve the quality of education in Nigeria.
Majorly for primary and secondary schools, First Edu Loan was packaged to fund the schools’ working capital. Many times, logistics, staff hiring, environment improvement, and so on are borne by the school proprietors and proprietresses. This workload, plus the money constraints, stunts the growth of the school and staff, thereby creating a huge gap in demand-quality supply.
How to become eligible for First Edu Loan
- Grow your student base to 100
- Create and maintain a strong relationship with the bank
- Register your school with CAC
Features of Frist Edu Loan
- Only available to CAC-registered businesses.
- The maximum limit is N20 million
- The tenor of the loan is 90-120 days
- Schools can access up to N2 million if they are not registered with CAC
- Available for purchase and lease of school buses
- Your school must have a strong prior relationship with the bank
- The school must have 100 students or more.
How to Apply for FirstEdu Loan
Here is a step-by-step procedure on how to apply for a First Edu Loan. Honestly, this application might just be the simplest loan application in the specified industry. See the step-by-step guide below:
- CLICK HERE to download the First Edu Loan
- Fill the downloaded form appropriately
- Submit the loan application form to the nearest First Bank branch.
- Provide all necessary documents for a quick review.
- Receive disbursement
What documents do I need to access the First Edu Loan?
The school is required to provide the following documents in order to proceed with its loan application.
- Government approval to operate the school
- An evidence of the number of students in your school (school register, roll call, etc)
- The school’s CAC documents
- Other bank(s) statements (if any)
- School’s management profile
- The school’s cash flow
Who is eligible for First Edu Loan?
A school must pass the following to qualify for the First Edu Loan:
- A school with a student base of 100
- A school that creates and maintains a strong relationship with the bank
- A school that is registered with school with CAC
What is the maximum amount I can get on First Edu Loan?
N20 million naira only