Are you a student at a federal tertiary institution in Nigeria? Here’s an incredible opportunity to fund your education without financial stress! The Nigerian Education Loan Fund (NELFUND) has announced the launch of its student loan program, designed to support up to 1.2 million students in its first phase.
Why You Should Apply:
Immediate Access for Federal Institutions: Starting on May 24th, 2024, students from federal institutions whose data has been uploaded by their schools can begin applying for the loan. This first phase prioritizes federal institutions before expanding to state schools.
Streamlined Application Process: The loan application has been simplified for ease of access. With a user-friendly portal, you can start your application from the comfort of your home and receive comprehensive online support.
Interest-Free and Flexible Repayment: The student loan is interest-free and offers a flexible repayment plan, starting two years after you complete the National Youth Service Corps (NYSC) and secure employment.
Comprehensive Financial Support: The loan covers 100% of institutional fees paid directly to your school and provides monthly stipends while school is in session, ensuring you can focus on your studies without financial distractions.
Access the Student Loan Now: Apply Here
How It Works:
- No Physical Contact Required: The entire process is conducted online, eliminating the need for physical visits.
- Simple Application Portal: Access the loan application portal here and follow the straightforward instructions.
- Timely Processing: Apply as early as possible to ensure your application is processed quickly.
Ensuring Fairness and Security: Managing Director of NELFUND, Mr. Akintunde Sawyerr, emphasized that the loan program is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at alleviating financial burdens on students. The program includes measures to handle defaults and fraud, with collaborations between insurance companies and security agencies.
No Collateral Needed: Unlike other loan schemes, this student loan does not require a next of kin or collateral. Institutions simply need to upload student data to facilitate access to the loan.
Don’t Miss Out:
We encourage all eligible students in federal institutions to take advantage of this golden opportunity to secure the financial support you need for your education. Visit the loan application portal today and start your journey towards a brighter future with Teknize.com!
Remember, your education is your future. Make today your Day One and empower your academic journey with NELFUND’s student loan. Apply now and let your dreams take flight!
FREQUENTLY ASKED QUESTIONS ABOUT THE LOAN
Under what circumstances would NELFUND deny an application?
if such an applicant is: Proven to have defaulted in respect of any previous loan granted by any license financial institution; Found guilty of submitting fake/fraudulent documents and dismissed for exam malpractices by any school authority; and Convicted of fraud and forgery, drug offences, cultism, felony, or any offences involving dishonesty;
Are there any documents to upload during the application process?
Yes. Scanned admission letter for new students (compulsory), scanned Student Identification Card (optional).
Is there any appeal process when an application is denied?
A complaint can be raised from the portal, or you can send an email to the NELFUND
What are the consequences of defaulting on the loan?
Deliberate default could result in penalties, legal action, and potential damage to your credit score.
Do students require a guarantor to access the loan?
The students’ loan has no requirement for a guarantor.
How do I repay when I am relocating abroad?
You will contact the NELFUND and sign an agreement with modalities to repay.
What if I have the money to pay back before I get a job
You can repay once you have money to pay back, even before you gain employment.
How will the loan repayment process work?
Ten percent (10%) of the beneficiary’s salary will be deducted at source by the employer. Self-employed beneficiaries are required to remit 10% of their monthly profit to the Fund. You are at liberty to seek to repay beyond the statutory 10% monthly repayment by your employers/by self if you are self-employed.
What happens if a beneficiary does not have job after two years post-NYSC?
The beneficiary should notify NELFUND by sworn court affidavit every 3 (three) months after two years post NYSC if still unable to gain employment.
When is the loan due for repayment?
The loan is due for repayment 2 years after the completion of NYSC
