Studying abroad is an exciting opportunity for international students, but the financial burden can be overwhelming.
For students in Nigeria looking to pursue higher education abroad, securing a study loan is one of the best ways to make this dream a reality.
In this article, we’ll explore the 9 best study loans for international students in Nigeria, providing detailed information on loan amounts, co-signer requirements, interest rates, loan terms, and eligibility.
Best Study Loan for International Students in Nigeria
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Student Loan Scheme | ₦100,000 to ₦5,000,000 | No | 5% – 9% | 1 – 5 years | Nigerian citizens, enrolled in a recognized institution |
| Education Loan Scheme | ₦500,000 to ₦3,000,000 | Yes | 6% – 10% | 1 – 5 years | Nigerian students enrolled in accredited institutions |
| First Bank Education Loan | ₦500,000 to ₦3,000,000 | Yes | 8% – 14% | 1 – 7 years | Full-time students, Nigerian citizens |
| Guaranty Trust Bank | ₦1,000,000 to ₦10,000,000 | Yes | 7% – 10% | 1 – 6 years | Nigerian students with proof of enrollment in a foreign university |
| Zenith Bank Education Loan | ₦500,000 to ₦2,000,000 | Yes | 6% – 12% | 1 – 5 years | Nigerian students pursuing foreign studies |
| College Ave Student Loans | Up to $100,000 | No | 5.5% – 9.0% | 10 – 15 years | Enrolled in a U.S.-based institution |
| Access Bank | ₦500,000 to ₦5,000,000 | Yes | 9% – 15% | 1 – 8 years | Nigerian students enrolled in accredited institutions |
| UBA International Loan | ₦300,000 to ₦7,000,000 | Yes | 8% – 12% | 1 – 6 years | Nigerian students enrolled in a foreign university |
| Stanbic IBTC Education Loan | ₦500,000 to ₦5,000,000 | Yes | 7% – 11% | 1 – 5 years | Nigerian students accepted into foreign academic programs |
1. Student Loan Scheme
- Loan Amount: ₦100,000 to ₦5,000,000
- Interest Rates: 5% – 9%
- Loan Terms: 1 – 5 years
The Student Loan Scheme is a government-backed initiative offering loans to Nigerian students pursuing studies abroad.
Loan amounts range from ₦100,000 to ₦5,000,000, with interest rates between 5% and 9%.
The loan is available for a term of 1 to 5 years, and there is no co-signer requirement.
To qualify, you must be a Nigerian citizen and enrolled in a recognized institution.
2. Education Loan Scheme
- Loan Amount: ₦500,000 to ₦3,000,000
- Interest Rates: 6% – 10%
- Loan Terms: 1 – 5 years
The Education Loan Scheme offers loans of ₦500,000 to ₦3,000,000 with an interest rate range of 6% to 10%.
The loan term is flexible, lasting between 1 to 5 years. A co-signer is required, and the loan is available for Nigerian students enrolled in accredited educational institutions.
3. First Bank Education Loan
- Loan Amount: ₦500,000 to ₦3,000,000
- Interest Rates: 8% – 14%
- Loan Terms: 1 – 7 years
First Bank provides education loans with amounts ranging from ₦500,000 to ₦3,000,000.
The interest rates range from 8% to 14%, with flexible repayment terms of 1 to 7 years.
A co-signer is required for this loan. Eligible students must be full-time Nigerian students.
4. Guaranty Trust Bank (GTB)
- Loan Amount: ₦1,000,000 to ₦10,000,000
- Interest Rates: 7% – 10%
- Loan Terms: 1 – 6 years
GTB offers education loans for international studies with amounts ranging from ₦1,000,000 to ₦10,000,000.
Interest rates are between 7% and 10%, and loan terms vary from 1 to 6 years.
A co-signer is required, and students must have proof of enrollment in an accredited institution abroad.
5. Zenith Bank Education Loan
- Loan Amount: ₦500,000 to ₦2,000,000
- Interest Rates: 6% – 12%
- Loan Terms: 1 – 5 years
Zenith Bank provides education loans ranging from ₦500,000 to ₦2,000,000 with interest rates between 6% and 12%.
The loan term is between 1 and 5 years, and a co-signer is required. Eligible students must be enrolled in accredited foreign institutions.
6. College Ave Student Loans
- Loan Amount: Up to $100,000
- Interest Rates: 5.5% – 9.0%
- Loan Terms: 10 – 15 years
College Ave Student Loans offers loans up to $100,000 with interest rates ranging from 5.5% to 9.0%.
This loan option is available to international students enrolled in U.S.-based institutions.
Loan terms vary from 10 to 15 years, and no co-signer is required for Nigerian students attending accredited U.S. universities.
7. Access Bank
- Loan Amount: ₦500,000 to ₦5,000,000
- Interest Rates: 9% – 15%
- Loan Terms: 1 – 8 years
Access Bank offers study loans for international students from ₦500,000 to ₦5,000,000 with interest rates between 9% and 15%.
The repayment term ranges from 1 to 8 years. A co-signer is required, and the loan is available for Nigerian students who are enrolled in accredited educational institutions.
8. UBA International Loan
- Loan Amount: ₦300,000 to ₦7,000,000
- Interest Rates: 8% – 12%
- Loan Terms: 1 – 6 years
UBA offers loans for Nigerian students wishing to study abroad.
Loan amounts range from ₦300,000 to ₦7,000,000, with interest rates between 8% and 12%. Loan terms vary from 1 to 6 years, and a co-signer is required.
Eligible students must provide proof of enrollment in a foreign university.
9. Stanbic IBTC Education Loan
- Loan Amount: ₦500,000 to ₦5,000,000
- Interest Rates: 7% – 11%
- Loan Terms: 1 – 5 years
Stanbic IBTC offers education loans for Nigerian students with amounts ranging from ₦500,000 to ₦5,000,000.
The interest rates range from 7% to 11%, and the loan term is between 1 to 5 years.
A co-signer is required for this loan, and students must be enrolled in a foreign academic program.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can Nigerian students apply for study loans abroad?
Yes, Nigerian students can apply for study loans for international education through banks and financial institutions in Nigeria, including First Bank, Guaranty Trust Bank, and Zenith Bank.
Is a co-signer required for student loans in Nigeria?
In most cases, a co-signer is required for Nigerian students applying for education loans, especially for loans that exceed certain amounts. However, there are options like the Student Loan Scheme that do not require a co-signer.
What is the interest rate for student loans in Nigeria?
Interest rates for student loans in Nigeria generally range from 5% to 15%, depending on the loan provider. Loans like those offered by First Bank and Guaranty Trust Bank tend to have slightly higher interest rates.
Conclusion
Securing a study loan is a vital step for Nigerian students wishing to pursue higher education abroad.
With a variety of loan options such as Student Loan Scheme, Guaranty Trust Bank, and Zenith Bank, students can find flexible loan terms and competitive interest rates that suit their needs.
Whether you are pursuing a degree in the U.S. or Europe, these loans can provide the financial support you need to make your international education dreams a reality.
Make sure to explore eligibility requirements and loan terms carefully to choose the best option for your academic journey.
