Student Loan Application Portal Goes Live

The Frequently Asked Questions below is our attempt to answer common questions that the applicants may have regarding the student loan in a concise and simple to understand way.

 

Q. What is the Student Loan (Access to Higher Education) Act, 2024?

A. The Student Loan Act is an Act of the Parliament that makes it possible for Nigerian students to access zero interest loans to enable them pay for institutional charges and upkeep to any higher institution of their choice within Nigeria.

 

Q. Is the Student Loan the same as the Nigerian Education Bank?

A. No. The Student Loan Act has repealed the Nigerian Education Bank Act and established a framework for providing zero interest loans to eligible Nigerian students who desire to study at any institution of higher education.

 

Q. Who administers the student loan?

A. The student loan will be administered by the Nigerian Education Loan Fund (NELFUND), which is the body established by law to carry out the day-to-day activities of the Fund. It is headed by a Managing Director, appointed by the President of Nigeria, President Bola Ahmed Tinubu.

 

Q. Is the student loan open to all tertiary institutions?

A. The student loan is open to all public tertiary Institutions. The first phase of the student loan is open to only students studying or desiring to study in federal higher institutions in Nigeria. The other phases will be announced in due course.

 

Q. Who is eligible to apply for student loan under this Act?

A. Students who have secured admission into all Public Nigerian universities, polytechnics, colleges of education, or vocational schools, with a proof of admission that includes Name, Date of Birth, Admission, JAMB number, Matriculation number, and BVN.

All new and existing students within the institution above can apply for the student loan.

 

Q. Can a Direct Entry Student into higher institutions apply for the student loan?

A. Yes, but such student must have a JAMB number.

 

Q. Will the student loan be available for all students or only applicants?

A. All full-time students are eligible for the student loan but only applicants will benefit from the student loan.

 

Q.. How much student loan are students allowed to apply for?  

A. That would be determined by the institutional charge of each Institution. The student loan will cover the cost of institutional charges and upkeep if required by the student. The institutional charges will be remitted directly to the applicants’ institutions and the upkeep will be paid to the applicant on a monthly instalment basis.

 

Q. Will the applicant be required to make any payment before the student loan is disbursed?

A. No payment is required before the disbursements of the student loan.

 

Q. Is there an interest payable on the student loan?

A. Zero interest on the student loan.

 

Q. Is the student loan open to every student?

A. The student loan is open to new and existing full-time students in tertiary institutions.

 

Q. How are the student loan applications processed, and what is the disbursement timeline?

A. Applications are done online. Applicants are required to input specific personal details that include:

 

i. Name of Institution of study

ii. Admission Number

iii. JAMB Number

iv. Date of Birth

v. NIN

vi. BVN

 

Nigerian Education Loan Fund (NELFUND) will disburse within 30 days of approval of successful applications.

 

Q. Is there age limit for applicants of the student loan?

A. There is no age limit for applicants of the student loan.

 

Q. Who is responsible for the student loan repayment?

A. The beneficiary of the student loan is responsible for the repayment of the student loan.

 

Q. Is the student loan applied for only once?

A. The student loan will be applied for every academic session by the student.

 

Q. How do applicants for the student loan know their application is approved?

A. Applicants for the student loan will receive a notification and the status of the student loan application can be seen in the applicant’s profile on the student loan portal.

 

Q. When is the student loan due for repayment?

A. The student loan is due for repayment 2 years after the completion of NYSC.

 

Q. What happens if a beneficiary does not have job after two years post-NYSC?

A. The beneficiary of the student loan should notify Nigerian Education Loan Fund (NELFUND) by sworn court affidavit every 3 (three) months after two years post NYSC if still unable to gain employment.

Q. How can one apply for the student loan?

A. Applicants are to visit http://nelf.gov.ng to apply for the student loan.

Bank Of Industry (BOI) Rapid Loan For Micro Small And Medium Enterprises (MSMEs)

The Bank of Industry (BOI) Rapid Loan for Micro Small And Medium Enterprises (MSMEs) application is currently ongoing. 

Applicants having difficulties accessing the BOI application portal, should keep trying preferably at off-peak period when the traffic congestion on the portal has reduced.

Frequently Asked Questions About BOI Rapid Loan For MSMEs:

Q. Who is eligible to apply for the RAPID Programme? 

A. Duly registered Enterprises and Cooperative Societies operating in rural or economically disadvantaged areas of Nigeria are eligible to apply.

Q What types of businesses does RAPID support? 

A. RAPID shall provide support in value-adding activities excluding trading and farming. These include activities in manufacturing, agribusiness, processing, and other ventures contributing to economic diversification and job creation in rural areas.

Q. What financial support does RAPID provide?

A. Beneficiaries would be eligible for a loan of a maximum of ₦10,000,000 to acquire plants/machinery and raw materials for their day-to-day operations.

Q. What can the funds be utilized for? 

A. The funds can be used for term loans to purchase assets and equipment required for production and working capital for raw materials required for business operations.

Q. What is the interest rate of the loan? 

A. The facility is given at a 5% per annum interest rate (all-inclusive).

Q. What are the repayment terms for RAPID loans?

A. Repayment is typically monthly or in line with the business cycle where expedient. The average tenor for loans is three (3) years, including a three (3)to six (6)-month moratorium period from the date of loan disbursement.

Q. How can I apply for the BOI RAPID Loan Programme?

A. Interested applicants can apply online through the BOI RAPID loan application portal https://rapid.boi.ng

5 Steps To Apply For Student Loan

 

Creating An Account For The Student Loan Application

Step 1: Applicant for the student loan should visit http://nelf.gov.ng

Step 2: The applicant should click click on the "Apply Now"

Step 3: The Applicant for the student loan should Click on “Get Started”

Step 4: The applicant should answer the questions on the student loan portal to continue by clicking on “Yes, I am a Nigerian”

Step 5: The applicant for the student loan should verify his or her educational information. The applicant would be required to select his or her school from a dropdown and provide his or her matric number to check if his or her school has uploaded his or her details.

Step 6: The applicant should Click the “Verify with JAMB” and enter his or her JAMB details in the screen.
(Students whose NIN has not been registered with JAMB will have an input field where they can enter their NIN for verification.)

Step 7: The applicant should create an account by entering his or her Email address, Password and Confirm Password in the fields provided and click “Create Account”.

Step 8: The Applicant should click the email verification link sent to his or her email.

This concludes the process of creating an account for the student loan application.

5 Steps To Complete Your Profile For The Student Loan Application

After successful registration, log in by clicking the “LOGIN” button.

Step 1: The applicant should enter his or her email address and password to Login.

Step 2: The applicant should click on the “Proceed to Contact Details" button.

Step 3: The applicant for the student loan should update his or her contact details with the current information of his or her Phone Number, Full Residential Address, State of Residence and Local Government Area of Residence and click “Proceed to Educational Details”

Step 4: The applicant should update his or her educational details by selecting his or her Higher Institution and inputting his or her Matric Number, then click “Proceed to Account Details”

Step 5: The applicant should verify his or her BVN by entering his or her BVN, select his or her Bank Name and enter his or her Account Number. Click “Save Changes” to complete your profile.

5 Steps To Complete The Student Loan Application

The following below are 5 steps to complete the student loan application:

Step 1: The applicant should Click on the “Request for Student Loan” button at the top right of the screen on the home or loans page after logging into the student loan application.

Step 2: If the applicant wants an upkeep loan, the student loan applicant should click the check box, and click Continue, if all applicant need is the institutional charge, click the “Continue” button.

Step 3: The applicant for the student loan should upload all supporting documents. The admission letter is compulsory while the Student ID and Institution Invoice are not compulsory that is optional.
The student loan applicant should click the checkbox for the policy and declaration and click “Continue”

Step 4: The student loan applicant should carefully read the student loan overview and click the check boxes for both the Terms & Conditions and GSI Mandate then click “Submit Application”

Step 5: The applicant for the student loan should click on the “Loans” button to view the status of his or her student loan application.

How To Apply For Renewed Hope Cities And Estate Housing Loan Program

The Renewed Hope Cities And Estate Loan Programme is a development agenda of the Federal Government of Nigeria for tackling Housing needs. This housing loan program captures all thirty six States including the FCT.

The pilot programme sees to build one hundred thousand completed housing units all over the federation which are to be sold to low and medium-income groups through outright purchase, mortgage and rent to-own subscription windows.

Who Can Benefit From This Housing Loan Programme? 

This housing loan programme is for Nigerians at home or in diaspora, particularly those within the low and medium-income groups who cannot afford housing example civil servants, traders, artisans, commercial drivers, etc.

How Does The Housing Loan Programme Work?

1. Sign up : To be able to buy outrightly or get a mortgage you have to create an account first.

2. Find Property : Use the search function to find properties that match your preferences (location, developer, price, type, etc.).

3. Select Property : Click on a property for more details. Review the property's photos, description, and specifications.

4. Choose Payment Method : Decide whether to purchase the property outright or apply for a mortgage.

5. Make Payment : Make required payments into the account prov, for you on your portal.

Who Can Apply For This Housing Loan Programme?

Adults above 18 years can apply for this housing loan, have a verifiable means of income or employment and a contributor to National Housing Fund and must comply with the terms and conditions of sale including completing online applications.

What Document Do You Require To Register Online For The Housing Loan? 

To register online for the housing loan program you require only a valid means of identification which could be your voters card, your NIN printout, valid international passport, or a driver's license.

How to Apply for the housing loan: Interested and qualified applicants should visit https://renewedhopehomes.fmhud.gov.ng