First Edu loan is a loan scheme specifically designed for school administrators and owners to help finance and grow their citadel.
If you are a school owner who wants to know more about the First Bank First Edu loan, we encourage you to carefully read this article as we explain everything you need to know and how to apply.
Overview Of First Bank
First Bank Nigeria is one of the most popular and top-leading banks in Nigeria. It is well known as the apex bank of West Africa.
It has existed since 1894 and has over 126 years of delivering top-notch financial services to individuals, businesses, and corporate bodies. They boast over 20 million customers with over 50 outlets in Nigeria.
In their bid to serve their customers better, First Bank Nigeria drafted a lot of loan schemes to help individuals meet their needs, businesses, and corporate bodies achieve their goals, complete projects and match toe to toe in competition with the competitors in the market. One of such loan is the First Edu loan.
Keep reading as we explain everything about this loan scheme in the subsequent headings.
What Is A First Edu Loan?
The First Edu loan is a loan scheme or project headed by the First Bank of Nigeria to help facilitate and enhance the educational sector for quality and qualitative education.
As noted earlier, this loan scheme is for school owners, and its provisions are good for Nursery, Primary, and secondary private schools. Hence, if your school satisfies the criteria and requirements, you can apply for the loan and also stand a chance to get awarded. This loan covers employees’ salaries, purchasing of school buses, and other items and needs to facilitate effective and efficient teaching and learning.
What Are The Features (Criteria) Of First Edu Loan?
This loan scheme is characterized by the following;
- All private schools that are duly registered can apply with their CAC.
- The qualified schools could be government approved or not. However, being approved by the government gives higher chances.
- Schools that do not have approval from the ministry but are registered with CAC can only access up to N2,000,000 for a tenor of three months.
- The highest amount that can be borrowed is N20,000,000.
- The loan tenure is between 90 days (3 months) and 365 days (12 months).
- The intending schools must agree with the bank to domicile their school fees with the bank.
- The school must have an account with the bank for at least a year before thinking of applying.
- At least a hundred pupils are needed.
Remember that these criteria are general. First Bank may add more depending on certain variables.
Documents For Obtaining A First Edu Loan
If after checking the eligibility criteria and the right boxes are ticked, then the following documents are important and must be presented;
- Your CAC document
- A document showing that the government approves the school.
- A document showing how long the school has been in operation
- A document showing the number of pupils and students in the school.
- The Memorandum of Articles of Association (MEMART).
How To Apply For A First Edu Loan
To obtain a loan from First Bank as a school owner or manager, follow the steps below;
- Open any of your preferred browsers
- And visit the official portal of First Bank for First Edu loan
- Download the application form from the portal
- Fill out the form and submit it for review and approval to the nearest First Bank branch in your area.
The bank will contact you if you are qualified for the loan for immediate disbursement. Also, if you do not want to apply online, you can simply visit the nearest First Bank branch and apply for the loan with the required documents.
How Much Can A School Obtain From First Edu Loan?
Qualified schools can obtain a First Edu loan worth N20,000,000. However, schools that do not have approval from the Ministry of Education can only access N2,000,000 worth of loans.
It is worth noting that the amount to be obtained depends heavily on many factors following the stipulations of First Bank Nigeria.
What Is First Edu Loan Tenor?
The loan tenor for a First Bank First Edu loan is between 90 days and 12 months. The schools must repay their loans before and on the due date. If there is any reason for not repaying your loan on time, we encourage you to reach out to the bank earlier enough.
Conclusion
First Bank specifically designs the First Edu loan to facilitate and enhance the education sector. The loan meets the requirements of private primary and secondary schools. With this loan project, schools can pay their employees, purchase school buses and also carry out important projects to facilitate effective and efficient teaching and learning.
