FirstEdu Loan

FirstEdu Loan is designed to offer short-term finance in a standardized manner to private schools to ensure smooth operations.

Features

  • Tenor is 90 days
  • Maximum Loan Amount is N10m.
  • Collateral is undertaking to domicile school fees with FirstBank
  • School must have been in account relationship with FirstBank for a minimum period of 9 months
  • Available only to private schools that are duly registered with CAC
  • School must have a minimum student population of 100

 

    Benefits

  • Convenient means to finance working capital needs

 

Accompanying Documents

  • Evidence of Government Approval of school
  • School Memorandum and Articles of Association (MEMART) where applicable
  • Documents showing how long school has been in the business
  • Documents showing the number of students in the school
  • Any other documents that may be required by the bank

 

Next Steps

 

Frequently Asked Questions

  • Will the school be required to use its property as collateral for this loan?
    No, the loan is given against domiciliation of school fees.
  • Can this facility be used to construct school buildings?
    The facility is a short-term facility designed to finance working capital needs of schools. There is a product (Commercial Mortgage) available for schools who want to construct school buildings.
  • What amount can a school get from the bank under this product?
    A school may obtain up to N10 million maximum.
  • When can a school apply for this facility?
    This facility is available to schools all through the year.
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