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