Schools across the country would be resuming a new academic session this month. For parents, it is time to think about payment of school fees, purchase of new school uniform, shoes or sandals, bags, and books. While parents want the best for their children, having quality education can also come with a hefty price tag.
Interestingly, some financial institutions also have launched some educational products aimed at easing the burden usually experienced by parents at the beginning of a new academic session.
First Bank’s educational products and solutions for school owners and parents include the FirstEdu loan, which is targeted at private nursery, secondary and A-levels schools.
The product offers an opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment, as well as refurbish dilapidated buildings and classroom blocks.
Customer can access up to N10m with no tangible collateral required apart from the domiciliation of school account with the bank. Others include operational vehicle loan, term loans for constructing new sites and extension of existing sites, personal loan against salary, First naira credit card which lets parents spread out costs for easy payments, which enhances parents’ capacity to pay their children’s school fees.
GTBank
Guaranty Trust Bank has smart kids save (SKS) account available in two categories: SKS (0 – 12 years), SKS Teen (13 to under 18 years). Minimum opening/account balance of N1, 000, with a competitive interest rates at 4.05percent It also allows lodgements of cheques, drafts, and dividends into the account, subject to a maximum of N100,000 per instrument and many more benefits.
The bank also has a school fees advance that allows competitive credit to help parents pay for their children up to three times in a year.
Stanbic IBTC has a school fees loan open to customers of the bank. The loan can also be used to pay for other expenses, such as buying a laptop or materials needed to complete school projects. Flexible repayment terms over four months (if the school fees are payable each term) or 12 months (if school fees are payable yearly), Flexible interest rates and can be can be renewed every year if you have a satisfactory repayment and current account record.
Access Bank has a facility upgrade support scheme credit program (“FUSS”) that provides short and medium-term financing to private primary schools for the purpose of, bridging short-term funding gaps, infrastructure development, and asset acquisition.
It also has a Salary Advance that gives access to 50percent of your net monthly salary for a maximum period of 3 months, and Payday Advance which gives quick access to cash up to 90percent of net monthly salary to be repaid within 31 days or next payday
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