How to Apply for Student Loan with Nelfund

by Dimlaw 8 months ago
Updated: 8 months ago

Do you want to apply for the Nigeria student loan programme?

Nelfund is a Nigerian education loan fund Programme set up by the Federal Government of Nigeria to help students with the costs of their education, which includes tuition fees, accommodation, and other related expenses.

In this guide, we will show you how to apply for a student with Nelfund.

Illustration for How to Apply for Student Loan with Nelfund

Things You Should Know

To be eligible for the student loan programme , you must be a student. You will also need the following documents for verification of your educational information and student status;

  • JAMB registration number
  • National Identity Number (NIN)
  • Bank Verification Number (BVN)
  • Student matriculation or registration number

How To Apply for student loan programme on Nelfund

1.  Visit the Nelfund Student Loan Website: Open your browser and visit the Nelfund student loan website https://nelf.gov.ng/

  • On the webpage, click the “APPLY NOW” button to navigate to the loan application page.
  • Click on the "Get Started" button.

2. Provide Personal and Educational Information: You'll be asked for important personal information to verify your educational information and student status.

  • Follow the prompts, input all details correctly and submit your application.

3. Application Review and Fund Disbursement: Your application will undergo review. Upon successful verification, institutional charges are settled directly with your institution, while the upkeep loan is disbursed to the bank account specified in your profile.

Repayment Structure of the Student Loan

Acknowledging the post-NYSC job market challenges, the Federal Government introduces a lenient repayment plan. Repayment commences two years after completing your National Youth Service Corps (NYSC) service. This grace period allows you to find employment or establish a business. Once employed, repayment starts with a manageable 10% deduction from your salary or income, akin to tax or pension contributions, until the debt is cleared.

 

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