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FirstEdu Loan
FirstEdu loan is designed to cater to the financial needs of private pre-primary, primary and secondary schools as well as A level educational institutions duly registered with Corporate Affairs Commission (CAC).
Loan Information
Description
The FirstEdu loan is available to private school owners who require extra funds for the smooth running of their school business.
Features
- Available to all private schools duly registered with CAC (either Government approved or not).
- Tenor is from 90 days to 12 months (terms and conditions apply).
- Maximum Loan amount is N25m.
- Schools with CAC registration but without Ministry of Education approval can access up to N3million for 90 days.
- Finance of operational vehicles for schools (new and fairly used).
- Finance of solar panel acquisition for power supply.
- Asset acquisition of up to N25m for 24 months.
- Collateral is undertaking to domicile school fees with FirstBank.
- School must have been in account relationship with any bank for a minimum of 12 months.
- School must have a minimum student population of 100.
Benefits
- Convenient means to finance working capital needs.
- Competitive interest rates.
- Flexible repayment options.
Documents Required
- 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.
Who Can Apply
- Schools with CAC registration but without Ministry of Education approval can access up to N3million for 90days.
- Private pre-primary, primary, secondary schools, A’ level Tuition Providers registered with both State Ministry of Education and Corporate Affairs Commission.
How to Apply
To Apply for an FirstEdu Loan,
- Download the Retail Loan Application Form
- Complete the form and submit to the Retail Team at the nearest FirstBank branch
FirstEdu Interest Form
FAQs
Collateral is undertaking to domicile school fees with FirstBank.
The facility is a short-term facility designed to finance working capital and asset finance needs of the school. There is a collateralized variant available for schools who want to construct school buildings. This variant grants up to N100m for 48months.
Maximum Loan amount for working capital and asset finance is N25m.
Maximum loan amount for building/construction is N100m.
This facility is available to schools all through the year.
