FirstEdu Loan is designed to offer short-term finance in a standardized manner to private schools to ensure smooth operations.
- Tenor is up to 90 days subject to next school fees payment
- Maximum Loan Amount is N10m.
- Collateral is undertaking to domicile school fees with FirstBank
- School must have been in account relationship with FirstBank for 6 months or 12 months with any other Bank
- 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