Loan Product
Education Loan
Funding can be a significant challenge, and Grooming MFB Education Loan seeks to bridge this gap faced by students of tertiary institutions by providing affordable financing specifically for parents and guardians to cover tuition, fees, and related expenses for their children/wards. Grooming MFB has partnered with Amadeus University to provide student loans. This loan provides the financial support needed to keep your child or ward focused on their studies, whether you are a salaried employee or a business owner.
Requirements
Salaried Parents/Guardians
• Duly completed and signed loan application form
• School fees bill/tuition advice
• Copy of valid means of identification
• Recent (Salary) Bank Statement
• Duly accepted offer letter & term sheet
• Duly executed guarantor form
• Evidence of payment made to the school (additional)
Business Owners Parents/Guardians
• Duly completed and signed application form
• School fees bill/tuition advice
• Copy of valid means of identification
• One (1) year Bank statement of corporate account
• Copies of Business/company registration documents
• Duly accepted offer letter
• Duly executed guarantor form (individual or corporate) & notarized statement of net worth (individuals only)
• Evidence of payment made to the school (additional)
Features
- Affordable interest rate 1.5% flat Per Month
- Loan amount up to NGN 10 million
- Loan Tenor up to 24 months
- Flexible Repayment Structure
- Refinancing Available
- Admin Fee: 1%
- Risk Premium: 2%
Benefits
- Great Financial Support: Funds are available for two academic sessions, enabling the student to focus on his/her studies without financial worries.
- Flexible Repayment: With a spread of 24 months, you can repay the loan at a pace that suits your financial situation.
- Affordable Interest Rate: Take advantage of interest as low as 1.5% flat per month, to keep your children/wards in session.
- Transparent Fees: No hidden charges, just clear and straightforward fees – a 1% administration fee and a 2% risk premium.
- Substantial Credit Limit: Up to N10,000,000 to cover all educational expenses, including tuition, accommodation, and textbooks.
