Get a Loan to Study Abroad

Need a loan to study abroad?

We’ve Got You Covered! 

There are many options to study at any of our partner schools, colleges, universities at undergraduate and postgraduate levels, through the provision of education finance facility. This is meant to share an option/alternative for students who are really determined to study abroad and think they can afford it’s present and future cost. So if studying abroad is what you so desire and you think you can afford an education loan of this sort, then read on. 

Who can Apply for Loan?
* Parents/Guardians who wish to give their children or wards quality education at foreign higher institutions. Such parent or Guardian will have regular source of income or acceptable convertible collateral (share or landed properties).
* Students who wish to pursue higher education abroad. Such student will be required to have a sponsor (sponsor with convertible collateral). The sponsor shall assume the responsibilities of the borrower.
* Working individuals who wants to pursue any undergraduate or postgraduate course at any of our partner universities abroad.

Process of getting the loan

– Open an Education Account in the Bank or financial institution.
– Some financial institutions require build it up to 10% of the School fees as advised by the school in question. The built up amount attracts interest and is domiciled in a non withdrawal Education Account, held in the Bank or finance company till the completion of academic programme. This built up amount is treated as refundable security deposit. This depend on the choice of Company.
– Apply for an Education Loan that will cover 80% of the following:
School fees, accommodation, maintenance and flight tickets,
-Most loan facilities has a maximum of N5million (Five Million Naira).
Some financial institution gives 100% even without collateral.
Where to Apply
Educraft Consult maintain a list of Banks, microfinance houses and other firms who offer study abroad loan services and their conditions varies. Once you register with us, one of our consultants will offer any assistance required in securing such loans.

Repayment Options
Any of the following repayment option is acceptable;
* Payment of interest and principal monthly over the tenor of the facility.
* Interest element to be serviced monthly, while principal is paid back once as a single bulk payment.
* Interest element to be serviced monthly throughout the tenor of the facility, a moratorium of 6 months after the conclusion of study (during this period, the proceeds of the refundable security deposit in the education savings account can be used to service the monthly interest), then an additional 12 month tenor is given to service both accrued interest and the principal. In effect the tenor of the facility is extended by additional 18 months. This option is only available for postgraduate students.
Options 2 and 3 are only available in cases where the borrower (student or sponsor) is able to provide an acceptable security i.e. where the facility is collateraiuzed. If it is not, then the student/sponsor must service the interest and principal monthly over the tenor of the facility.


The interest rate varies from single digit up to 25% per annual depending on the financial institution and the type of service. Interests are normally spread over the period of repayment.
You have to open the account, make a deposit of 10% of the tuition fee. Then get the loan application form, apply for the Loan, provide all the required documentations, if or when your loan is processed you will have to make a 20% equity contribution of the total sum you will require i.e. (tuition fees, accommodation, air tickets and sustenance)
Equity contribution of 20% is, lets say you need a loan of 3Million Naira, you will have to make a contribution of 20% of that amount 1st, which will amount to N600,000. The actual loan amount is 2.4Million. Please bear in mind that some financial houses do not request for equity contribution before they issue a loan. 
The 10% is based on the tuition only and that’s what you pay first, on opening the account. That fund will be invested on your behalf by the bank’s asset management unit and held in trust till the completion of your academic programme abroad. Also if you chose the repayment option where you are given a 6 month moratorium i.e., a stay on your repayment, the repayment will be serviced during this period, from this money in your account.
So if you want to get this loan; build up the deposit, get a guarantor to apply for the loan and be ready to service the debt over the tenure of the facility.
There are Organizations that offer loans up to #4m  with almost instant approval without collateral or equity contribution. This service is only available to salary earners.
Talk to us right now. At Educraft Consult, we believe that lack of adequate finance should not be a barrier to a life-changing  quality higher education. We have developed solid contact at several financial houses which enables our clients to assess loans to study abroad with ease.
We are here to assist you all the way.