By Joseph Erunke, ABUJA
Repayment of loans obtained from the Nigerian Education Loan Fund, NELFUND, has been capped at 10 per cent of a beneficiary’s gross monthly income, with the arrangement designed to ensure that graduates do not face excessive financial pressure while repaying their education loans. Below is ahow to apply.
Read Also: NELFUND: Student loan repayment capped at 10% of graduate’s gross income
To apply for the NELFUND student loan:
*Visit the Nigerian Education Loan Fund Portal, click “Apply Now,” verify your JAMB and NIN details, complete your profile with your BVN and school matriculation number, and submit your request for institutional fees or upkeep loans.
Registration and Verification
*Go to site: Open the Nigerian Education Loan Fund Portal and click Apply Now.
*Enter numbers: Provide your National Identification Number, NIN, and JAMB registration number.
*Confirm details: Select your public tertiary institution, input your matriculation number, and verify your date of birth.
*Create account: Enter your email address, set a secure password, and click the verification link sent to your email.
Completing Your Profile
*Personal info: Log in and add your current phone number and residential address.
*Bank info: Input your Bank Verification Number, BVN, and standard commercial bank account details (note that microfinance or digital-only fintech wallets like OPay or Moniepoint are typically not accepted).
*Save details: Save your completed profile information before proceeding to the loan request.
Submitting the Loan Request
*Select loan type: Click Request for Student Loan. Choose institutional charges (tuition) first; note that an upkeep stipend loan requires you to apply for the institutional charges loan as well.
*Upload documents: Upload required files, such as your admission letter.
*Review and submit: Check the declaration, agree to the terms and conditions, and click Submit Application.
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