The expense of living is typically the main obstacle to pursuing an international education. In other cases, candidates who received acceptance letters from universities abroad went above and beyond to cover their tuition. Additionally, financial aid frequently fails to materialize. The new school loan scheme from Wema Bank, however, may soon put an end to this problem.
Are you or your child thinking about attending a university abroad but need help with the costs of attendance?
With the new education loan program from Wema Bank, you may now easily and stress-free finance your academic goals.
Together, Wema Bank and MOD Group
This new loan program from Wema Bank in partnership with MOD Group (An Education Advisory Organization) offers up to N5,000,000 in school fees up front to finance the payment of school fees for primary, secondary, and undergraduate/postgraduate education both in Nigeria and abroad over a 12-month tenure.
Education loan
Who May Participate in This Educational Loan Program?
If your child has a Royal Kiddies or Purple Account or if you have been appropriately referred by MOD Education Nigeria Limited, you may be eligible to apply for this loan as a parent.
All paid employees, independent contractors, Wema Bank employees, self-employed individuals with reliable sources of income, and staff members of accredited organizations are eligible to apply as parents or guardians.
Your child does not need to have a Royal Kiddies or Purple Account to be eligible for this loan. However, if you have a children's account with Wema Bank, you can receive a discounted rate of 3% off the usual rate.
Education loan
Is a Wema Bank account required in order to access the advance payment for school fees?
No, if a parent does not have an account with Wema Bank or if the salary cannot be domiciled, you must have an irrevocable standing order from the customer's bank where the salary is paid or postdated checks in place.
Benefits Of The Partnership Between Wema Bank And MOD Group Education Loans
• Supports the intention of the parent or legal guardian to give their child a top-notch education.
• Having the resources to cover a child's or ward's education up front.
• Security is not required.
• An easy process for renewing loans; • Flexible terms for payments.
• A reduction of 3% in interest rates for loans based on activities in the Royal Kids/Purple account.
education loan
One of the documents required to submit a loan application is the correctly completed School Fees Advance Application Form.
• A letter of introduction from the employer confirming the employment status of the parent or legal guardian.
• School Fees Invoice: to determine the exact sum required
• A form of identity, such as a driver's license, passport, or national identification card
• The latest three months' worth of pay stubs.
• For clients whose salary accounts cannot be or are not domiciled with Wema Bank, a statement of account for the previous six months.
• A contract that the Bank, the MOD, and the applicant have all signed (if the request is made under the MOD partnership).
If you have any queries about how to apply for the loan or anything else related to applications for abroad study, get in touch with a MOD Education Abroad Education Specialist.
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