First Bank Loan For Private School Owners In Nigeria
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First Bank Loan in Nigeria for Private School Owners (2023)

Are you a proprietress or a proprietor of a school, be it a primary or secondary school but don’t have enough funds to finance your school? If yes, then there is a solution to your school’s financial constraint, and it is called the first bank educational loan. This loan is given to proprietors and proprietress of primary and secondary schools.

Having said that, in today’s article, we are going to discuss all the necessary requirements for the loan, the eligibility criteria of the loan, and the documents applicants are to present to the bank. In fact, you will get full details of all the information you need to access this loan, so I employ you to read this piece to the end.

First Bank Loan For Private School Owners In Nigeria

About First Bank 

First Bank Limited Nigeria is a leading financial institution that has been in operation for over 126 years. It is the African premier bank. The first bank has over 750 business locations and 30 million customers spread all over the 774 local governments of Nigeria. Its banking agents have also grown to the tone of about 86,300. First bank branches are all over the world, in Nigeria alone it has spread so much that almost every corner is first bank. It is a bank with prestige.

The Bank has international subsidiaries, ranging from:

  • London
  • Paris,
  • The Republic of Congo,
  • Ghana,
  • The Gambia, 
  • Guinea, 
  • Sierra-Leone
  • Senegal, 
  • Representative Office in Beijing.

About the Loan

What do you know about the loan? The First Edu Loan is designed to provide funding to schools that have financial challenges in running their schools. This includes facilities that the schools need to run a smooth citadel of learning. The loan is available to all schools nationwide in order to help schools improve the quality of education in the country.

This is to help school proprietors and proprietresses take off workload and financial constraints that hinder the growth of the school and staff. It is true that the loan is for all schools in Nigeria,  but it is specifically for primary and secondary schools, First Edu Loan is designed for the following:

  • To fund the schools’ working capital
  • For running logistics, 
  • For staff hiring, 
  • And environment improvement,

Loans at Glance

The target of First Bank is to disburse financial assistance at the tone of ₦5B intervention fund targeted at primary and secondary schools, small scale businesses can also apply for the loan.

Donor: First Bank

Recipients: Primary/Secondary schools Proprietresses and proprietors

Other Recipients; Small business scale owners

Interest Rate

The fixed interest rate is at 9% per annum 

Loan Tenure

For Loans less than or equal to N1 million, the duration is Twelve (12) months

For loans greater than N1 million, it will be Twenty-four (24) months

Loan Amount

The maximum amount of loan that First Bank will give is N5 million.

Documents Required

As a prospective applicant of the first bank educational loan, there are certain documents that the bank will require from you, for you to be considered for the loan, and that is what our focus will be in this section. The documents you are to present to the bank are as follows:

  • Must show evidence that your school has been approved by the government 
  • School Memorandum (if need be)
  • Articles of Association – MEMART (if need be) 
  • Documents validating the period of your school in operation
  • Documents validating the number of students you have in your school.
  • Any other documents on demand by the bank

First Bank Education Loan Features

There are several features that the first bank loan comes with, and in this section, we are going to list them all for you. Now let us look at some of the features you are expected to see, know, and understand about the first bank education loan. 

  1. Only available to Corporate Affairs Commission (CAC) registered businesses.
  2. The maximum amount that can be given is N20 million
  3. The loan last between 90 to 120 days
  4. Schools that are not duly registered with Corporate Affairs Commission (CAC) can only access N2 million
  5. This loan can be used for the purchase and lease of school buses
  6. Having a good prior relationship with the bank is also an advantage
  7. The limited number of students in the school must not be less than 100 but can be more.

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FirstEdu Loan Application Procedure

In this section, we are going to focus on the process of how to apply for the first bank educational loan, so if you want to apply for the first bank education loan, then follow this step-by-step procedure on how to apply for a First Edu Loan. 

To download the First Edu Loan, CLICK HERE 

  1. Ensure that you fill out the form for downloading the loan correctly
  2. Submit the loan application form to any first bank branch.
  3. Submit all the necessary documents 
  4. After that wait for the application to pass through the process of scrutiny
  5. Then your disbursement will take place

Frequently Asked Questions

What documents are required for the First Edu Loan?

The documents by the bank include the following: 

  • Government approval to operate the school
  • Evidence of the number of students 
  • The school’s CAC documents
  • Other bank(s) statements 
  • School’s management profile
  • The school’s cash flow

Who can apply for First Edu Loan?

  • A school of at least 100 students
  • A school with a cordial relationship with the bank
  • A school duly registered with CAC

How much can First Bank Edu Loan be?

You can get N20 million naira only, based on terms and conditions 

Is wholesale business eligible for the loan?

Only small-scale and medium-scale businesses

Can any level of the school apply?

No. The levels of schools that are eligible to apply are those in the 

  • Pre-primary schools
  • Primary schools 
  • And secondary schools


That is about the first bank education loan for private primary and secondary proprietors and proprietresses. Also, remember that small-scale and medium-scale businessmen and women can also apply for loans. Thank you for reading the article, we appreciate you. Please don’t forget to drop your comments or ask us questions where you don’t understand. Thank you.

Amos Nya
Amos Nya is a Digital (SEO) Content Developer at Legit School Info is a team of Resource academicians and Consultants led by John Akpan. However, If you need personal assistance on this topic, kindly contact us.

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