The Microfinance Institution’s main purpose of Education Loan is the assist the rural communities for the education of their children. The loan under this category shall be appraised and sanctioned against satisfactory collateral & guarantee based on the following product features;
- Eligibility: Any individual above 18 years of age and Parents of children undergoing education in primary, secondary and tertiary institutions.
- Pursuing education (in-country and ex-country);
- Skill development;
- Purchase of educational equipment such as laptops; and
- Purchase of school uniform, shoes, payment of fees and other related stuffs.
- Rate of Interest: As determined from time to time based on institution’s cost of fund and regulatory norms.
- Tenor: Maximum of 5 years.
- Quantum: Maximum of Nu.500,000.00 (five hundred thousand).