How to Apply for a Student Loan in University of Maiduguri “UNIMAID”

It is perfectly normal for a student to be low on funds. Sometimes, you do not have enough money to pay school fees, accommodation fees as well as other fees. As a student of UNIMAID, you might have decided to go for a loan. Today’s article will give you adequate information on How to Apply for a Student Loan in UNIMAID “University of Maiduguri“.

How to Apply for a Student Loan in UNIMAID

As a student, you can take loans to pay for certain fees in school as much as you can pay back. In this article, you will learn some of the places you can get loans as well as how to apply for these loans.

What Type of Loans can a UNIMAID Students Apply for in Nigeria

As a UNIMAID student, you can apply for loans from any of these sources.

  • The Federal Government Loans: The federal government of Nigeria has loans that university students can apply for. The Student Loan is to help students pay fees in school and they have very little interest rates.
  • Bank Loans: There are banks that offer loans to Nigerian students. While some of them are Microfinance banks like LAPO with high interest rates, others are like Access Bank Student Loans.
  • State Government Loans: You can apply for loans from the government of your state if they have an education loan facility.
  • Private Loan Facility: As a UNIMAID student, there are private lenders that can offer you loans. You should however note that their interest rates can be high as it is a private business.

Eligibility Requirements to Apply for Loan as a UNIMAID Student

To be eligible to apply for any of the above loans;

  • You must be a student of the University of Maiduguri
  • There should be no criminal record against you
  • You must not have been convicted of examination malpractice, fraud or any act of felony in the school
  • There must be proof of financial desperation from you
  • It is pertinent that you have a good academic record

There are also other requirements that only the loan facility might give out to you. However, these are the necessary requirements that you must meet in other to apply for a loan.

Documents Required for the UNIMAID Student Loan Application Process

The necessary documentation that is needed are;

  • A reference letter from a professor or lecturer of UNIMAID
  • Two or more passport photographs
  • Also, you will need to provide a valid means of identification like your NIN
  • Your guarantor’s letter (in some cases you might need two guarantors)
  • Bank statements as well as the employment status of your guarantor(s)
  • Proof of enrollment as a student of UNIMAID
  • A completed application form

These are the necessary documents needed to apply for a loan. Bear in mind that each loan facility has the required documents needed for the application.

Loan Application Process for UNIMAID Students

The simple application process is as follows;

  • Submit your completed application form via your bank, the application portal or in person
  • Add copies of the required documents to your submitted application form
  • Follow all other instructions given to you on any of the facilities you choose to use.

After applying, the next step is to wait as your loan status will be updated once it is received and the facility has funds to disburse.

Alternatives to Loans for UNIMAID Students

In the situation that a loan does not work out, you can try any of the following;

  • Apply for federal government as well as state grants
  • Have a part-time job. You could search for legit online jobs that pay students
  • You can start a mini business of your own either online or offline
  • Apply for scholarships

Conclusion

The information above will help you in applying for a loan as a UNIMAID student from any loan facility that you choose. Also, it also provides alternatives to loans as a student in Nigeria.

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