A loan is giving out money, property, or any other material to another in exchange for repayment in the future of loan value with interest. A student loan is securing a money loan from a financial institution to sort out your educational Bill, especially school fees and accommodation fees.
In this article, we take a look at the private student loans in Ghana. Do you have better grades and are worried about your educational fund? Get your admission form and once you’re admitted into any public or private tertiary institution and apply for a student loan in any of the following institutions.
PRIVATE STUDENT LOANS IN GHANA
HFC Bank loan for students
HFC student loan is among the student lending institutions. They offer loans for undergraduate and postgraduate students in Ghana. Many Ghanaian graduates that are working already and students have benefited from HFC educational loans.
Requirements for HFC loans for students
For every loan, there are minimum requirements that make you eligible. HFC loans for students are no different from this. The minimum requirements for HFC loans for students include:
- Applicants must have and maintain a current account with the HFC Bank.
- You must have been in their employment for not less than 12 months.
- In case you cannot open accounts with the Bank, you will set up a standing order arrangement for the loan repayment.
- You must ensure your employers remit entitlements to the Bank in the event of disengagement.
- Salaries must be a route through an HFC Bank account.
- Applicants must present current school bills to the bank as indebtedness evidence.
- They may make payment through direct transfer to the school or bank draft.
Bank of Africa Ghana–Educational Loan
Bank of Africa Ghana educational loan is for employed students of Ghana. These students must have a dream to further their studies but face financial limitations. They finance the student loan 100% with a low-interest rate.
Requirements for Bank of Africa Ghana-Educational loan
The list below shows the minimum requirements for an educational loan for the Bank of Africa Ghana. This enables you to know whether you qualify for the loan.
- You must be above 21 years, but below 58 years of age.
- The loan is open to both customers and non-customer.
- You need to have an outstanding record with them and not be blacklisted.
- Gainfully employed for at least 6 months.
You can always visit them today to make that dream a reality.
Societe Generale Ghana student loan
Societe Generale Ghana provides student loans. This loan helps you pay your ward’s tuition fees. It is also helpful for you to cater to your child’s education expenses. Their repayment period is up to 10 months. Societe Generale Ghana offers a 150% financial bill.
Requirements for Societe Generale student loan
Below are the minimum requirements you need for the Societe Generale student loan.
- Open an account with the Societe Generale.
- Receive at least a month’s salary with the account.
- Proof of employment.
- Provide 3 consecutive payslips.
You can visit any of their branches here in Ghana to apply.
Trust Fund student loan
This is a loan for students in Ghana who are undergoing a degree programme in an accredited institution. It is basically for undergraduates who cannot afford their financial needs regarding academics. This loan covers tuition fees, accommodation, textbooks, equipment and other major needs of the student.
Requirements for Trust Fund student loan
Eligibility for Trust fund student loans mainly depends on both the institution and programmes the prospective applicant offers. To get this loan the following must be considered.
- Applicant’s school must be a tertiary institution accredited by Ghana National Accreditation Board.
- For Ghanaian citizens only.
- Applicants must live and school in Ghana.
- Only needy applicants will be under consideration.
- NAB must accredit applicant programmes.