The Nigerian Education Loan Fund (NELFUND) is currently disbursing N20,000.00 monthly stipends for students from all tertiary institutions. The Director of NELFUND has made it known that students are invited to apply for this government loan, which has no interest.
Loan Requirements and Eligibility
To be eligible for the loan, students must fulfill the following criteria:
- In order to be eligible for a loan, students are required to have gained admission into a public Nigerian university, polytechnic, college of education, or vocational school.
- Applicants must submit proof of admission, which includes their name, date of birth, admission letter, JAMB number, matriculation number, and BVN.
- There are no age restrictions for applicants.
- Both new and current students in the mentioned institutions are eligible to apply for the loan.
- Additionally, direct entry students in higher institutions can also apply for the loan, but they must have a JAMB number and a scanned admission letter for new students (which is mandatory) as well as a scanned student identification card (which is optional).
How to apply for NELFUND student loan.
Follow the steps below if you wish to apply for NELFUND student loan:
- To apply for the NELF student loan, visit https://nelf.gov.ng and click on the “Apply Now” button to fill out the application form.
- Alternatively, you can go directly to https://portal.nelf.gov.ng/ and input your personal details on the online registration form.
- Make sure to include information such as your institution’s name, admission or matric number, JAMB number, date of birth, NIN, and BVN.
- Once you have entered all the required details, submit your application to finish creating your account.
Candidates will be notified, and they can check the progress of their loan application in their profile on the platform. Loans approved by NELFUND loan will be distributed within 30 days of the application’s success. There is no need to make any payment before receiving the loan. The zero-interest loan is available to both new and current full-time students enrolled in tertiary education institutions.
Schedule for Repayment
The repayment of the loan is required within two years after the conclusion of the National Youth Service Corps (NYSC). Beneficiaries are required to inform NELFund through a notarized court affidavit every three months after two years following completion of NYSC if they continue to be unemployed. Repayment can commence as soon as the recipient is financially capable, even prior to securing a job. Intentionally failing to meet financial obligations could lead to fines, legal consequences, and potential harm to one’s credit rating.
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