EDFIN TUITION LOAN

Eligibility

1. The applicant and guarantors must be Lagos Resident 

2. Evidence of admission and school fee to pay by the student 

3. Evidence of the scholarship for the student if any 

4. Authorization letter from  the applicant/student to transfer the loan proceeds to the school.

KYC Requirements for the loan applicant and Student 

1. Filled Account opening requirements ( Individual Current Account) 

2. Two passport photographs

3. Utility Bill 

4. Bank Verification Number(BVN) 

5. Means of Identification such as International passport, Driver License, Voter Card, National Identity Card 

6. Two reference form 

7. Admission letter from the accredited and verifiable educational institution.

Loan Applicant 

1. Twelve (12) months bank statement of the loan applicant. 

2. Three(3) Black signed cheque in favour of Edfin MFB 

3. Evidence of monthly income and expenses of the applicant and cashflow of the business if the    loan applicant is business owners 

4. Evidence of place of work and company identity card if employee 

5. Activation of Direct Debit Mandate on the Account of the Applicant 

6. Filled and signed account opening package/loan application form.

Guarantor Requirements 

Guarantor information form filled and signed, guarantors  means of identification and passport photograph, BVN 

1. Two Guarantors to provide their bank statement for 12months 

2. Activation of direct debit mandate on the guarantors account 

3. Three new Cheque  signed  in favour of EdFin MFB by each guarantor.

Collateral Requirements 

1. Cash Collateral deposit of 10% of the loan amount 

2. Movable Collateral   such as home assets of the loan applicant 

3. Three New Cheque Leaves(3) signed in favour of Edfin MFB  by both the loan applicant and the two guarantors 

4. Activation of direct debit mandate in the account of the loan applicant and two guarantor         5. Original document of the loan applicants' personal cars and that of the guarantors vehicles with comprehensive insurance 

6. Empty Land 

7. Landed Property document with COF or Deed of Assignment.