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(2) passport photographs
3. Utility Bill of last 3 months
4. Bank Verification Number(BVN) of the applicant
5. Valid 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.
1. Twelve (12) months bank statement of the loan applicant.
2. Three(3) Blank 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 information form filled and signed, guarantors means of identification and passport photograph, BVN
1. Two(2) Guarantors to provide their bank statement for 12months
2. Activation of direct debit mandate on the guarantors' account
3. Three(3) new Cheque signed in favour of EdFin MFB by each guarantor.
1. Cash Collateral deposit of 10% of the loan amount
2. Movable Collateral such as home assets of the loan applicant
3. Three(3) New Cheque Leaves signed in favour of Edfin MFB by both the loan applicant and the two(2) guarantors
4. Activation of direct debit mandate on the account of the loan applicant and two(2) guarantors 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.
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