As a student in Ghana, there are private student loans you can access. You already know that a loan is the transfer of funds to another party in return for future repayment of the loan’s principal plus interest.
In this article, we examine Ghana’s private student loans. Do you have higher grades and worry about financing your education? Get an application for admission, and after being accepted into any public or private higher institution, submit it to one of the organizations below to apply for a student loan.
What is a Student Loan?
A student loan is a financial loan obtained from a financial institution to pay for educational expenses, including school and lodging costs.
Private Student Loans in Ghana
There are financial institutions that offer private student loans in Ghana. They include:
1. Bank of Africa Ghana Educational Loan
They offer Bank of Africa Ghana educational loans to employed students of Ghana. These students will have a desire to continue their education but are constrained by money. They offer low-interest financing for the entire student debt.
Bank of Africa Ghana Educational Loan Requirements
The following list shows the Bank of Africa Ghana’s minimum requirements to get an educational loan. This allows you to determine whether you are eligible for the loan.
- You must be older than 21 but younger than 58.
- Both clients and non-customers are eligible for the loan.
- You need to be on their good side and remain unblacklisted.
- Working profitably for at least six months.
- You can always go see them right now to make that wish come true.
2. Trust Fund student loan
This loan is available to Ghanaian students enrolled in a degree program at a recognized institution. It is mostly for undergraduates who cannot meet their financial obligations for their academic demands. This loan will pay for the student’s tuition, housing costs, books, equipment, and other essentials.
Requirements for Trust Fund Student Loan
The institution and programs that the potential applicant offers are the two key factors that determine eligibility for Trust fund student loans. A student must meet the following requirements to qualify for this loan.
- The school of the applicant must be a tertiary institution with Ghana National Accreditation Board accreditation.
- Only for citizens of Ghana.
- Candidates must be Ghana residents who attend local schools.
- Only candidates in need will be taken into account.
- NAB must accredit the programs of applicants.
3. Societe Generale Ghana student loan
Societe Generale Ghana offers student loans. This loan pays the tuition for your ward in part. You will also benefit from taking care of your child’s educational costs. They have a maximum ten-month repayment period. A 150% financial bill is available from Societe Generale Ghana.
Requirements for Societe Generale Student Loan
To get the Societe Generale student loan, you must meet the following requirements.
- Create a Societe Generale account.
- Get at least one month’s worth of pay with the account.
- Evidence of employment
- Provide three payslips in a row.
- To apply, visit any of their branches here in Ghana.
4. Opportunity International Circle Branch
Additionally, Opportunity International provides private student loans. If the amount is less than GH₵1,000 they don’t need a guarantor.
5. HFC Bank loan for students
One of the companies offering student loans is HFC. For Ghanaian undergraduate and graduate students, they provide loans. Students and graduates in Ghana who are already employed have gained from HFC educational loans.s.
Requirements for HFC Loans for Students
There are minimum standards that must be met for you to qualify for a loan. Student HFC loans are not much different from this. The bare minimum specifications for HFC student loans include:
- The HFC Bank must be the applicant’s existing financial institution.
- It must have been at least a year since you started working there.
- You will set up a fixed fee arrangement for the loan repayment if you cannot open accounts with the Bank.
- In the event of disengagement, you must ensure your employers pay entitlements to the Bank.
- A path through an HFC Bank account is required for salaries.
- As proof of debt, applicants must provide the bank with recent school expenses.
- They can pay via bank draft or direct transfer to the school.
6. Social Security and National Insurance Trust
The Social Security and National Insurance Trust is one of Ghanaian government’s departments. They manage the National Pension Scheme. Under their Students’ Loan Scheme, Ghanaian students who are enrolled in and studying recognized courses at higher institutions in Ghana are given loans to help with the cost of their education.
Requirements for Social Security and National Insurance Trust Student Loans
The following are the requirements for Social Security and National Insurance Trust Student Loans:
- Ghanaian students enrolled in tertiary schools that offer recognized courses
- Social Security number that is valid
- Three people who will guarantee loan approvals
- A functioning bank account.
- Approval from the right people in the academic institution
- Two passport photographs
7. ABSA Ghana
The Absa Group owns the Absa bank, and among the services provided by Absa banks are Absa loans.
The Absa Group owns the majority of bank shares in Kenya, Ghana, Botswana, Mauritius, Tanzania, Seychelles, South Africa, Mozambique (Absa and National Bank of Commerce), Uganda, and Zambia. In addition to other locations, they have offices in Namibia, Nigeria, the United Kingdom, and the United States. The corporation also runs insurance operations in Zambia, Botswana, Kenya, Mozambique, and South Africa.
Requirements for Absa Private Student loan
The following are the requirements for Absa Private Student loan:
- Fully filled out application
- You must be an Absa customer.
- You must hold a job that is paid.
- Your account should include at least one month’s worth of salary credit.
- Get a national ID card
- Bank statements for the non-ABSA account holder for the previous six months
- For ABSA account holders, the most recent payslip.
Things to Consider Before Applying for Private Student Loans in Ghana
Before applying for private student loans, you must consider some things. They include:
1. Interest Rates
Before requesting a loan, check the bank’s or that specific financial institution’s interest rate. Interest rates at different financial organizations vary. While some banks charge relatively low-interest rates, others charge hefty rates.
2. Repayment Period
You should consider payback time should also be considered while applying for private student loans. While some student loans have very short terms, others have lengthier ones. They advise you should select the option that is appropriate for your condition.
Other financial institutions in Ghana provide private student loans. These institutions provide these loans to students who are struggling financially. As we stated earlier in this article, it is crucial to consider the interest rates charged by banks before applying. This is because interest rates at different banks vary. Consequently, it’s wise to make informed decisions.