Repayment of loans obtained through the Nigerian Education Loan Fund, NELFUND, has been capped at 10 per cent of a beneficiary’s gross monthly income.
The arrangement is intended to prevent graduates from facing excessive financial pressure while repaying loans obtained to support their education. For students and eligible applicants seeking funding, the application process begins through the NELFUND portal.
Applicants are required to access the Nigerian Education Loan Fund portal and select the “Apply Now” option. They will then need to verify their JAMB and National Identification Number, NIN, details before proceeding with the application. The application process can be completed in three main stages: registration and verification, profile completion, and submission of the loan request.
Applicants should first visit the NELFUND portal and click on “Apply Now.” They will be required to provide their NIN and JAMB registration number. The applicant should then select their public tertiary institution, enter their matriculation number and verify their date of birth.
After providing the required information, applicants will enter their email address and create a secure password. A verification link will subsequently be sent to the registered email address, which must be activated before the applicant can continue.
After verification, applicants should log into their accounts and complete their personal information. This includes providing a current telephone number and residential address. Applicants must also enter their Bank Verification Number, BVN, alongside their commercial bank account details.
Applicants should ensure that the banking information provided is accurate before saving their completed profile. The application guidance indicates that applicants should use standard commercial bank accounts rather than relying on microfinance or digital-only fintech wallets.
Once the profile has been completed, applicants can select “Request for Student Loan.” Applicants seeking funding for institutional charges should select the relevant option for tuition and other approved institutional fees.
Those seeking an upkeep stipend should note that an institutional charges loan must also be requested. Applicants will then be required to upload relevant supporting documents, including their admission letter where applicable. Before submission, applicants should carefully review the information provided and confirm the declaration.
They must also agree to the applicable terms and conditions before clicking “Submit Application.”
The application process therefore requires applicants to provide accurate identification, school, personal and banking information before submitting their requests for consideration. The NELFUND student loan scheme is designed to provide eligible students with financial support while the repayment structure seeks to limit the burden placed on beneficiaries after graduation.
