As a young Nigerian student, traveling abroad to pursue a degree could seem like a fantasy due to so many reasons. The most obvious is that most students and their parents/guardians are not financially able to meet up with the education bills of getting a degree outside Nigeria.
This is why Wema bank, in partnership with MOD Education launched a study abroad loan program in 2021 to assist young Nigerians who wish to study abroad. The program was tagged the Education Advisory Service but is popularly called the Wema Bank Study Abroad Loan.
In this program, interested students can get loans of up to 10 million naira to pursue a degree in countries like Canada, UK, US, Ireland, Australia and many other European countries. Want to know what it takes to apply for the Wema Bank Study Abroad Loan? Well, let’s find out!
Who can Apply?
Before you can apply for the Wema Bank Study Abroad Loan, you must first confirm if you meet the eligibility criteria. If you are considered eligible, then you can go ahead with your application. Let’s check out the application requirements.
To apply, candidates must:
- Be a Nigerian citizen and have a NIN slip, National ID, Driver’s license, or Voter’s card to prove their identity.
- Have an international passport ready for travel.
- Have received admission from any of the program’s partner institutions. If you haven’t, then you must have sent your admission application to them.
- Must have an O’ Level, Bachelor or Masters certificate, depending on your level of study.
- Have a letter of introduction to determine the employment status of your parent/guardian.
- Submit an invoice of school/tuition fees.
- Present an irrevocable letter of domiciliation from the employer.
- Have a proof of address e.g. an utility bill.
- Submit a 6-month salary statement of account.
Do you meet almost the requirements for application? If yes, you should proceed with your application immediately and submit all necessary documents for processing.
How to Apply
Applying for the Wema Bank Study Abroad Loan is quite easy. Applicants just have to fill a form, submit the necessary documents and wait for a reply from the loan committee.
To apply for the Wema Bank Study Abroad Loan:
- Proceed to the loan application portal
- Fill out the necessary information with your name, email address, and phone number
- Next, select your highest academic qualification
- After that, tap “I WANT STUDY LOAN”
Just like that, you have indicated your interest in the Wema Bank Study Abroad Loan. You will receive an email telling you that your loan application is under review and you will be notified when it is completed.
Wait patiently for the review. The next email will provide you with an application link where you can complete your application and submit the necessary documentation.
Approved Partner Institutions
The Wema Bank Study Loan cannot be used in every international institution, except institutions that the program has partnered with. Approved partner institutions include:
- Lancaster University
- Berlin School of Business and Innovation
- University of Worcester
- University of Limerick
- Alexander College
- University of Tasmania
- University of Aberdeen
- Birmingham City University
- University of Southampton
- University of Dundee
- University of Hertfordshire
- London South Bank University
- International Business School Budapest
- Carleton University
- University of Stirling
- Saskatchewan Polytechnic
- Middlesex University
- University of Strathclyde
- Webster University
- Kent State University
- University of Law
- University of Leeds
- York St John University
- University of Wolverhampton
- The University of Sheffield
- Loughborough University
- University of Plymouth
- EU Business School
- Coast Mountain College
- De Montfort University
- Swansea University
- Anglia Ruskin University
- Westerfield College
- University of Bradford
- University of East London, etc.
Actually that’s not all. There are many more approved partner institutions for the Wema Bank Study Abroad Loan and you can check them here. If you find the school you have applied to there, then you are good to go. Go ahead and submit your loan application.
If you want a loan to study at an institution that is not listed on the page, you can send an email for help.
FAQs on Wema Bank Study Abroad Program
How does the repayment work?
Before applying for and getting a loan in the program, it is important that you know and fully understand how the repayment process works. This way, you don’t get confused and feel cheated when it is time to repay your loan with interest. Thankfully, the loan repayment for the Wema bank study abroad is quite simple.
Equal monthly repayments or bullet repayments consisting of principal and interest which shall not exceed 30% – 60% DSR (Debt Service Ratio) of parent’s/guardian net monthly salary.
As a parent, must I have a Wema bank account to access the school fees advance package?
Fortunately, No. Whether you are a parent or guardian pushing a loan application for your child or ward, having an account with Wema bank is not a requirement. Non-customers are very much welcome to participate.
However, in the place where a parent does not have a customer account or salary domiciliation account with Wema bank, they must satisfy other requirements. There must be an irrevocable standing order from your bank where salary is paid, or post-dated cheques.
As a parent, can I access the facility for my child/ward already schooling abroad?
If your child or ward has already started schooling outside the country, it is still possible that you can access the loan facility on their behalf. However, they must still fulfill all the application requirements before they can be considered eligible.
One of these is that they must currently be studying at a partner institution with the Wema Bank Study Abroad Loan.
I have part of the school fees, can the bank finance the rest?
Students and parents send in this particular question regularly. There may be cases where you have part of the school fees with you and need help with the rest. In this case, Wema bank can definitely support you with the rest.
Your repayment terms will be calculated based on the principal you have received for your studies and not the total amount you are eligible to receive.
How does the school receive the school fees?
After application, candidates are considered for the loan and successful applicants are notified immediately. However, the funds are not disbursed directly to beneficiaries, but sent directly to the school on behalf of the parent/guardian.
Since the purpose of the loan is for education, it is important that the program ensures the loan is not used for any other purpose.
Can an individual apply to study abroad?
Loan can only be availed to the parent/guardian or sponsor of the individual except in cases where the individual has an existing business with a viable cashflow that can meet monthly repayment on the loan.
Note that the loan is not a student loan but a study loan to be available to parents/guardians/sponsors whose child/ward is seeking to study in any of the partnered universities.