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Education Loan

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A dedicated financing solution for private schools to meet their cash flow needs, fund renovations, or purchase critical school assets like generators and buses. Whether you're bridging a funding gap before term fees come in or scaling up, Plug MFB has you covered.

01

Apply Online

Submit your loan request directly on the Plugbank website with basic school and financial info.

02

Get Call Back

A Relationship Manager will contact you to verify documents and discuss your funding needs.

03

Process Your Request

Upon approval and document verification, funds are disbursed directly to you or to your Plug MFB account.

Security & Insurance

We secure your loan with the financed asset itself. All assets must be

Domiciliation of school fees or collection mandate

Personal guarantee by the school promoter

Chattel mortgage or charge on financed asset

Insurance: Financed assets must be insured in Plug’s name

  • Who Can Apply?

    To apply for a Loan

    • Have operated for at least one academic year
    • Are registered with CAC
    • Have a track record of termly school fees collection
    • Are recognized or licensed by a government education body

  • Eligibility to Apply

    To apply for a Loan

    • CAC registration and school license
    • School bank statements (last 12 months)
    • Valid ID of school promoter
    • Loan application form
    • Letter of request
    • Board resolution (if LLC)
    • Guarantor documents (if applicable)
    • School fees receipt or enrollment records
    • Proforma invoice (for asset purchase)
    • Insurance documentation (asset finance only)

  • Loan Terms

    To apply for a Loan

    • Loan Amount: ₦200,000 – ₦10,000,000 (≤50% of termly/annual fees)
    • Tenor: Up to 12 months
    • Interest: 4% flat monthly
    • Fees: No management fee (Term Loan & Overdraft)
    • Repayment: Termly or upon next school fees collection
    • Down Payment (Asset Finance): 30% of asset cost
    • Repayment Channels: Mono, Remita, Cheques, Direct Debit

  • Loan Options

    To apply for a Loan

    • Overdraft: Short-term cash flow support for payroll, bills, etc.
    • Term Loan: School upgrades, facility expansion, renovations
    • Asset Finance: Generators, school buses (from approved vendors)

Send Your Request &
Get Call Back

Fill all the necessary details and Get call from experts.