“All full-time students are eligible for the loan but only applicants will benefit from the loan,” NELFUND said.Applicants for the student loan scheme will have their funds disbursed within 30 days of approval of successful applications.
This is even as the much-awaited loan scheme commenced on Friday, May 24, signaling the formal take-off of the initiative.
The website (www.nelf.gov.ng), which went live at midnight Friday, is expected to benefit 1.2million students from federal government-owned universities, polytechnics, colleges of education and technical colleges in the first phase of the scheme, while those of state-owned tertiary institutions will be announced in due course.
In a Frequently Asked Questions posted on the Fund’s official X handle, it also revealed that part-time students and Direct Entry students without JAMB Numbers are ineligible to apply.
While revealing that the zero-interest loan is open to new and existing full-time students in tertiary institutions, the agency said applicants are required to input specific personal details that include: name of institution of study, admission number, JAMB Number, Date of Birth, National Identity Number (NIN) as well as Bank Verification Number (BVN).
They are also expected to upload scanned admission letter for new students as well as student identification card.
“NELFUND will disburse within 30 days of approval of successful applications.”
On how the loan repayment process works, NELFUND said, “10 percent of the beneficiary’s salary will be deducted at source by the employer. Self-employed beneficiaries are required to remit 10 percent of their monthly profit to the Fund.
“You are at liberty to seek to repay beyond the statutory 10 percent monthly repayment by your employers/by self if you are self-employed”.
At a Pre-Application Sensitisation Press Conference in Abuja on Monday, Managing Director/Chief Executive Officer of the Fund, Akintinde Sawyerr, stated that one of the key features of the programme is absence of physical contact between the loan applicant and the Fund.
According to the Managing Director, the portal provides a user-friendly interface for students to submit their loan applications conveniently.
Sawyerr said only students whose institutions have completed and uploaded their students’ data on its website would be eligible to apply.
He, however, did not disclose the number of institutions yet to submit students’ data, insisting that he would not engage in naming and shaming.
Meanwhile, the National Association of Nigerian Students (NANS) has accused ‘several tertiary institutions’ of failing to submit data of students to NELFUND to enable them (students) apply for the loan facility.
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