Last Updated on August 18, 2021
Student Loans in Ghana: A lot of students are really wondering where they can get money to go back to school due to how things are in the country today. Numerous questions are running through their minds and it seems they can’t find a lasting solution to it.
Well, in every situation there is always a way out. So, in this article, you will be given detailed information on Student Loans in Ghana.
Table of Contents
Student Loans in Ghana
What Is A Student Loan?
A student loan is designed to help students pay for education and its associated fees. This loan differs from other kinds of loans in the sense that the interest rate is relatively lower, and the repayment schedule is much more flexible.
How to Get Student Loans in Ghana
Financial institutions like banks offer study loans. However, before settling on one, you should be conversant about the terms that the financial institution is offering. It would also be prudent to go with the one with favorable interest rates. Being knowledgeable on the repayment plan is also essential.
Top Banks That Offer Student Loans in Ghana
1. Bank of Africa Ghana – Educational Loan
The Bank of Africa Ghana student loan is referred to as Educational Loan. They also extend their loan service to Ghanaians who are employed but have a dream to further their studies. The Bank of Africa also offers personal loans to students in Ghana. Interestingly, finance student loans 100%.
However, students must be eligible for the loan. According to the Bank of Africa Ghana official page, students must meet the following criteria:
- You need to be above the age of 21 years, but below 58 years of age.
- You need to have a good record and not blacklisted.
- You can get the loan by being either their customer or non-customer.
- You need to have an employment period of at least 6 months.
2. Societe Generale Ghana
Societe Generale Ghana provides students with loans that will help them cater for their education expenses. It is one of the financial institutions in Ghana that provides fast loans for student emergency fees. Parents can access this loan facility to finance their children’s school fees. Their loan repayment has a grace period of 10 months.
Here Are The Requirements To Access This Loan
- You must be an account holder with the Societe Generale Ghana and received at least a month’s salary.
- You need proof that you are employed by providing 3 payslips, which are consecutive.
3. HFC Bank Ghana- Educational Loan
The HFC Bank is among the financial lending institutions that offer loans to graduate students in Ghana. Both graduates and mature students can benefit from the HFC loan system to further their studies. Their interest rate for student’s loan is low.
Here Are Some Requirements To Access This Loan
- You have to open an account with the HFC Bank and maintain it.
- The graduates have to prove that they have worked in a period of not less than 12 months and the salaries deposited in their account.
- They have to prove that they did not have debts by presenting their school bills.
There you go details of student loans in Ghana. We hope you found this information helpful? Please feel free to share this with your friends and colleagues.
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