Best Private Student Loans in Ghana

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Best Private Student Loans in Ghana

 Looking for the best private loans for students in Ghana? We are here for you. In this article, we are going to take a look at some of the best private student loans in Ghana.

One of the greatest obstacles to students' academic performance in Ghana is school fees. With private student loan, students can be able to cover up to their full school costs.

First of all, let us define what private student loans are. Private students are are loans taken from the bank, credit unions and other financial institutions to pay for college cost rather than the government.

This means that private loans in Ghana are from the banks and other financial institutions rather than The Student Loan Trust Fund (SLTF).

In Ghana, The Student Loan Trust Fund is a public institution established to provide financial aid or loans to students in the country. 

What to consider before applying for private student loans in Ghana

1. Interest Rates

Interest rate of the bank or that particular financial institution before applying for the loan. Financial institutions have different interest rates.

Some of the banks have a very low interest rates while others are high.

2. Payback Period

Another factor to consider before applying for private student loans is payback time. Some of the students loans have a very short duration period while other are longer. It is advisable to go for the one suitable for your condition.

List of banks that offer private student loans in Ghana

1. Bank of Africa Ghana - Educational Loans

It is one of the most popular banks to apply for student loan in Ghana. The bank enables individuals in employment who have ambitions to further their education, access personal loans for that purpose.

Requirements for Bank of Africa - Educational Loan

  1. Applicant must be between the ages of 21 - 58 at the time of application
  2. Employee must have been in employment for more than six months
  3. Proof of employment/Letter from your employer
  4. Statement from your bank to confirm salary credits and transparency
  5. Bill from educational institution

Note : Bank of Africa student loan is opened to both customer and non customer.

2. Society General Ghana Student Loan

Society General offers a short-term consumer loans for students to finance their studies (school fees, school needs, etc.).

Society General payment period is up to 10 months. The bank offers a 150% financial bill. Repayment is flexible.

Requirements for Society General student loan

The list below are some of the requirements to meet before getting Society General student loan.

  1. Applicant must open an account with the bank
  2. Must receive at least a month's salary with the account
  3. Applicant must submit proof of employment
  4. Applicant must also provide 3 consecutive pay slips

Visit any of their branches here in Ghana to apply

3. HFC Bank - HFC Educational Loan 

HFC Educational Loan is a personal loan aimed parents and matured students who are currently working.

HFC Educational Loan Requirements

  1. Applicant must open an account with the bank
  2. Applicant must not be less than 12 months in their present employment
  3. Applicant must also provide evidence of current school bills to the Bank

Visit any HFC branch in the country to apply

4. Trust Fund Student Loan 

The Students Loan Trust Fund is established to alleviate the financial burden of students who cannot afford all their school fees. The STLF is for students who cannot afford their tution fees, accommodation, textbooks etc.

Requirements for Trust Fund Student Loan

Before an applicant apply for the loan, he/she must meet the requirements below

  1. Applicant must be a Ghanaian, and have been offered admission to study in one of the accredited tertiary institutions in Ghana
  2. He/She must have a valid Ghana Card Number
  3. Applicant must also be pursuing a tertiary program such as a diploma or 1st degree and have a Student ID card or admission letter
  4. Also, applicant must also have an active registered mobile phone number, a valid email address and E-zwitch Card 

Conclusion

There are other financial institutions which offer private student loans in Ghana. These institutions offers these loans to students with a financial limitations. As I said earlier, it is always important to consider the interest rate of the banks before applying. Some banks have low interest rates than others. Therefore, it is advisable to choose wisely.

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