The number of students opting for study abroad has increased exponentially in the past two decades. Also, there is a drastic increase in the number of students opting for overseas education loan due to increase in the expenses of quality education abroad. Today there are numerous lenders offering loans to students. Education Loan from Adims Credit and Investment Limited is also available for students wanting to study abroad. The following general requirements are needed, when applying for a study loan, you must keep in mind the following criteria:

• A co-applicant is a must ( could be parents, a sibling or a spouse )
• For loans between N500,000 a third party guarantor is required
• Collateral needs to be provided for student loans above N250,000
• Loan repayment commences after students departure
• If a student goes abroad, lender recovers the remainder from co-applicant
• Lenders have their own criteria developed for the upper limit of the loan, the interest rate to be charged and the period and mode of repayment.
• Lenders usually have some pre-approved courses and institutions and usually sanction education loans on the basis of the quality of the institution, relevance of the course to career options, credit worthiness of the guarantor or co-applicant.

Documents Required | Study Abroad

• Last studies Transcript
• Proof of admission to the course
• Schedule of expenses for the course
• Copy of letter confirming scholarship, if any
• Two passport size photographs
• Statement of borrowers bank account for last six months
• Income Tax assessment order not older than two years
• Brief statement of Borrowers Assets and Liabilities
• Proof of identity and residence
• Application Form and Photographs
• Income Documents of parents/guardian
• Collaterals in the form of FDs / Immovable Property