Student loans in Cameroon play an essential part in the educational system. In this age and time, having a quality Education is tantamount to being relevant in society.
However, as a student or parent, there may be instances where you might not be able to meet up with your tuition or your child’s for one reason or another.
There are several financial institutions offering school fee loans in Cameroon. This might be due to some financial constraint or some unprecedented events. You need not worry yourself if you are in this category; help is here. This article covers all you need to know about school fee loans and answers all questions regarding the subject.
What is a School Fees Loan
As the name implies, this is a short-term financial aid that they generally design to provide parents or guardians with a short-term loan to finance their children’s educational needs or wards. This may include school fees, uniforms, meals, books, etc.
Advantages
The advantages of school fee loans include:
- Taking a school fee loan does not restrict you from accessing other types of loans
- The school fee loan helps ensure that your children do not miss school because of your inability to pay their fees.
- It enables you to cater to your children’s needs with no hassle.
- The interest rate of school fees is moderate compared to other loans.
- School fee loans have flexible repayment terms.
Requirements
An application stating the loan amount, its purpose, and authentic sources of repayment.
- A certificate of irrevocable transfer;
- A Certificate of the effective presence or work attendance.
- Your salary is paid into the bank’s current account\
- For employees of the public sector, at least 1 month of service; for employees of the private sector, at least 6 months of service. You may be required to provide a working contract, working certificate, and three last pay cheques.
- You must have been a bank client for at least one month before applying. If employed in the private sector, you must have been a client for at least 3 months
How can I get a Loan
There are several financial institutions offering school fee loans in Cameroon. These institutions could be banks or credit unions.
The financial institutions basically do this to cover for parents, guardians, or students” inability to meet up with their school expenses. Some institutions offering school fee loans in Cameroon are UBA Cameroon, Ecobank, Afriland First Bank, BICEC, etc. Read this list of banks and microfinance institutions that offer this loan service.
Interest Rate
Interest rates for educational or student loans vary across financial institutions in Cameroon. Generally, the interest rates range from 10 to 12%. Amounts from 100,000 FCFA to 2,000,000 FCFA can be disbursed in under 48 hours.
Suggested: International Student Loans in Cameroon.
