Accion Microfinance Bank
School fee loan
Img

Let's Help You Pay Your Children's School Fees Easily

Our School Fees Loan offers parents and guardians a seamless process to secure quick and easy loans through our website or the AccionMonie App to facilitate school fees payment.

Arrow
Happy

500+ happy Parents & Guardians

Intro Img
Divider

How Does It Work?

We provide a quick and convenient financial solution for parents and guardians in need of urgent funds for school fees payments. Here's how it works;

face icon

Apply In 5 Minutes

  • Easy application
  • Zero paper work
  • No collateral or guarantor required
face icon

Low Interest Rates

Our School Fees Loan comes with a fixed low-interest rate of 5%, to ensure your are not burdened with high charges.

face icon

Flexible Repayment

We offer a personalized and flexible repayment plan that suits your budget, ranging from 1 to 4 months.

Arrow

Seamless Application Process

Quickly secure the funds you need for your children's school fees with these easy steps

Verify your BVN

To get started, provide your BVN and basic personal information. This helps us verify your identity securely, ensuring a smooth application process.

1

Link your bank statement

You'll need to link your bank statement, which enables us to assess your financial eligibility to determine your creditworthiness

2

Get a loan offer

After approval, you will get a notification of your pending offer amount, which when accepted is directly transferred to the school accounts you've specified during the application.

3

Need More
Help?

Help img
What is school fees loan +
The School Fees Loan Product is a short-term financing solution tailored for the payment of school fees. It offers a seamless and efficient process for parents and guardians to secure loans through our mobile app or USSD channel. The product is poised to set new standards in financial accessibility and user experience, enabling customers to manage their school fee obligations conveniently and confidently.
Who is the school fees loan for? +
The school fees loan is designed for parents with urgent financial needs. Whether it's for personal expenses, emergencies, business needs, or other financial obligations. We assist them by providing a school fee loan that allows them to pay for their wards' school fees when due and pay back conveniently over a period of time.
How to access the school fees loan ? +
You can access the School Fees loan by taking the following steps:
  • Dial *572*55#, you will receive an SMS with a link to the application form via the Accion website.
  • Click on the link to get started, fill out the application form, and upload all necessary information and documents.
  • After you receive your loan offer, you can either accept or decline the offer. OR
  • Download the Accion Mobile App on Play Store / Apple Store.
  • Click on ‚??‚??Loans‚??‚??, click on the ‚??‚??School fees loan‚??‚??
  • Fill all the necessary information and upload the school fees receipt/ invoices
  • Input your desired loan amount and loan tenure.
  • You will receive your loan offer within minutes.
  • Upon acceptance of the loan offer, the School fees loan will be disbursed into the respective school account number directly.
  • What is the minimum and maximum loan amount I can apply for? +
    The minimum loan amount is N50,000, while the maximum loan amount you can apply for is N500,000
    What is the credit assessment process? +
    To ensure responsible lending, we conduct a comprehensive credit assessment. You'll need to upload your bank statement, which will be used to evaluate your creditworthiness.
    What if my children are in different schools; Can I still apply for the School fees loan? +
    Yes, during the loan application you can choose up to 3 schools your children attend where the school fees loan will eventually be disbursed.
    What is the minimum and maximum tenure for the loan? +
    The loan tenure ranges from 1 month to 4 months.
    What is the interest rate for the School Fees loan? +
    The School Fees loan has a fixed interest rate of 5%.
    What are the eligibility criteria to apply for the School Fees loan? +
    Customer must be a parent who is a business owner, civil servant, or salary earner. Must have:
    • BVN
    • A running bank account or salary account with another bank, as this will be uploaded during the loan application to determine customer‚??s credit worthiness.
    • An active Debit card
    What information do I need to provide during the application process? +
    You'll need to provide your BVN, loan amount, tenor, number of dependents, school name, and school address, and upload supporting documents such as school fees invoices, or letters. Additionally, you'll need to provide your school's account number and account name as the fund is directly disbursed into the school‚??s account.
    Do I need to have a SaveBrighta account to apply for the loan? +
    Yes, having a SaveBrighta account is a prerequisite for applying for this digital loan. If you don't have one, you can easily create an account during the loan application process.
    Can I prepay the loan before the tenure ends? +
    Yes, you can prepay the loan at any time before the tenure ends. However, please note that the interest will be calculated based on the actual duration of the loan utilized.
    What happens if I miss a loan repayment? +
    If you miss a loan repayment, additional fees or penalties may be applicable. It is important to ensure timely repayment to avoid any negative consequences. If you skip repayment entirely, you may be blacklisted and it could be very hard for you to get a loan in the future.
    Is there an option to extend the loan tenure? +
    No, the loan tenure cannot be extended beyond the initial chosen duration. It is important to select a tenure that suits your repayment capabilities.
    Can I apply for another loan after repaying the current one? +
    Yes, once you have successfully repaid your current loan, you are eligible to apply for another loan if needed, subject to meeting the necessary criteria.
    Are there any additional fees or charges associated with the loan? +
    Apart from the interest charged on the loan, there are no administrative or hidden charges.
    How long does the application process take? +
    The application process is designed to be efficient. The time it takes from initiation to disbursement varies, however, it takes 24 hours for the fund to be disbursed into the recipient school account
    What happens after I submit my application? +
    After submitting your application, our back-office team reviews it. If necessary, we may engage with you to clarify details. Once your application is approved, we trigger the disbursement to the appropriate school accounts.
    How will I know if my application is approved? +
    Our team will reach out to you to communicate the outcome of your application. If approved, we'll proceed with the disbursement process and send you evidence of the payment.
    Do I need documents or collateral? +
    No document, no collateral! You will only need to share your BVN details during the loan application and connect your card or bank account to authorize us to debit your account for the repayment.
    Is my personal information secure? +
    Absolutely. We take data security seriously. Your personal and financial information is treated with the utmost confidentiality and is protected using advanced security measures.
    Can I track the status of my application? +
    Yes, you can track the status of your application through our mobile app. We provide updates on your application's progress, from submission to disbursement.
    What is a Delinquency Fee? +
    This is the fee chargeable upon default by the customer. It is valued at 2% of the outstanding balance of the loan.
    Can I early mature my loan? +
    Yes, you can. Click on the "Pay Early" button on the Accion Mobile app to pay via card or a Savebrighta account., You can also walk into any of our branches close to you to pay off your loan.
    How do I check my loan balance and payment date? +
    Please log in to the Mobile app, you will find your customized dashboard that contains your loan status and/or all the details concerning your current balance and repayment schedule.
    How can I pay back my loan? +
    You can pay back your loan by either depositing/transferring your repayment amount into your Savebrighta account or initiating a debit from your other bank via the debit card linked to your loan application.
    Can I repay my loan through my Savebrighta bank account? +
    Yes. If you have made a transfer of your loan repayment into your Savebrighta account, please note that this transfer will reflect on your app as a deposit into your Savebrighta account. After the transfer has been successfully made to your account, you will then login into your app to repay your loan. All you have to do is then click on the ‚??‚??Pay Early‚??‚?? button, and select the Savebrighta account option to initiate your loan repayment. Your loan will be repaid instantly!
    Can I use this loan for other purposes apart from school fees? +
    This loan is specifically designed for school fees payments. If you're looking for other financing options, we offer a range of loan products that might suit your needs.
    How can I contact customer support for assistance? +
    You can reach our customer support team through the contact information provided on our website and mobile app or call 07000222466. Feel free to ask any questions or seek assistance at any stage of the application process.
    View More