NELFUND Loan Repayment Capped at 10% of Graduates’ Income — How to Apply
Repayment of loans obtained through the Nigerian Education Loan Fund (NELFUND) has been capped at 10 per cent of a beneficiary’s gross monthly income, a measure aimed at preventing graduates from facing excessive financial pressure after completing their studies.
The education loan scheme provides eligible students with financial support for institutional charges and, where applicable, upkeep expenses.
How to apply for the NELFUND student loan
Applicants can apply through the NELFUND online portal by verifying their identity and school details, completing their profiles and submitting the required documents.
1. Register and verify your details
Visit the NELFUND student loan portal and select “Apply Now.”
Enter your National Identification Number (NIN) and JAMB registration number.
Select your public tertiary institution.
Provide your matriculation number and verify your date of birth.
Enter your email address and create a secure password.
Check your email and click the verification link sent to activate your account.
2. Complete your profile
After activating the account, log in and provide your personal information, including:
Current phone number
Residential address
Bank Verification Number (BVN)
Bank account details
Applicants should provide details of an eligible commercial bank account. Digital-only or some microfinance accounts may not be accepted for the application.
Save the completed profile before proceeding to request the loan.
3. Submit your loan request
Once the profile is complete:
Select “Request for Student Loan.”
Choose the option for institutional charges such as tuition and approved school fees.
Applicants seeking an upkeep loan may also need to apply for the institutional charges component.
Upload the required documents, including the admission letter where applicable.
Carefully review the information and declaration.
Accept the terms and conditions.
Click “Submit Application.”
Repayment terms
Under the repayment arrangement, beneficiaries are expected to repay the loan at a rate capped at 10 per cent of their gross monthly income.
The structure is intended to make repayment more manageable for graduates by ensuring that deductions do not place excessive pressure on their earnings.
Applicants are advised to ensure that all information submitted during registration and loan application is accurate and to use the official NELFUND application channels.
