Yes, you can apply online by sending a scanned copy of your application and supporting documents to the following email addresses below, using subject line “Name_ABU_Application for Financial Aid”
- Lagos: Tayo Adeyemi - firstname.lastname@example.org
- P.Harcourt: Ogadinma Ihekoromadu - email@example.com
- Ibadan: Gbemisola Jesuwibe - firstname.lastname@example.org
- Abuja : Onyi Onuoha - email@example.com
You can calculate monthly payments by using the loan calculator on the website here - http://www.abudlc.edu.ng/financial-aid/
If the loan is paid back earlier than the loan term agreed, there is no penalty.
No, cash is not handed to loan applicants. The loan is paid to ABU DLC on behalf of Students.
All loans must be paid back in full. If a borrower cannot pay back the loan in the time agreed, please speak with the loan agent at Renmoney MFB for repayment assistance. There are significant consequences for not paying back the loan including a reduction in credit score, credit bureau black-listing, and others which may prevent borrowers from being able to access further credit in the future. ABU will also not release the certificates of delinquent Students until loans are paid back in full.
Loans are auto-deducted from borrower accounts via direct debit. Borrowers will need to register with Renmoney / Remita
At this time, Students can only finance tuition.
The loan interest rate is 3% flat on the loan amount per month
If you foresee that you might need to make payments over a longer period of time, please contact the loan agent at Renmoney MFB to help with repayment assistance.
Applicants must stick to agreed repayment installment.
The DTI is the debt to income ratio. For this loan, the allowed DTI (Debt-to-Income ratio) must be equal to or less 35% of your income. This means that if you are borrowing ₦175,000 to be repaid over a 3 month period your income over the 3 month period must be at least ₦500,000
To download the invoice, login to the Registration portal, visit the Fees section and click “RenLoan” as the means of paying when paying your fees.