Carbon
Online loans up to ₦1,000,000 with interest from 1% monthly and approval within 24 hours.
₦2K – ₦1.0M
Interest from 1.00%
Approval: 24 hours
Student loans in Nigeria – NELFUND and all options
Comparing 4 offers. Updated 15 Apr 2026.
Best offers – Student loans 2026
LAPO Microfinance Group
LAPO microfinance loans from ₦30,000 to ₦150,000 for underserved communities.
₦30K – ₦150K
Interest from 0.00%
Approval: 48 hours
NIRSAL Microfinance Bank
NIRSAL government-backed loans from ₦1,000,000 to ₦100,000,000 at 9% annually.
₦1.0M – ₦100.0M
Interest from 9.00%
Approval: 5 business days
Branch
Branch gives instant loans from ₦1,000 to ₦500,000 through its mobile app. No office visits, no paperwork, and no collateral. Your loan limit grows the more you borrow and repay on time.
₦1K – ₦500K
Interest from 1.00%
Approval: Within 24 hours
Nigeria introduced its first formal student loan scheme in 2023 with the establishment of the Nigerian Education Loan Fund, known as NELFUND. For the first time, Nigerian students in federal institutions have access to interest-free government funding for tuition and living expenses.
NELFUND student loans
NELFUND loans cover tuition fees payable directly to the institution, plus a living allowance for eligible students. The funds are interest-free, and repayment only begins after graduation and employment. Students apply through the NELFUND portal using their JAMB registration number and other academic credentials.
Eligibility is currently limited to students in federal universities, polytechnics, and colleges of education. State institution students and those in private schools are not yet covered by the scheme, though expansion has been discussed at policy level.
Alternative options for students
Students who do not qualify for NELFUND, or who need funds beyond what it provides, can look at microfinance banks and some digital lenders. LAPO Microfinance and a few state government schemes offer education-specific products. Private student loans from commercial lenders tend to carry higher rates and may require a guarantor.
For small, immediate cash needs during term time, some students use general-purpose loan apps like Carbon or Branch. These carry standard consumer rates and should only be used for amounts you can repay from part-time work or family support.