Does the Bank of Africa Give Students Loans?

Education is paramount, but tuition fees are a thing. Not everyone has the financial capacity, which has shattered so many dreams. Various banks and organizations offer loans to students to pursue their goals. However, as an African, you might wonder, “does the bank of Africa give students loans?”

Yes, the bank of Africa gives students loans. They offer you a loan to cater to your educational needs. The student must be in a higher institution that the state recognizes. Also, they grant this loan to an active student or the student’s parents.

If you meet every requirement, the bank of Africa will consider you for a loan to further your studies. This article has discussed the essential information about the Bank of Africa student loan.

About the Bank of Africa

The Bank of Africa Group is a global pan-African financial mix. It operates in eighteen African nations with a representative office in Paris, France. Also, it is a subsidiary of the Moroccan banking company, with its headquarters in Dakar.

The Bank of Africa, Mali, was the first bank of the BOA Group. It was founded in 1982 by some local merchants in Bamako. Banking services were limited in Mali and Francophone West Africa at the time. So, the aim was to address the lack of banking services for local businesses and individuals.

In 2016, the Bank of Africa group had a total of €7.8 billion in December 2016. As a whole, the group has 14 commercial banks. They include an investment and management company, a broker, and two brokerage firms. They also have one management company and an office in Paris, France.

Does the Bank of Africa Give Students Loans?

The Bank of Africa offers several loans, including the student loan. However, students have to follow some steps to get the loan. Here’s a list of the general requirements expected of a student.

• First, you must be an active student who has been working for more than six months.
• You must be 21 years and above.
• You must be African.
• Also, you must have a good record with the bank as a customer.
• Lastly, you don’t have to be a customer.

Why You Should Consider a Student Loan

Expensive Tuition Fees

Quality education costs a lot, and the tuition fees of some institutions nowadays are incredible. Not everyone can afford these fees, so a student loan is an excellent option in this case.

Low-Interest Rates

Student loans are better than every other loan because of the low-interest rate. They help students pursue their dreams without bothering about the interest rates of repaying. So, there’s so much peace for the students.

Convenient Repayment

This loan type is convenient for students to repay because you don’t have to pay it back once. However, repayment depends on where you applied for the loan. For instance, BOA offers an amount of MAD 250,000 for Moroccan students for the ‘Education+’ credit loan, and the repayment term is up to 12 years.

The ‘Education+’ complimentary credit loan type also offers an amount of MAD 250,000, but the repayment term is for about six months.

Even with these, some students might still not have the financial capacity to repay these loans, yet they want to pursue their educational goals. Unless they get lucky at a live casino, they may spend decades paying back..

Conclusion

The Bank of Africa offers loans to students with little or no financial capacity. The most beautiful thing is that it offers low-interest rates and long repayment terms. However, it’s essential to check your eligibility before applying for a loan at the Bank of Africa.