Education Savings Account

Overview

Enede Micro Finance Bank LTD Education Savings Scheme Account (ESSA).

Features:

1. It is a savings Account.

2. It uses a cheque book

3. Third party payment and withdrawal

4. Interest is paid on savings on Account balance monthly

5. Open Account with minimum of N500

6. Save 25% of loan amount in 3 months and qualify for loan for school fees, examination fees and other educational needs.

7. Loan limit is N150, 000.00

8. Maximum loan repayment period is 6 months.

9. Loan interest is 2% monthly.

For Whom:

All school pupils from Nursery – Primary and students in secondary schools and higher institutions.
Benefits:

1. It helps to meet the educational needs of children and wards in the nursery, primary ,secondary and territory institutions

2. Assist parents and guardians in planning for their wards education with ease.

3. Meeting wards educational need with ease

4. Account is opened with ease.

5. Loan is obtained with ease

6.Interest is paid on the account balance monthly.

7. Payment transfers to your wards anywhere in the country and SMS alert on each transaction

Terms and Condition

1. Open a savings account with a minimum of N500, two passport photographs and a valid means of identification.. C

2. Do a continuous daily and weekly savings into account.

3. 25% of amount of loan request for the child or ward fees within a minimum period of 3 months and qualify for the loan.

4. Interest of 2% will be paid on the savings monthly.

5.Interest of 2% monthly will be charged on loan approved and disbursed to finance child's/ ward education.

6.Loan application will be approved within 2 days from completion of all documentation submission of application.

7. You can withdraw from the account

8. Third party could be sent to deposit and make withdrawal from account.

9. oan repayment is 6 months.

10. Two guarantors for loan applicant.

NOTE : After completing the application, please kindly submit it to our head office