Fidelity Bank Plc has said through its bespoke product known as the Fidelity Edu Loan, administrators of registered private primary, secondary, and tertiary institutions in Nigeria can access loans of up to N180m.
A statement by the bank quoted Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, saying, “At Fidelity Bank, we recognise the pivotal role quality education plays in the development of any nation and this informed our introduction of the Fidelity Edu Loan.
“Through the offering, privately-run educational institutions can access loans at a friendly rate for working capital needs like minor renovation on their school property, financing the purchase of school supplies like books, teaching materials, furniture or uniforms; and making salary payments.
“Similarly, schools can leverage the Fidelity Edu Loan to purchase fixed assets like school buses, and generators and construct new school buildings.”
It added that to be eligible for the product, the requesting customer must have operated their educational institution for at least three years and should be duly registered with the relevant authorities.