ABU Distance Learning Center (ABU DLC) has partnered with Renmoney Microfinance Bank (RenmoneyMFB) to provide Students of the ABU MBA with Financial aid.
Eligible Students can receive a Bank loan paid directly on their behalf to ABU DLC for tuition, and other program related costs.
Students can only finance Tuition at this time. Students can finance Tuition for one session or two sessions.
- Loan Interest: 3% per month
- Admin fee: 1% on loan (one-off)
- Payback period: 3 to 6 months for ₦175,000 or less - // 3 to 12 months for ₦175,000 and above
- Equity contribution: 10%
Click here or the image below to download the repayment calculator
- Complete loan application form
- Collate supporting documents (find below)
- Apply online by sending an email with scanned documents to the following email addresses below, using subject line “Name_ABU_Application for Financial Aid”
- Lagos: Barnabas Okwudibe - email@example.com; cc: firstname.lastname@example.org
- P.Harcourt: Oluwaseun - OOdunsi@renmoneyng.com; cc: email@example.com
- Ibadan: Oluseye - firstname.lastname@example.org; cc: email@example.com
- Abuja : Tochukwu - TEzeokafor@renmoneyng.com; cc: firstname.lastname@example.org
- RenMoney MFB process application and approve / reject within 5 Business days or less.
- If loan is dropped approved, present physical copy of documents at contact center for verification.
- Register account for Direct Debit with Remita.
- Pay 10% equity on tuition, 1% loan management fee and other program related fees to ABU DLC
- Once equity and other fee are received, loan value is paid to ABU DLC by Bank on behalf of student
- Student pays back to Renmoney MFB on a monthly basis via direct debit
- Should have received a provisional admission letter from ABU
- Student must be employed and must have a verifiable income (salaried employment)
- Must have a BVN number
- Income should be greater than NGN50,000 monthly
- DTI (Debt-to-Income ratio) equal to or less than 35- 40% (as per cash loan criteria)
- No default on previous loan (if any)
- No credit bureau default.
- Customer must be between the ages of 22 and 59 years
- Customer must have a functional salary bank account
- Not open to pensioners
- Have a valid email address and mobile number
- Current account – not mandatory but preferred.
- Should Live in Lagos (exceptions will be considered)
- May not have more than the allotted number of loans i.e. 1 cash loan, 1 Device financed product, Education Loan and 1 POS product
- Must not have exceeded the customer maximum allowable limit
- Proof of identification (International passport, permanent voter’s card, driver’s license and staff ID card). Also acceptable - Staff Identification card OR Introduction Letter from Employer’s HR to RenMoney
- Proof of address (last 3 months utility bills from PHCN, Water bill, LAWMA bill OR Rent Agreement)
- Recent passport photograph (within the last 6 months)
- Pension OR Tax Identification number entry on application form (If available)
- Letter of Employment, Confirmation, Promotion, Redeployment OR Salary Increase
- Most recent bank statements (6 months, salary account). If hard-copy then it must be authorized (stamped) by the Bank. Softcopy received from My Bank statement will be accepted (soft copy must be sent directly to Renmoney via email@example.com. List of accepted Banks include Skye, Access and Union bank
- Pro-forma Tuition invoice from ABU. To download invoice, follow the following steps:
- Login to the registration portal
- Click Transactions on the left menu
- Click on Fees on the sub menu that appears
- When paying your fees, choose RenLoan as the means of payment
- Click print and your invoice will be downloaded to your computer
For questions on Financial aid, please contact
ABU DLC: 01-7000899, 08080523171 firstname.lastname@example.org
Click the image below to download the loan application form.