If you want the best school fees loans for your high school, college or university in Tanzania, you can get from the following institutions:

—-FINCA Tanzania

School Fees Loan

Let us invest in yours or child’s educational – get yourself a School fees boost of up to TZS 10,000,000/= and complete your or their studies.

  • Freedom to choose a repayment schedule in a period of up to 36 Months
  • Repayments are made according to the periods of school fees
  • Parent or guardian should have source of income
  • This product is accessible to those from Primary level to University level
  • The school fees shall be paid directly to the school or institute
  • The Loan you will get depends on the amount of Savings within Mipango account

—Enterprise Finance Ltd

Loans For School Fees

Features and Benefits

  • Quick and convenient.
  • Highly flexible and affordable.
  • Does not restrict you from taking business loan.
  • Very easy to access with flexible collateral.

Key Requirements

  • Have a steady source of income that is
    verifiable.
  • Have valid identification.
  • Have a working current or savings bank account.
  • Have an adequate collateral (chattel, motor vehicles, land title deeds etc.)

—Radiance Finance

School Fees Loan

Loan Features:

  1. Minimum loan amount 2,000,000.
  2. The maximum loan amounts up to 25,000,000.
  3. Maximum repayment period up to 6 Months.
  4. An interest rate of 5% Monthly.
  5. Monthly installment

—-NewFortis Sacco

School Fees Loan

Description

  • Amount granted depends on the ability to pay.
  • Granted on daily basis.
  • Repayable within 12 months.
  • Secured by 4 guarantors.
  • Interest rate 0.54% per month.
  • No supporting documents.

—–Amana Bank

Elimu Financing

Features

  • Sharia Compliant financing arrangement
  • Financing courses that are acceptable by sharia.
  • Facilities are issued for students attending local or overseas academic institutions.
  • Flexible and reasonable repayment periods.
  • The financing amount will depend on customer’s ability to pay and security arrangement.
  • Flexible collateral arrangement.
  • Maximum payment period of up to 12 months.
  • No hidden charges.

Benefits

  • Sharia Compliant Solution for those who desire to avoid interest-based loans.
  • Will help academic institutions (schools and universities) to increase enrollment.
  • Will help academic institutions (schools and universities) to collect education fees (fee, meals and accommodation) timely.
  • Will help parents to pay education fees on flexible installments.
  • Will help students to study the program(courses) of their choice.

Requirements

  • For Elimu financing to work, there must be a Memorandum of Understanding (MoU) between Amana Bank and the respective academic institutions.
  • The applicant should have account with Amana Bank.

—-Tanzania Revenue Authority

Student’s Financing

Students’ Financing

Students’ financing at ITA has various range of sources.

1. Private

2. Higher Education Students Loan Board ( HESLB)

     The loans are applied through the Online Loan Application System (OLAS).

     Accordingly, all Tanzanian students who have/will have admission at ITA are strongly advised to utilize such a privilege.

3. Zanzibar Higher Education Loan Board ( ZHESLB)

4. Government Ministries and Agencies.

5. Other organization such as Religions, Charitable Organizations, etc.

—–Bank of Baroda

Education Loans For Students Going Abroad

Benefits

  • Students who have been admitted to various general and professional courses viz.
  • Graduate course in the Faculties of Arts, Science, Commerce, Economics and other Social Science.
  • Professional courses like Engineering, Technology, Medicine, Agriculture, etc.
  • Post-Graduate courses in the Faculties of Arts, Science, Commerce, Economics, Engineering and other Social Sciences, Business / Industrial Management in various fields and course conducted by a professional body recognized by the Republic of Tanzania.

Interest Rates & Charges

Loan up to Tsh. 2.0Mn Prime Lending Rate
Above Tsh.2 .0Mn and up to Tsh.4.0Mn 1% over PLR
Above Tsh 4.0Mn 2% over PLR
or as negotiated with the borrowers at the time of sanction.

Terms and conditions

  • Complete academic record of the student to be obtained.
  • Confirmation of admission from university/Institution to be obtained.
  • Disbursement of loan should be made as far as possible directly to the university/educational institution, term wise after assessing the requirements for each term.
  • Interest on the loan to be recovered as and when applied.
  • Collateral security may be insisted upon over and above personal guarantee from parent/guardian.
  • Processing fee to be recovered.

Undertaking from the student that he/she will inform bank about the status of employment, change of address

You can also get a student loan from the higher Education Loans Board



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February 27, 2024

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