By Providence Emmanuel
RENMONEY Microfinance Bank (MfB) has unveiled “School Fees Loan” product with a view to making Back-to-School season easier and faster for parents and guardians, just as it kicked-off #Back2School campaign.
Back to school season is always financially stressful for parents over school fees, especially when tuition is increased as it is regularly the case; new text books; new writing materials; new school kits; among others.
In a statement, the bank explained that the school fees loan requires no collateral, no guarantors and is accessible at lower interest rates to ensure that education for children remains accessible and easy to fund.
CEO, RenMoney MfB Nigeria, Mr. Ian Abrahams, said that the product was born out of a desire to address the high costs and associated panic that parents face when schools resume a new session.
Abrahams said, “We want to make sure that parents can access cash as quickly as possible.
We also want to make sure that repayment terms are easy and will not break the bank, which is why the interest rate on school fees loan are so low.”
Accordingly, the product offers up to N400,000 collateral free cash loans at reduced rates to parents who meet the bank’s credit criteria and are in need to pay school related fees for their children or wards.
It also covers tuition, registration, books, lunch as well as other invoiced education related costs by the school.
‘‘The beneficiaries of RenMoney’s School fees loan also enjoy financial ease, as they can repay their loan in convenient monthly installments, over an agreed tenor. Parents can access this financial ease by applying for a RenMoneySchool Fess Loan via the company website,” the bank said.
RenMoney serves a fast growing customer base of over 25,000 people in Lagos and has one of the strongest and well-tailored portfolios of products and services aimed at providing solutions to the everyday money needs of Nigerians.