• The primary value-proposition will be access to loans for undergraduate and postgraduate education abroad.
• Access to loans for education in private universities.
• Access to loans for select secondary within the country
• Convenient repayment plans.
• Option of life insurance cover for sponsors of the child.
• Affiliation with LGE for university placement abroad.

The product has the following features as described below:

• Open a Skye Edu-care account
• Build up account up to a minimum of 30% of total school fees
• Savings period could be up to three years or more.
• Withdrawals allowed on the account.
• Employees with terminal benefits need no security, others to provide security.
• Minimum qualifying period involves saving for at least a month OR must have maintained an active account with a bank for a minimum of 6 months
• 15 months moratorium available for self sponsored students to enable them finish up school and get settled back at work.

The product has the following benefits attached to it as highlighted below:

• Up to 70% of school fees to be paid as a loan by Skye Bank
• Affiliation with institutions abroad for selection of universities.
• Conversion of savings to foreign currency every year end allowed.
• Transfer of funds to domiciliary account
• Convenient repayment plan
• Opportunity to spread payment of school fees throughout the session.
• Employment opportunities in Skye Bank in related fields upon graduation.

UNDERGRADUATE STUDIES

1. Open a Skye Edu-care account in Skye Bank.
2. Save a minimum of 30% of tuition fees before applying for the loan.
3. Minimum saving period of one month OR must have maintained an active account with another bank for a minimum of 6 months.
4. Earn a minimum of N8 million per year. *
5. Has complete KYC documentations in line with KYC policy in the Bank
6. Hold an active bank account in any Nigerian Bank for at least six months
7. Applicants must be willing to pledge their terminal benefits as collateral.
8. Business owners must pledge shares or landed property to cover the value of the facility. A minimum of 150% coverage
9. Pass the screening tests for Visa counseling at LGE.
10. Applicant must provide one (or two) acceptable referees
11. Letter from employer confirming the applicant as an employee of the organization.
12. Evidence of business ownership must be in place for self employed
13. Provision of down payment for school fees.

*The expected minimum wage of N8million is configured based on the following:

• A budgeted loan of N2million requires that the applicant should not borrow more than two thirds of his package.
• Therefore, expected income is about N6million
• Since the client is expected to contribute about N1.8million, therefore an additional fund of N2million should be at his disposal.
• It is suggested that the combined earnings of the wife and husband be considered for this purpose.

 
POST-GRADUATE STUDIES (SPONSORED BY PARENTS/GUARDIANS)
As stated above for undergraduates.

In addition, save a minimum of 30% prior to the application for the loan
All other terms and condition as applied to undergraduate studies Repayment period is between 3-36 months.
 
SELF-SPONSORSHIP/PART-TIME

• Income level of not less than N4.0M p.a
• Evidence of income earned
• Must be an employee of a reputable organization.
• Must be a confirmed staff of an established organization (company must be amongst the listed)
• Structured repayment plan
• Suitable guarantors for loans
• Submission of shares, landed property and other acceptable security as deemed fit by the bank.
• KYC would be conducted to establish knowledge and integrity of the guardian.
• Repayment period is between 3-36 months

Undergraduates/Post Graduate

1. Duly filled application form
2. A hand written application letter addressed to the bank
3. Successful visa application.
4. Deposit of 30% equity contribution in the Skye Edu-care Account
5. 6 months pay slip and 6 months account statement
6. 2 personal guarantors with notarized statement of net worth (if self employed)
7. Executed Loan agreement form
8. Six months bank statement
9. Admission Letter from the university.
10. Payment of upfront fees.

Self Sponsorship

1. Duly filled application form
2. A hand written application letter addressed to the bank
3. Successful visa application
4. Deposit of 30% equity contribution into the Skye Edu-care account
5. 6 months pay slip/ 6 months bank statement
6. Admission letter from the university
7. Payment of all upfront fees
8. A letter of introduction from employer
9. Evidence of an approved study leave from employer
10. Executed loan agreement form
11. Additional security in form of shares/landed property in acceptable areas