About Regular Assistance Scheme

This stream of solution is designed for Regular and full Time Students in our Tertiary Institutions in Nigeria.

To access this type of product, student/applicant must have completed one year semester in the institution and also must have met the requirements before applying for RAS Loan package.

Loan Benefits

  • Simplified Documentation
  • Loan Disbursal in 48 hours*
  • Transparent Processing
  • Competitive Pricing

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Eligibility Criteria for Loan

Any student who can meet the requirements below is eligible to apply for a loan. Loan approval depends solely on the availability of proper documentation and proofs.

To access this type of product, student/applicant must have completed one year semester in the institution and also must have met the requirements before applying for RAS Loan package.

Tenure

One Academic Calendar

Savings

(Optional)

Loan Amount

Between ₦25,000 and ₦300,000

Repayment

Weekly/Monthly

Result

Student must be in First class grade or Second Class Upper Division, Distinction/ Upper Credit as at the time of application

Guarantee

Education institution must be willing to release’s candidate original certificate to LMFoundation after graduation

Application

Application to be directed to the office of the Head: Executives Educational Counseling and Assistance Programmes –EEC & AP

Documentation

The following documents are required along with your Personal Loan application:

  • Personal Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
  • Letter from the head of Department in your institution.
  • Guarantee Form
  • Loan Amount: Depending on the School Bill

Fees and charges

Proin condimentum sagittis ligula, ac porttitor quam dictum in Below are fees and charges that you may be required to pay:

  • Types of fees

    Charges applicable

  • Rate of interest
    Up to 20%
  • Processing fees
    ₦1,500
  • Loan statement charges
    Nil
  • Interest & principle statement charges
    Nil
  • Loan Late Repayment
    1% for every everyday
  • Secure fee
    NA

Frequently Asked Questions

We are almost ready with your Frequently Asked Questions. Already we answered all question please check below may i will help to you.

LMFoundation is ready to empower and activate your entrepreneurial spirits. We offer: No or flexible collateral support. No savings before accessing loan Quick processing time Affordable interest rate Opportunity to enjoy hybrid term loan SMEs capacity support and training Free business plan Advisory services
LMFoundation financial support solutions are uniquely different. Our teams are ready to process, approve and disburse fund to you instantly or within 24hours, when or if necessary loan requirements have been received and accepted for the purpose of the product being applied for.
Depend on the loan package you apply for, you pay back your loan weekly installment or monthly due date. LMFoundation allow direct payment into the designated LMFoundation Receiving Bank Account. You can do repayment via bank transfer. Just ensure you pay back on or before due date in order to avoid unnecessary reminder.
It is our pleasure that you pay back your loan on or before due date and stay away from overdue repayment because it will affect your credit scores with us and it may affect you to re-apply for big loan or increase your loan in future. If your loan is overdue and you refused to yield to our support then 1.75% additional charges daily may take effect until the debt is repaid.
Better way to select right product is for you to go through LMFoundation products first, understand how things works, then, select the right one for yourself. It should be noted that our loan package is short-term range. Make sure you meet up with loan requirements first, before proceed to fill the application in order not to delay your loan approval and fund disbursement.

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Fulfil your dreams to lead the life you want.

Download form, fill it and submit it in our office. Please check our website header for opening and closing time and our office address in the footer section

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