Our Terms and Conditions
Welcome to EDUALLIANCE , a Nigerian loan finance company dedicated to providing financial support to primary and secondary schools for sessional purchases and augmenting working capital. By accessing or using our services, you agree to comply with and be bound by the following Terms and Conditions. Please read this document carefully before proceeding.
1. Eligibility
To be eligible for a loan from EDUALLIANCE, the following criteria must be met:
- The applicant must be a registered primary or secondary school in Nigeria.
- The school must provide valid documentation, including proof of registration and operational history.
- The loan must be used exclusively for sessional purchases, such as educational materials, equipment, or other school-related expenses.
- The school must demonstrate the ability to repay the loan within the agreed timeframe.
EDUALLIANCE reserves the right to reject any application that does not meet these eligibility requirements.
2. Loan Terms
Loan Amount: Loans range from a minimum of ₦500,000.00 to a maximum of ₦5,000,000.00 depending on the school’s needs and repayment capacity.
No Collateral Required: Loans are unsecured, meaning no collateral is required.
Disbursement: Approved loans will be disbursed within 72 hours of approval, subject to verification of provided documents.
Loan Purpose: Funds must be used solely for the intended sessional purchases as stated in the application.
3. Interest & Repayment
Interest Rate: Loans will be subject to an interest rate of 48% per annum, as stipulated in the loan agreement.
Repayment Period: The repayment period will be determined based on the loan amount and the school’s financial capacity, typically ranging from four (4) months to six (6) months.
Repayment Schedule: Repayments will be made in monthly installments, as outlined in the loan agreement.
Early Repayment: Schools may repay the loan in full before the due date without incurring additional charges.
4. Disbursement
- Funds will be disbursed directly to the school’s designated bank account upon loan approval.
- The school is responsible for providing accurate bank account details. Any errors in account information may delay disbursement.
- EDUALLIANCE is not liable for delays caused by third-party banking institutions.
5. Responsibilities
Borrower’s Responsibilities:
- Provide accurate and complete information during the application process.
- Use the loan exclusively for the stated purpose.
- Repay the loan and interest in full and on time as agreed.
- Notify EDUALLIANCE immediately of any changes in contact or financial information
Company’s Responsibilities:
- Process loan applications promptly and transparently.
- Disburse approved loans within 72 hours of approval.
- Maintain confidentiality of the school’s information in accordance with our Data Privacy Policy.
6. Late Payment Policy
Late Fees: A late payment fee of 20% will be applied to any installment not paid by the due date.
Default: Failure to repay the loan within three (3) working days after the due date will be considered a default. In such cases, EDUALLIANCE reserves the right to take legal action to recover the outstanding amount.
Communication: Schools experiencing financial difficulties must contact EDUALLIANCE immediately to discuss possible repayment arrangements.
7. Data Privacy
- EDUALLIANCE is committed to protecting the privacy and security of your personal and financial information.
- All data provided during the application process will be used solely for the purpose of evaluating and processing your loan application.
- We will not share your information with third parties without your consent, except as required by law or to facilitate loan disbursement and repayment.
8. Governing Law
These Terms and Conditions are governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes arising from these terms shall be resolved through Nigerian courts or arbitration, as agreed by both parties.
9. Disclaimer
- Applying for a loan does not guarantee approval. EDUALLIANCE reserves the right to approve or reject any application at its sole discretion.
- EDUALLIANCE shall not be liable for any indirect, incidental, or consequential damages arising from the use of our services.
10. Amendments
EDUALLIANCE reserves the right to modify these Terms and Conditions at any time. Any changes will be communicated to borrowers via email or through our website. Continued use of our services after such changes constitutes acceptance of the revised terms.
By applying for a loan with EDUALLIANCE, you acknowledge that you have read, understood, and agreed to these Terms and Conditions. If you have any questions, please contact us at TALK@EDUALLIANCELTD.COM.
Last Updated: Wednesday 5th February, 2025.
This document is designed to protect both EDUALLIANCE and its borrowers while ensuring clarity and compliance with Nigerian financial regulations.