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Skye Bank unveils Edu-Care Account for students PDF print email

Skye Bank Plc has developed the Skye Edu-Care Account. This unique educational product is designed to save and in addition provide loans for the payment of school fees for top secondary schools, undergraduate and postgraduate studies abroad and in private universities at home.

The product allows parents who want their children to study abroad to save towards the school fees within a period of one to three years depending on the current class of the child in secondary school.

A statement from the bank said the product is a new initiative in response to the emerging demand for quality education abroad and in private universities in Nigeria. The statement added that parents who want their children and wards to enjoy the facility are expected to save at least 50 per cent of the school fees to qualify for the loan package.|

Such parents can also save over a longer period provided the 50 per cent required as the minimum contribution has been achieved at the time of application for the loan. For post graduate studies, a minimum deposit of 50 per cent must be available in the account.

Repayment of the loan is expected to be completed within the agreed time frame for participating parents to enjoy the facility for subsequent sessions.
The ability of Skye Bank Plc to develop an educational product to meet the needs of students that desire to study abroad and those in top secondary schools and private universities at home once again demonstrates the capacity of the bank to initiate new products to meet the changing needs of consumers.

The bank stated that “In Nigeria today, a large proportion of Nigerians need extra cash to fund education, and would like to pay back in a convenient repayment plan. The Skye Edu-care account would address these needs. Emphasis on education cannot be ignored as this is a growing concern for parents.

The development of the product is in line with Skye Bank’s strategy of growing its retail business through liability generation and asset creation.
Skye Bank further stated that an increase in the demand for foreign education has created a window of opportunities for a product like Skye Edu-Care to address the growing desire.

Other features of the product include regular monthly deposit and insurance options are also available.

It will be recalled that Skye Bank recently introduced “The Lounge @ Skye Bank” service to take care of the need of high networth individuals and corporate organizations.

A statement from the bank says it will continue to provide limitless possibilities to the Nigerian populace with the introduction of more innovative products that will say YES to their need.

 

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