How To Get a Loan for UK Student Visa Application in Nigeria



Loan for UK Student Visa Application in Nigeria

Getting a loan for UK proof of funds can be quite tasking and requires discretion. Ideally, the UK proof of funds is one of the perfect ways the UK immigration officials can verify that you can cover all expenses during your stay overseas.
Therefore, you need to know how to get a loan for UK proof of funds for a study visa in Nigeria in case you do not have sufficient funds in your account as evidence.

What is UK proof of funds?

UK proof of fund is a document you get from the bank to show that the money in your bank account is accurate to finance your trip. It summarizes your bank statement, a record of the inflow and outflow of cash transactions in your account.

Furthermore, the UK embassy seeks to clarify all issues related to lack of funds or inability to cope with survival trends upon arrival or relocation. Hence, the request for a considerable amount of money is to confirm that expenses will not be beyond your control. You can get a loan for UK student visa in Nigeria through different means.

Also, it is one of the required documents needed to apply for a visa. Plus, it will guarantee that you will be cleared at the embassy. Therefore, the amount required varies per the purpose of travel and duration.

What if my trip is sponsored?

Kindly note that if you are being sponsored, your sponsor will be expected to provide a detailed bank statement as proof that they can cater for you. Also, this might include job status and residential address or citizenship status.

When should you resort to applying for a loan for UK proof of funds?

A loan for proof of the fund is needed when you are processing a visa application and are low on budget. Thus, you might need to get a loan to clear yourself at the embassy.

Moreover, nearly every nation requests you to provide a convincing bank statement from your bank that confirms you can take care of yourself. However, for a UK study visa application, you will need to provide a one month statement of account.

This is to also confirm that you can cover emergency expenses related to medicals or unforeseen circumstances when you are being given access to a particular country in that period.

Where can you obtain a loan for UK proof of funds in Nigeria?

Majorly, financial institutions such as banks and travel agencies assist with loans for proof of funds. These are the following places you can get a loan for a UK student visa in Nigeria. Therefore, you can get a loan for UK visa application to present to the embassy as evidence of bank statements. You can get loans from the following places;

Commercial Banks

Commercial banks in Nigeria provide loans with due interest rates. However, you must have an account with such banks to qualify for a loan.
Although, it proves quite tough when situations such as the purpose of the loan are requested for. However, it is not a big deal as such.

Microfinance Banks

Microfinance banks also give valid loans with less interest rates compared to commercial banks. It is also another great place to get a UK student visa loans in Nigeria. However, understanding the origin of microfinance banks and their validity is also important.

Travel agencies

Travel agencies are capable of running the whole package for a UK visa. Therefore, a proof of funds loan is not a big deal as it can be gotten more easily.
However, you need an experienced and credible travel agency or agent to assist you with a loan.

Loan agencies

Lastly, loan agencies could be the best bet for you. However, look into interest rates and affordability as at when due. Also, one major thing is the repayment date which cannot be ignored for anything since you do not want to be tagged a debtor. Therefore you might want to weigh your options carefully.

Although, the point of obtaining a loan is to just provide evidence of funds. However, you might be required to fill out lots of documents and also provide equivalent collateral.

Plus, the funds are not yours majorly and you might have restricted access to the accounts where the funds are. All you just have to get is to save cash inflow into the bank account.

How much is the ideal bank balance for UK proof of funds?

To start with, the ideal bank balance for UK proof of funds is dependent on the purpose and the overall cost of your travel.. Also, the number of applicants is vital at this point.

Therefore, the ideal bank balance can be calculated and planned accordingly.
For a student visa, you are required to have at least $12,000 as your bank balance to be cleared by the embassy. Moreover, about $4,000 – $5,000 or more is required as additional proof of funds if you have dependents or your spouse.
Although prices can change at any point due to fluctuations in the exchange rate, you just have to be up to date on necessary information.

Tips to consider when obtaining loans for UK proof of fund

To obtain a loan for UK proof of funds, the following should be prioritised;

Operating a bank account for at least six months is essential

If you desire loans from a bank, you must be a long-standing customer who has saved with the bank for a while. Although, there are other checks for validity however to prove original a credible bank account is important in this regard.

Apply for a loan before you begin with visa application

Loan applications for proof of funds should come before visa application or mid-way. However, depending on the bank statement required either a 28 or 30-day period.

Compare interest rates

It has been reported that microfinance banks and travel agencies give the best loan options for proof of funds loans.

However, you have the choice of comparing interest rates to your taste. This will help you identify the loan application that suits you and one you can deal with effectively.

Moreover, you might not be able to refund cash almost immediately. This is because you might even be required to provide proof of funds upon arrival again.

A printed bank statement is important

At every interval, print bank statements and prepare to submit them at the embassy during your visa processing or consulate interview.

Documents needed to get a loan for UK proof of funds in Nigeria

A valid means of identification

To apply for a loan, you are expected to submit a valid means of identification like an ID card, Bank Verification Number and others as required. This is mainly for security and identification.

Travel details

If you are applying for a loan from travel agents, you might be required to provide travel information and details. This also helps to continue the process of visa application

Collateral and Guarantor consent form

It is no news that to obtain loans, relevant collateral is required. Besides, a guarantor who stands as a witness to the loan collection is also important. Plus, this could be a trusted next of kin, spouse or business partner. The ideal thing is, to be honest with the information supplied.
In addition, vital information about the nature of your business existence, tax information and debt status is also relevant. This applies to business owners who desire to apply for proof of funds.

A new or existing bank account

An important thing to remember is that a bank account that is operating in your full name is important. However, it must have 6 months of full operation, inflow, outflow and others.
Also, certain agencies might prefer you open a new bank account that would be funded.

Consent form

A consent form signed by you and the loan company or financial institution is important.

A detailed guide on how to apply for a loan for UK proof of funds in Nigeria

Follow the steps below to apply for a loan for UK proof of funds in Nigeria;

Step 1: Visit wherever you desire to obtain the loan

The first step is to visit any commercial bank, microfinance bank or travel agency to apply for a loan. This is dependent on credibility and the fact that you must be able to vouch for the source.

Step 2: Apply for a loan and provide honest and accurate details

Next, you will discuss your needs and listen to the options provided to obtain a loan. This includes,

  • collateral
  • interest rate
  • date of payment
  • the highest amount you can loan

Step 3: Provide a statement of purpose or reason for travel

The reason for travel determines the amount you will get especially if it is a travel agency. Most travel agencies understand the pattern and will provide due loans with all modalities intact.
Also, you have to do a conversion from foreign currency to Naira which will be equivalent to the amount you want to loan.

Step 4: Discuss flexible interest rate options

Since it is a business transaction, you will also need to provide a balanced agreement of interest rate. Then, you can compare your options accordingly.

Step 5: Open a new bank account

Some agencies require that you open a new bank account to get funded immediately. This is to aid the security of information provided on the account.
However, if you have an existing account with any bank, especially a long-existing current account, you can get loans from your bank.

Step 6: Get funds credited into your account

Then, after, the processes above, your account will be credited and you can print a bank statement.

Step 7: Leave the money in your account for at least a month

In at least, 28 -30 days the money should be in your account to show that it is a functional account and not fake.

Step 8: Get a bank statement

A printed bank statement is what is needed at the embassy. Therefore you need to approach your bank online or offline to get one.

Step 9: Submit a bank statement at the embassy as your required proof of funds

Afterwards, you can submit your bank statement at the embassy along with other documents to apply for a visa.


Although obtaining loans could be a hell of a ride, it is important to begin the process early. This will make it easier to try a lot of options and get prepared for your travel.
Also, since proof of funds is a required document for a UK visa, you might want to consider beginning the process before applying for a visa.


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