These penalties are meant to underscore the seriousness of loan repayment obligations and encourage borrowers to satisfy their obligations immediately. ten% from the applicant’s wage shall be deducted at source by any employer for the repayment in the loan. And If they're self-employed, they are going to remit ten% in https://africred.org/11-Things-You-Need-To-Know-About-the-Student-Loan-Law-in-Nigeria