The institution recently received N$4.75 million from the Development Bank of Namibia (DBN) to extend loans to 230 Namibians.
Edu-Loan is a micro-lender that extends loans for the purposes of education, agricultural implements and medical purposes.

Faan Bergh, MD of Edu-Loan, and David Nuyoma, CEO of the Development Bank of Namibia, toast to the awarding of N$4.75 million to education

As part of the arrangement with the DBN, Edu-Loan has committed itself to contribute savings from lower interest rates it is being charged by DBN to a bursary fund for two years. Edu-Loan will contribute a further N$200,000 to the fund to bring the total amount to N$400,000.
Edu-Loan clients range from the little ones in pre-primary school to students doing their masters degrees at universities. Although the majority of students study in institutions in Namibia, Edu-Loan also assists many students who are studying in neighbouring South Africa and has also helped students to study in the United Kingdom and in even France.
Edu-Loan not only helps students to pay their tuition fees, but also assist students to pay for accommodation, travelling expenses, textbooks, computers and school uniforms. Clients can thus apply for loans to pay for any education related expenses.
Students are required to submit a quotation from the institution where they intend to study. If a loan is approved, the money is paid directly to the educational institution.
Because academic institutions receive their payments upfront, they are to a great extent relieved of the burden to collect money from students. Loans are repaid by way of salary deductions. The government has granted Edu-Loan a salary deduction facility.
Edu-Loan also has salary deduction agreements with regional councils, the majority of municipalities and village councils, parastatals and a number of private companies.