NANDIPHA DILLA
Applying for a university loan can be a daunting task. Perdeby has put together a list of all the things you need to know when applying for loans at South Africa’s major banks.
ABSA
What is covered?
Tuition fees, accommodation costs, computer equipment and prescribed textbooks.
Is there a minimum and/or maximum amount that I apply for?
There is a minimum application amount of R15 000.
Applicants must be:
A South African citizen or person living in South Africa permanently and earn a minimum of R3 000 a month.
The applicant must also be a full time or part time student based in South Africa.
What are the repayment options?
Applicants can make capital and interest payments as soon as the application for a study loan is approved. There is also an option to pay the interest only for a period of twelve months, thereafter payments will include capital and interest.
What is the interest rate applicable?
ABSA Price Guarantee offer — if you have been offered a lower interest rate elsewhere, ABSA will beat it (visit Absa’s website for details).
Do I have to reapply every year?
Yes, include the previous year’s academic results when reapplying
FNB
What is covered?
Tuition fees, books and devices, equipment and accommodation costs.
Is there a minimum and/or maximum amount that I apply for?
There is a minimum loan amount of R4 000 and a maximum of R80 000.
Applicants must be:
Full or part time students that are studying at an accredited higher learning institution. Additionally, the applicant or surety must earn at least R6 000 per month.
What are the repayment terms?
Only pay the interest while studying and start paying interest and capital after the completion of the qualification.
What is the interest rate applicable?
A personalised interest rate subject to a credit and affordability assessment is applicable.
Do I have to reapply every year?
Yes.
Nedbank
What is covered?
Tuition fees, books, study equipment and accommodation costs.
Is there a minimum and/or maximum amount that I apply for?
The amount is personalised to student needs and affordability.
Applicants must be:
Full or part time students who are studying at an accredited higher learning institution. Full time students must have a guarantor and the guarantor has to have their main transactional bank account with Nedbank.
What are the repayment terms?
The bank offers a competitive interest rate and flexible payment terms. Additionally, students who have to complete community service, internships or articles to complete their chosen field of study are granted a payment grace period.
What is the interest rate applicable?
A personalised interest rate subject to a credit and affordability assessment is applicable.
Do I have to reapply every year?
Yes.
Standard Bank
What is covered?
Tuition fees, books, study equipment and accommodation costs.
Is there a minimum and/or maximum amount that I apply for?
The amount is personalised to student needs and affordability but there is a maximum amount that will be discussed with the student.
Applicants must be:
Full or part time students who are studying at an accredited higher learning institution. For a degree or a diploma a surety must earn more than R3 000 per month.
What are the repayment terms?
Full time students will only need to start repaying the loan on completion of their studies. For the duration of the applicant’s studies, the surety will need to pay the monthly interest and service fees that will be charged to his/her bank account. A grace period is granted for capital repayments after completion of studies if one hasn’t found a job or is completing their articles, internship or community service.
Part time students will need to repay the loan while studying.
What is the interest rate applicable?
A personalised interest rate subject to a credit and affordability assessment is applicable.
Do I have to reapply every year?
Yes.
Image: Sally Hartzenberg
