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student loans in south africa : see best affordable student loans

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Student loans in south africa are not something new, many students in south african universities go for loans to help pay their tuition and accommodation and basic things their will need in school.

Banks and financial institution who offer student loans to south african students give out their loans with interest rates a little lower that the average interest loan and give a period between 1-5 years to pay , some banks also offer long term loans over a long period of time some over 7 years.

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How to qualify as a south african student for a loan

When applying for a student loan you’ll need:

  • Your and your parent’s green, bar-coded ID book.
  • Your parent’s proof of income (latest payslip).
  • Proof of address of your parent.
  • Proof of enrollment at a qualified tertiary institution.

Go to any bank offering student loans and apply , some of the top banks in south africa offering student loans are below

TOP SOUTH AFRICAN BANKS OR FINANCIAL INSTITUTION OFFERING STUDENT LOANS

1. Eduloan Student Loans

Eduloan has the following student loan options for:

  • Study loans (school and tuition fees, registration fees, exam and outstanding fees)
  • Study tools (textbooks, technology, study equipment)
  • Accommodation (covered during studies)

Details:

  • Fixed monthly repayments
  • You need four documents to apply and will receive a response in 48-72 hours.
  • No deposits
  • The study loan is paid directly to institution
  • No limits
  • Anyone can apply on your behalf (need to be fully employed and meet criteria)

FYI: Interest rates and repayments will vary according to the institution and the applicant’s profile.

For more information go here or phone 0860 55 55 44


2. First National Bank Student Loans2. First National Bank Student Loans

What they cover?

  • Tuition fees
  • Books
  • Campus Accommodation

Details:

  • Personalised interest rate
  • Access to loans from R4,000 to R80,000*
  • While you study students only pay interest on your loan and can pay the rest after the student has graduated.

FYI: A new application is required each year you start studying.

For more information go here or phone 0861 40 40 40


3. Standard Bank Student Loans3. Standard Bank Student Loans

If you are a full-time student, you will also get the Standard Bank transaction account that best suits your needs when your Student Loan is approved.

What they cover?

You can use the money from your Student Loan to pay for your tuition fees and accommodation (if you are a full-time student not living at home).

Details:

  • Tuition and accommodation will be paid directly to the institution and place of residence whilst funds for books will be transferred to the transactional account.
  • Student Loans are granted for a specific year of study and you will have to reapply for each year of registration.
  • There is a maximum amount granted for each year of study.
  • A once off initiation fee and monthly service fee will be charged on your student loan.

For more information go here or phone 0860 123 000


4. ABSA Bank Student Loans4. ABSA Bank Student Loans

What they cover?

  • SETA and SAQA courses
  • textbooks
  • accommodation and equipment

Details:

  • Earn a monthly income of minimum R3000 per month
  • Approved based on their affordability and risk
  • Pay the prime interest rate on their study loans
  • Customers are offered 15% discount on study equipment when they apply for a study loan
  • The study loan forms part of the Student Package, which includes a student credit card and a cheque account

For more information go here or phone 0860 100 372


5. National Student Financial Aid Scheme (NSFAS)5. National Student Financial Aid Scheme (NSFAS)

NSFAS is the biggest loan issuer in SA, and they’ll help you through every step of the process too, which is helpful. For anyone with very little household income, the NSFAS is the best place to turn to fund your studies, as they are willing to work with you even if you don’t have a parent with an income to stand surety for your loan.

For more information go here or contact them via phone and email below:

Tel No: 0860 067 327

Email: info@nsfas.org.za

 

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