Student loans are designed as instalment loans to help cover the costs associated with college, including tuition, books, and living expenses. a student loan allows a student to borrow a set amount to cover educational expenses, which is then repaid after completing their education. There are two main types: government and private, each with unique interest rates, repayment options, and protections for borrowers.
Nedbank:
Offering loans covering tuition and accommodation, Nedbank mandates recent academic results, financial documentation, SAQA-approved registration, a Nedbank account, and valid South African IDs or passports for both you and your guarantor.
Standard Bank:
South African citizenship, enrolment at a participating university, an approved course, household income below R600,000, and a Standard Bank account are prerequisites for loans from Standard Bank.
Absa:
Loans from Absa are accessible to citizens or permanent residents earning over R3,000 monthly. They extend options for parents, sponsors, guardians, or fully employed part-time students, encompassing various institutions and accredited courses.
FNB:
FNB necessitates a principal debtor with stable income (minimum R3,000), employment status, South African IDs for applicants and students, and enrolment at a recognised tertiary institution.