Student loans in South Africa are often the best solutions for individuals who are in need of finance to pay for their tertiary education costs.
Low interest rate
Many people choose student loans over conventional personal loans mainly because of the low interest rates that come with student loans. Interest rates are what lenders charge you for ability to borrow money.
The best student loans offer personalised interest rates.
Fixed interest rates
The best student loans in South Africa may often be those with fixed interest rates. Having fixed interest rates may be beneficial because they allow borrowers to budget more effectively. Having fixed interest rates means benefitting from instalments that remain consistent for the duration of the loan. There are no fluctuations.
The best student loans have low fees, which offer the best solutions to individuals in need of finance to help them with their studies. Keep in mind that some lenders charge prepayment fees if you pay extra or early. Compare fees offered by different lending institutions.
Additional support and perks
Some lenders offer additional perks for students. This may include student loans for computer equipment or finance for travel expenses for the duration of your studies. You should also look for loans that offer a deferral period after graduation as well as a lender that’s offering flexible terms.
Compare various lenders
As a rule of thumb, it’s always best to compare at least five various lenders. Make sure that the lender is registered with the National Credit Regulator (NCR) and that its’s fully compliant with the National Credit Act. To get the best student loans in South Africa, you should compare loan amounts offered, interest rates as well as qualifying criteria. Lenders generally require applicants to be provide proof of permanent employment or to get a co-signer for the loan.