If you want to go and study, chances are you’ll need a student loan. This means you’ll need to apply for a loan at one of the four banks. Here’s a recap of what loans are available from ABSA, Standard Bank, Nedbank and FNB.
ABSA Student Loans
You can apply for an ABSA student loan that will allow you to pay for your tuition, books and accommodation. There are many benefits to a study loan from ABSA:
- You’ll pay Prime +1.8% on your loan
- You can get a 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
- Access to a Credit Protection Plan which covers the outstanding amount of the study loan in events of disability, retrenchment, dread disease or loss of life
Standard Bank Student Loans
Standard Bank offers a student loan and your tuition, books and accommodation will be paid for directly, as the institution is paid by Standard Bank. You will then repay the loan to the bank while you are studying if you are a part time student, or after your studies are complete if you are a full time student. You can choose to pay the minimum amount of the loan, or the full instalment.
Nedbank Student Loans
As a fulltime student you qualify for a Dezign Student Account, which allows you access to a transactional account in a convenient and cost-effective manner. If you are a full time student you’ll only repay the interest while you are studying. If you are a part time student, you’ll repay your full instalment amounts while you study.
FNB Student Loans
FNB offers you a student loan whether you are a first time student, or looking to study further. The benefits of an FNB student loan include:
- Service the interest portion while the student completes their studies and start repaying interest plus capital after the student graduates
- Personalised interest rate
- Access to loans from R4,000 to R80,000