All you should know about Standard Bank Student Loan 2020-2021

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Ongoing Standard Bank Student Loan 2020-2021-everything About Standard Bank Loans

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ABOUT THE NEDBANK STUDY LOAN

The Nedbank student loan will cover tuition fees, textbooks, on campus accommodation and various other study-related equipment.

PAYING BACK THE STUDY LOAN

Nedbank offer flexible repayment terms and competitive interest rates on their study loans.

Once you start your studies, your sponsor (or yourself if you are a part-time student) will start paying the interest on your student loan.

A repayment grace period may be applicable if students partake in articles/ community service or internship programmes upon graduation.

ELIGIBILITY

Applicants must satisfy the following minimum entry criteria before applying:

  • South African citizen
  • Accepted to study (part-time or full-time) at a recognised tertiary institution
  • Surety/ sponsor must have a Nedbank transactional bank account
  • Surety/ sponsor must have a good financial standing/ credit record

Features and benefits

What does the Nedbank Student Loan offer me?

  • A great interest rate with flexible repayment options.
  • If I’m a fulltime student, or still busy with an internship or articles, my guarantor only pays back the interest on my loan.
  • To only start paying back my loan once my studies are complete.
  • Optional competitive credit life cover in the case of death or disablement.

Parttime students need to make both interest and capital repayments while studying.

While you’re a fulltime student, you’ll need someone (a guarantor) to help pay your monthly interest.

What your guarantor will need:

  • A Nedbank transactional account, as their main account. (If they don’t have one, we can help them to open an account quickly and easily.)
  • SA identity document or ID card.
  • Proof of current residential address (for FICA purposes)
  • Marital status declaration
  • Latest payslip
  • Three months bank statement (if non-Nedbank client)
  • An income and expenditure statement

What you’ll need:

  • Your latest exam results
  • Proof of registration at a SAQA-accredited tertiary institution.
  • An invoice or statement for university fees, textbooks, and accommodation. (for campus or university accredited accommodation only).
  • Letter of necessity for any study-related equipment.
  • Co-habitation form obtained from a branch (for FICA purposes).
  • An Unlocked.Me Student Account (This, as well as a student loan account, will be opened after your student loan application has been approved).

How to apply?

  • To apply for your Nedbank Student Loan, you and your guarantor must bring the abovementioned documents to your nearest Nedbank branch.

 

So what are you waiting for? Apply at your nearest Nedbank today!

Please note: A new application is required for each year of study and is subject to a credit and affordability assessment.

For second and subsequent years of study, proof of the previous years’ academic results is required to ensure the student has been permitted to continue his/her studies.

Fulltime students must be supported by a guarantor when applying for a Nedbank Student Loan.

The guarantor will be responsible for interest repayments during the course of the studies.

If you do not complete your studies, you will still need to pay back your loan – the capital as well as the interest – in monthly instalments.

 

In order to qualify for a Student loan we require that the guarantor have their main Transactional bank account with Nedbank.

HOW TO APPLY

Applications must be done at your nearest Nedbank branch. Those who are studying full-time and have a sponsor, must apply in person with their sponsor.
You will be required to submit the following supporting documentation with your application:

DOCUMENT FULL-TIME STUDENT PART-TIME STUDENT SURETY/ SPONSOR
Identify Document (plus a certified copy) YES YES YES
Marital status declaration YES YES YES
Latest academic record/ Matric results YES YES NO
Proof of study expenses (tuition, accommodation, books etc) – Invoice/ Statement YES YES NO
Proof of tertiary registraion or acceptance YES YES NO
Proof of life insurance cover YES YES NO
Proof of residence (FICA) YES YES YES
Cohabitation form from Nedbank branch YES YES NO
3 months latest bank statements (non Nedbank clients only) NO YES YES
Latest payslip NO YES YES
Income and Expenses statement NO YES YES

 

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