FNB Student Loan 2020-2021 | full Guide

Filed in Student Loan 2020-2021 by on September 17, 2019 0 Comments

FNB Student Loan 2020-2021 | full Guide

Here you will be updated about FNB Student Loan 2020-2021

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ABOUT THE FNB STUDY LOAN

FNB Life Start Student Loans range from R4 000 to R80 000 (depending on the amount you need and your affordability criteria). You will also receive a personalised interest rate for your loan.

The student loan covers the cost of tuition fees, accommodation on campus and textbooks.
Students must reapply for the student loan each year, and credit is awarded based on affordability and credit assessments.

A new application is required each year for study and is subject to a credit and affordability assessment, which determines what you qualify for. It is strongly recommended you keep finance low to avoid the risk of not being able to source finance of the studies.

Please Note: it is mandatory that the student and sponsor have insurance cover in place in the event of permanent disability or death prior to settlement of the loan. FNB offer the Customer Protection Plan, alternatively you may use an insurance policy of your choice (to be approved by FNB).

Our features and benefits

  • Personalised interest rate
  • Access to loans from R4000 to R80 000 for each year of study
  • Only pay interest, fees and charges while the student is studying and start repaying interest, fees, charges and capital on completion of their studies
  • Credit life insurance
  • You could boost your ebucks reward level

Expenses we cover

An FNB Student Loan provides funding to cover a range of study-related expenses, including:

  • Tuition fees
  • Textbooks, other study material and devices
  • Equipment
  • Accommodation

PAYING BACK THE STUDY LOAN

Students will only be required to pay back the interest while studying and the remainder of the loan is due after graduation – there is a 6 month grace period offered before capital payments are due.

ELIGIBILITY

Applicants must satisfy the following minimum entry criteria before applying:

  • South African citizen
  • 18 years or older
  • Registered to study at a recognised tertiary institution in SA
  • Sponsor must earn at least R6000/month

Qualifying criteria

  1. Over 18 years of age
  2. Principal debtor must earn R6 000+ per month
  3. The student must be registered with an SA tertiary institution

Qualifying criteria

  1. Over 18 years of age
  2. Principal debtor must earn R6 000+ per month
  3. The student must be registered with an SA tertiary institution

Documents needed

  • South African green-bar coded ID or Smart Card ID
  • Your most recent payslip
  • Proof of residence not older than 3 months
  • 3 months bank statements (or 6 months bank statements for self-employed customers)
  • Proof of enrolment from the educational institution / Proof of registration

HOW TO APPLY

Apply in person at your nearest FNB branch.

Alternatively, you can apply online at: https://www.fnb.co.za/Sales/salesmain.jsp (Please Note: FNB may require hard copies of your documentation after online application).

You will be required to submit the following supporting documentation:

  • ID document (plus a copy)
  • Parents/ sponsors ID document (plus a copy)
  • Parents/ sponsors Latest payslip (1 month if FNB customer OR 3 months if not an FNB customer)
  • Recent utility bill
  • Proof of registration at tertiary institution
  • Breakdown of fees due to tertiary institution

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