ABSA Student Loan 2020-2021 | Everything About ABSA Loans

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

ABSA Student Loan 2020-2021 | Everything About ABSA Loans

ABSA study loans can be used to cover the cost of tuition, textbooks, study equipment and accommodation. Additionally, you will receive a max discount of 15% on your study equipment.

Please note that students must reapply for a student loan each year.

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ABSA guarantees that they offer the best interest rates on student loans – if you receive a lower interest rate from another financial institution, they will better it. To find out more, download and read the following documents:

Who can apply

To qualify for the loan, you must be a South African citizen or person living in South Africa permanently and earn more than R3 000 a month. The loan can be in the name of:

  • A parent, who has proof of income
  • A sponsor or guardian, who has proof of income
  • A part-time student, who is full-time employed and has proof of income

An Absa Study Loan can be taken out by a student studying full-time or part-time at any of the following institutions:

  • University, university of technology, agricultural college, technical vocational education and training college (TVET)
  • Any private study institution registered at a Sector Education and Training Authority (SETA) and accredited by the South African Qualifications Authority (SAQA)
  • Online study courses accredited by the United States Department of Education or the UK Government of Higher Education Quality Assurance Agency (QAA). The borrower is required to be based in South Africa.
  • Aviation training from an approved training organisation (ATO) which has been approved by SA Civil Aviation Authority (SACAA)

How do I pay it off?

  • You can opt to make capital and interest repayments or;
  • You can repay interest only for a period of 12 months.

When topping up an existing study loan, you may repay interest only for a further 12 months.

Get a Credit Protection Plan
  • Credit Protection Plan will cover you in case of death, disability, critical illness and retrenchment. You can also cover the student as a second life in case of death. You can get cover to protect your loan or facility with Absa Life Limited or any other licensed life insurer.

Where can I apply?

  • You can apply at any Absa branch; or
  • Absa Student bureau; or
  • Call us on 0860 100 372.

PAYING BACK THE STUDY LOAN

There are 2 options to paying off the loan:
1) You can choose to pay back the interest as well as the capital as soon as you start studying
2) You can choose to pay back the interest only for 12 months, and the capital and remaining interest after the 12 months.

ELIGIBILITY

Applicants must satisfy the following minimum entry criteria before applying:

  • Full-time or part-time student
  • Studying at one of the following institutions: University, University of Technology, Technical Vocational Education Training College (TVET), Agricultural College, Sector Education and Training Authority (SETA) registered institution
  • Student or their sponsor must earn at least R3000/month

HOW TO APPLY

The best way to apply is by visiting your nearest Absa branch

Alternatively, you can apply at your institution’s student bureau.
You will be required to have the following supporting documentation on hand for your application:

  • Identity Document
  • Parents/ Guardians Identify Document (minors only)
  • Proof of tertiary registraion or acceptance
  • Proof of study expenses (tuition, accommodation, books etc)
  • Student or sponsors latest payslip

If you have any further questions which were not covered on this page, you can call 0860 100 372 to speak to a friendly Absa consultant.

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