The FNB student loan option has proven to be beneficial to many students entering their tertiary studies without funding support. The following information highlights the conditions of the loan and application requirements for those looking to apply.
Starting with amounts, students can get a loan of up to R300 000 to fund their studies, and only start repaying interest, fees, charges and capital once they have completed their studies.
Who can apply?
This loan is open to all permanent South African residents. More qualifying criteria includes:
- Being 18 years or older
- The principal debtor (the person responsible for paying the loan) must be permanently employed or self-employed
- The student must be registered with a South African tertiary institution
What does the FNB student loan cover?
- Tuition fees
- Textbooks and other study related costs
- Equipment
- Accommodation
What documents do you need to apply?
For FNB customers:
- Valid South African ID/Smart card
- Proof of acceptance/registration from a tertiary institution
For non-FNB customers:
- Valid South African ID/Smart card
- Proof of residence (not older than 3 months)
- Your last three months’ payslips/bank statements
- Proof of acceptance/registration from a tertiary institution
- If you are self-employed, you need to present your latest 6 months’ bank stamped statements and Personal Tax Assessment (ITA 34)
How can the loan be paid off?
The interest rate of the loan is dependent on the credit risk profile of the customer; therefore, repayment of the loan is dependent on the bank.
Repayment of the loan starts the following month after the loan has been paid out.
There is the Customer Protection Plan (CPP), which is provided by FNB. This is a form of credit life insurance which covers the student and the principal debtor in the event of death, disability and unemployment.
For more queries,contact 0861 40 40 40 or visit the FNB website
