What Are The Student Loan Requirements at FNB?

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First National Bank (FNB) is the oldest bank in South Africa and acts as a major banking branch within the country. Currently, FNB and other leading banks also provide the option for taking out student loans, however, there are a number of criteria to be met to qualify for the FNB student loan.
 

FNB is said to be the preferred bank for almost 10 million South African citizens. As such, it is important that the bank continues to satisfy its large customer base, and one thing that FNB has implemented to encourage banking with them is their introduction of a student loan option.

Mortgage loans, personal loans, business loans etc., are all common loan types, but student loans cater specifically towards the funding of the student’s studies and all things related, such as the student’s accommodation and learning materials among other things.

The FNB student loan offers up to a maximum of R300 000, offering personalised interest rates and flexible repayment methods in addition. To qualify for this loan option, the applicant must adhere to the following:

  • Applicant must be at least 18 years of age
  • The main debtor for the loan must be employed
  • Applicant must be a permanent South African resident
  • The main debtor’s salary must be paid directly into their bank account
  • Applicant must be registered with a recognised institution for tertiary studies
  • Applicant will be subject to pre-qualifying assessment

Once this criteria is met, the student can submit an application which will require the presentation of the following documentation:

For FNB customers

  • Applicant’s proof of enrolment at a tertiary institution
  • Applicant’s student ID

For non-FNB customers

  • Applicant’s South African ID
  • Last 3 months’ payslips from the main debtor
  • Applicant's proof of residence no older than three months
  • Applicant’s proof of enrolment at a tertiary institution
  • Applicant’s student ID

For more information on this loan option, click here.

 

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