How to apply for a student loan at Absa Bank?
What are the documents required to apply, and how does the application process unfold? Keep reading this article to have all these answers!
What do I need to know?
Getting a student loan can help you achieve your educational goals without having to worry about facing immediate financial hardship.
Consider investigating your options with the Student Loan from Absa Bank if you’re a student in South Africa seeking a dependable and accessible financing alternative.
You can easily and quickly apply for a student loan at Absa Bank by following the steps in this detailed tutorial.
The ABSA Student Loan offers a customizable option catered to your specific needs, whether you’re studying full- or part-time for an undergraduate or graduate degree.
This financial assistance can pay for tuition fees, textbooks, student equipment, and even housing for qualified full-time students, with loan amounts ranging from R15,000 to R250,000.
Let’s jump right into business!
Who can apply?
- Buckle up, this one is tricky:
To qualify for the loan, the applicant’s monthly salary must be at least R3,000. The student or a parent, sponsor, guardian, or income-earning student serving as a guarantor may satisfy this income criterion.
- At the time of application, candidates must be older than 18 years old.
- Status as a resident: The applicant must be a citizen of South Africa.
- Enrollment in a recognized institution: The student must be enrolled in an officially recognized institution in South Africa, such as a TVET (Technical Vocational Education and Training) college, a university that has received SAQA approval, or online courses that have been approved by the UK Government of Higher Education or the US Department of Education.
- Both full-time and part-time students are qualified for the loan, regardless of their study load. However, only eligible full-time students who do not live with their families are eligible for housing aid.
- Proof of admission or registration: Applicants must submit a final acceptance letter from the school they are attending or proof of registration.
- Proof of course costs is needed, such as invoices or statements, to demonstrate the price of tuition, housing (for qualifying full-time students), textbooks, and technology-related study aids.
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How is the application process at Absa Bank?
Due to potential differences in the application requirements, you must decide whether you are applying as a full-time or part-time student.
Fill out the application completely, including all relevant personal and academic data as well as any guarantor selection information, if required.
Absa Bank will check your information and supporting documentation after you’ve submitted the application to determine your eligibility. It’s crucial to have patience because the approval procedure could take some time.
If approved, the loan amount will be disbursed to pay for your educational costs, including tuition, housing (for eligible full-time students), textbooks, and technology connected to your studies.
You have two choices after you start loan repayment. You can decide to pay interest solely for the first 12 months and then start making capital and interest payments, or you can start making monthly installments right away to pay off both the principal and the interest.
Review the loan terms and conditions carefully before moving forward with the application so that you are aware of the repayment schedule and any additional costs.
Want to look at another lender?
Check out Nedbank if you wish to research other possibilities as well!
Part-time students are not only permitted to borrow money, but they can also receive assistance of up to R100,000. Look at this!
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