Student Loans Standard Bank
So, take that first step to becoming the force that is going to shake up the world and get down to your nearest Standard Bank branch to apply for your Student loan.
Let us take care of the cost of your study expenses at a competitive interest rate.
With your student loan you will also receive a Standard Bank transaction account with a debit card. Together we will choose the account that best suits your needs.
Learn more about Standard Bank's student loan options.
You can use the money from your Standard Bank student loan for:
- Accommodation. Loans for accommodation will only be granted to full-time students not living with their parents.
You qualify for preferential rates according to your qualification and year of study.
Repaying my student loan
- While you may have originally applied for your loan with the assistance of a parent or guarantor, for surety reasons, the overall loan amount is in your name, and you’ll need to repay the loan through monthly instalments.
- As a full-time student, you will start repaying the loan on completion of your studies. However, during your time of study, you will need to pay the monthly interest. The interest must be charged to your surety's bank account.
- You will usually be given a grace period of three to six months before beginning to making your capital repayments if you have completed your articles, internship or community service.
- This time can be extended if you still need to complete your CA(SA) articles, an internship or any community service.
- You will need to start repaying your loan immediately if you fail to complete your studies.
- As a part-time student, you will need to repay your loan as soon as you start studying.
- Once you’ve made your first repayment, your instalments won’t change. (Part-time students might find their payments changing as they increase their loan annually.)
The repayment period of the loan will be affected by one or more of the following:
- Paying more than the minimum monthly installment
- Fluctuations in the interest rate.
Accessing your Standard Bank Student loan account
The money will be paid into your Standard Bank transaction account or your student loan account.
You need to have your student loan account linked to your AutoBank card. This allows you to transfer funds between your loan and transaction account at an AutoBank, or through Internet and telephone banking.
Insurance cover for your Student loan
We recommend that you take out a Personal Loan protection plan to pay any outstanding balance on your loan in the event of death, dread disease or disability.
What else do you need to know?
We would like to know how you are progressing with your studies so we would like to see your marks and proof of registration or qualifications by 31 March every year. This will enable you to take full advantage of any preferential interest rates you are entitled to.
Student loans are granted for a specific year of study and you will have to re-apply for each year of registration.
Visit your nearest Standard Bank branch or www.standardbank.co.za for more information.
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