How Do FNB Student Loan Repayments Work?

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Tuesday, 10 May, 2022 - 09:14

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Lecturer congratulates students after FNB approves student loans

If you need funding for your studies, FNB has student loans of up to R300 000 to help fund your studies. It is important to understand how the financial institution’s repayments work.

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The FNB student loan can be used for tuition fees, accommodation, equipment, other study material, and devices needed for the student.

For a 12-month period, you pay only interest and fees and start repaying interest, fees, charges, and capital from the 13th month onwards.

According to the bank, the interest rate ranges from a minimum of 6.75% up to a maximum of 11.47% based on your credit profile.

Loan recipients are able to pay only interest and fees for a 12-month period and then start repaying interest, fees, charges, and capital thereafter.

As life can be very unpredictable, the bank has credit life insurance that is compulsory for its student loans. This insurance covers both the guarantor and student in the event of death, temporary and permanent disability, retrenchment, or inability to earn income.

FNB permits the debtor to use their own credit life insurance policy. For further details on this student loan, click here.

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