Student loans allow individuals to obtain a tertiary education qualification without having to pay all of the costs immediately. They are especially useful to students who don’t receive any financial support and are solely responsible for funding their education journey.
Several financial institutions offer student loans to individuals who require them. One such financial institution is Nedbank.
Nedbank student loans aim to cover all the costs associated with obtaining a tertiary education qualification. This includes tuition fees, accommodation costs and learning material costs.
Here’s How To Apply For A Nedbank Student Loan
1.Apply for your loan
Download the loan application form, fill it out and send it back or take it with you to your nearest branch.
2.Submit it for review
An assessor from Nedbank will review your application. This includes reviewing all the relevant documents you submitted in support of your study loan application.
3.Accept the student loan offer
If the assessor is satisfied that you qualify for the loan, your student loan application will be approved and the money will be paid into the relevant bank account.
Nedbank’s student loans are suitable for full-time and part-time students.
What You Need To Qualify For A Nedbank Student Loan
- Your and your guarantor's valid South African ID card or document
- The guarantor's latest payslip or three months' stamped bank statements.
- A Nedbank transactional account belonging to your guarantor as their main account. (Nedbank will assist applicants to open a transactional account for individuals who do not bank with them)
- Your latest exam results
- A statement of tuition fees, textbooks, equipment and accommodation
- Proof of registration (the institution must be approved by the South African Qualifications Authority)
The terms of repayment for a Nedbank student loan differ for full-time and part-time students.
Part-time students are required to start repaying at the beginning of the academic year while full-time students are required to nominate a surety to make monthly payments on the interest of the loan. The student will be required to start repaying the loan when they start working.
