FNB bank offers a student loan amount from between R4 000 to R80 000. The individual student’s loan amount will vary depending on their circumstances for funding, but shall remain within this range. To be eligible for this loan option, the student must:
- Be 18 years or older
- Be able to produce a valid South African ID (or produce a study permit if they are an international student)
- Be registered at a recognised tertiary institution in South Africa
- Have a sponsor or surety that earns at least R6 000 per/month (The sponsor will be in charge of covering the loan applicant’s debt in the case that the applicant is unable to do so).
The loan option will be able to cover the student’s tuition fees, accommodation, and the student’s learning materials. The student would be required to reapply for the loan each year.
The loan applicant should take note of the fact that the loan will need to be repaid with an interest rate catered to their financial circumstances.
Their personal interest rates would typically range between a minimum of 6.50% (prime less 0.5%) and a maximum of 11.50% (prime plus 4.5%) based on your credit/risk profile, as is stated on the FNB website.
When applying for the loan, FNB members will need to produce:
- A valid South African ID
- Sponsor’s valid ID
- Proof of registration from their tertiary institution
- 1 month’s bank statement from the loan applicant’s sponsor
- A breakdown of the student’s fees.
- Recent utility bill
Whilst non-FNB members would require the same, in addition to:
- A proof of address
- 3 months’ bank statements required from the sponsor
FNB maintains that they offer flexible repayment policies and will cater to the loan applicant’s needs when compiling a loan package.
