With Capitec bank’s Credit-For-Education student loan, students are provided with the chance to further pursue their studies. Unlike other student loans, this loan option is specifically for students who hope to apply to a set list of tertiary institutions that have partnered with Capitec to make this loan available.
All About Capitec Student Loans
Students are allowed to take out a loan of no more than R250 000. The loan is provided with a discounted interest rate and operates over an extended term.
Applicants will need to ensure that they meet the basic requirements before applying for the loan. Here are the student loan requirements:
- Be a South African citizen.
- Applicant should be 18 years or older.
- Should be studying at or applying to study at a registered South African education institutions
Each institution has its own application process. However, each institution provides the student with an estimation of their loan as a way to determine whether the student qualifies for application.
How To Apply For A Capitec Student Loan
Students can apply for loans directly on the website of their chosen university's campus. To determine whether they qualify, the student will need to complete a four-step online form. Once they have qualified, a Capitec consultant will get in contact with the student. Keep in mind that this process could take up to 48 hours.
Students can also look out for a QR code, which can be scanned and will begin the application process. This QR code can be found in-store at the partner campuses.
Once a student has applied and been approved, the funds will be available and transferred to their institutions' bank accounts.
This service is limited to online applications only; students will not be able to apply in-person at a Capitec branch.
During the application process, documents to have on hand include:
- A standard invoice or quote from the partnered institution, not older than 30 days.
- A valid South African ID document/smart ID card (must be 18 years or older)
- No proof of residential address is needed; but you may be asked to provide supporting documents to complete the application
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