Capitec has made student education funding much easier with their credit-for-education option that presents as a student loan.
Nonetheless, students can still take out personal loans and are not limited to just an educational loan option.
As an alternative to securing tertiary funding through a financial aid provider such as the National Student Financial Aid Scheme (NSFAS), for example, banks such as Capitec have offered student loans.
Capitec bank has been an instrumental part of this initiative, offering their own credit-for-education option.
However, just because specific student loans have been made available for students, does not mean that a student is unable to take out a personal loan. As long as the necessary requirements have been met, taking out a personal loan as a student is an available option.
A personal loan can be taken out for a number of reasons, including home improvements, buying a car, and much more. As a student, you could use this personal loan for your studies, if you wish.
The personal loan would have to be paid back in regular payments over a certain period of time, depending on each applicant’s personal loan package, which is typically sculpted around their financial capabilities.
For students who want to apply for this loan option, the following should be considered:
- The student would have to be above the age of 18 and be able to prove that via identification documents.
- The student would have to provide their latest salary slip and three months’ bank statements.
- The student will need to provide a good credit and banking history.
- The student would have to provide a statement of their income and expenses, so that the bank can measure how stable their income is.
- The student will have to provide the amount they would like to take out for credit and how they would like to organise their monthly payments.
As long as the student considers and meets the requirements, taking out a personal loan as a student should be possible. Make sure to consider all your options and what would best be suited for you.
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