Eduloan covers course fees, accommodation, materials such as books and laptops.
The Institute does this at the lowest possible interest rate. If you are a student and do not have a regular income, you will need to take out a loan on behalf of your parent or sponsor.
Fixed monthly rates help you budget better. EduLoan pays education loans directly to schools, so there are no administrators. No security deposit is required and the repayment period is not long.
With Eduloan, study finance is also provided to corporate employees and a salary deduction can be arranged. The loan can be repaid between 6 and 22 months.
To qualify for an Eduloan, instalments should not exceed more than 25% (based on a one year loan) of their monthly gross salary. One must also not earn less than R2000 after deductions.
If your sponsor is self-employed, he or she will be required to bring proof of business ownership and 6 months’ bank statements
How does EduLoan work?
Your study loan is made to your affordability criteria and covers registration fees, outstanding study fees and all other additional costs.
You don’t have to put down a deposit. EduLoan makes the entire process easier for you by paying the amount your owe for your studies directly to the institution and deducting instalments from your salary or bank account each month.
Repayments can be made within a 6 to 24 month period and you have the benefit of fixed monthly instalments.
When you apply, EduLoan will do an affordability assessment. If you fulfil all requirements, you may qualify.
What are the requirements?
- A fully completed application form
- A copy of your valid South African I.D.
- A quotation with your name, student number, study program and amount due from an educational institution
- Sponsor’s payslip (not older than 3 months) and latest 3 months’ bank statements
- If your sponsor is self-employed, he or she will be required to bring proof of business ownership and 6 months’ bank statements
How can you apply?
Simply visit www.fundi.co.za or visit any of the on-campus Eduloan offices.
You can also call 0860 55 55 44 or SMS “edu” to 32150 and a consultant will call you back.