Eduloan aims to unlock potential through its commitment to making education both affordable and accessible to all individuals looking to further their education. Eduloan realises the real costs of education and how stressful paying for this can be. Their study loans are affordable and have very low interest rates.
Since inception in 1996, Eduloan has awarded over 720 000 study loans to the value of more than R3.7 billion. These loans are useful for covering course fees, textbooks, registration fees and technology costs (such as laptops, tablets and other study equipment.)
The application process:
Students looking to further their studies can simply log onto www.myeduloan.co.za and complete an application form. They will also need to provide a certified copy of a South African I.D. and a quotation from an educational institution, with their name, student number, study program and the amount due for payment. A recent payslip of their sponsor will need to accompany documentation, along with the sponsor’s bank statement for the last 3 months. If the sponsor is self-employed, 6 months’ bank statements and proof of business ownership will need to be provided.
A registered credit provider, Eduloan encourages students to apply only if they can afford to repay. There is a handy loan calculator online for working out how much money will be expected to be paid back.
To benefit from Eduloan’s reasonable and affordable study loans, SMS “edu” to 32150 and a helpful consultant will call you back. SMSes are charged at R1. You can also call 0860 55 55 44.
A student loan can help you pay for anything study related, from tuition fees to accommodation and textbooks. Let’s find out more about the application process.
These days, we are all told how important it is to have some qualification, other than a matric certificate. Paying for further education after school can make it very difficult to follow this advice, but luckily student loans exist!
So, how do you get one? Let’s break it down.
Step 1: Choose a Loan Provider
There are many financial institutions that offer student loans, including big banks like FNB, ABSA, Nedbank and Standard Bank. Every bank/institution will offer you a different interest rate. These are the fees that a bank charges you to borrow money from them. So shop around until you find the best deal because YOU will have to pay it back!
To apply, you can go into any branch of your selected provider or call them to fill in the application form. Some providers also allow you to apply on their website, so check that first, if it is easier for you.
Tertiary studies are expensive, there’s no way around it. Luckily though, you have options to finance it – student loans in South Africa are a realistic option, and they are readily available.
Step 2: Get Surety!
When applying for a student loan, you need to make sure you have someone to stand surety for you. This person must take responsibility to make sure that your loan is repaid even if you cannot pay it. Usually, parents or guardians who are earning a minimum monthly income of R3 000 – R6 000 can stand as surety for your student loan.
What if no one can stand surety for me?
Good question! Surely, there should be options for those people who don’t have anyone to stand surety for them? Don’t worry, there are!
- If you are a part-time student who earns around R5 000 a month, some providers will allow you to stand surety for yourself.
- Otherwise, the National Student Financial Aid Scheme (NSFAS) offers loans to students who don’t have anyone to stand surety for them.
The National Student Financial Aid Scheme (NSFAS) is the South African government’s way of helping you pay for your studies. But how does it work exactly?
Step 3: Make sure you Qualify
Banks and other financial institutions have strict requirements that you need to meet in order to apply for an education loan. Most providers require you to have:
- SA green barcoded ID
- Proof of residence
- Proof of registration from an educational institution
- Latest payslip of the person standing surety
- Three months bank statements
- Proof of university costs
Remember that all of these documents must be, at most, 3 months old! Some finance providers also have special requirements and fees that may not be mentioned above. So be sure to check out your chosen provider’s student loan webpage for extra information that you might need.
When do I find out if I got the loan?
If all of your documents are in order, you should know within 30 minutes that your loan has been approved or denied. After that, it should take 48 – 72 hours for the money to appear in your bank account.
FUNDI Education Loan
If you don’t want to apply for a student loan from a bank, you could apply for one of FUNDI’s education loans. FUNDI’s loan offering also covers registration fees and any outstanding balances that you might have.
To apply, follow these easy steps:
- Go to FUNDI’s webpage on educational loans.
- Choose the type of loan that you want (i.e. tertiary education).
- Click ‘Apply now’.
- Choose the ‘Get quote now’ option.
- Follow the instructions to fill in all of your details.
After submitting all of your relevant information, you should get a quote within 48 – 72 hours. You will then have the option to accept the loan and its repayment terms. Once you’ve accepted these, your loan will be paid directly to your educational institution, on your behalf – so there is no extra fuss for you to worry about!
How To Apply
In addition to the completed application form you must also submit the following:
- You or your sponsor’s latest original salary advice (or a certified copy thereof).
- A certified copy of your identification document.
- A study fee quotation from the institution you will be studying at (this is not required if you are applying for a book loan).
- You or your sponsor’s latest month’s bank statement to prove you are an account holder and in permanent employment (or 3 month’s personal and business bank statements, if you are self-employed.
- Please keep a copy of your completed application form in a safe place for your future reference.
Contact Eduloan
Call Centre: 0860 55 55 44
SMS ‘edu’ to 32150 and we’ll call you back
For more information on Eduloan, please visit their website