Education is essential, but it can often be an expense that is way out of reach. Thankfully, there are study loans in South Africa for precisely this reason. So who qualifies for Fundi, the education financing and management specialist in South Africa? Read on for the answer and more details about the student loan application process.
Their loans are unsecured, which means you do not have to put up any security. This loan will pay your education-related fees straight to the universities when you have been approved for their financing. Your payments may be taken from your paycheck or made by debit order. Fundi student loan interest rate starts from 11.6%, and you will have up to four years to repay your debt.
The only age limit is that you must be over 18 to apply for the loan. What is the application flow? Fundi student loans can be applied for online. If you work for a government agency, you may be eligible for discounted rates.
The institution has administered over R3 billion in bursary funds and offers educational loans for all levels of tuition. It covers outstanding balances ad registration fees and helps to pay for all study-related items.
Eduloan provides cover for tuition, accommodation, study material like books, laptops etc.
The institution does this at the lowest possible interest rates. If you are a student with no form of consistent income, the loan must be taken out in the name of your guardian or sponsor.
You get to benefit from affordable monthly repayments, which are also fixed, which allows you to budget better. There is no admin because EduLoan pays the school loans directly to the schools. There is no deposit required and there are no long repayment terms.
EduLoan Requirements:
- Be permanently employed
- Not be under debt review, sequestration, liquidation or administration
- Provide a quotation from the educational education at which you’re registered
- Provide a certified ID copy
- Provide your or your sponsor’s payslip
- Provide your or your sponsor’s bank statement
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