How To Get a Nedbank Student loan | Since there are many students each year who are unable to afford their tertiary studies, a few banks have begun student loan schemes in support of those who do not manage to claim a bursary fund. Nedbank represents just one of those banks, offering student loans with flexible repayment options to part-time and full-time students in tertiary institutions.
Nedbank represents one of just under 10 South African banks that have begun a student loan scheme for students in dire need of alternative funding. Those that are interested in applying for the loan must have a Nedbank transactional account as their main account in order to be eligible for application
If you don’t have a Nedbank transactional account, there is no worry, as you can claim one easily by visiting a Nedbank branch and getting help to set up your account. For those who already have an account, the following loan application information will prove useful.
Who can apply for the loan?
The student loan is open to South African citizens who have a valid South African ID and non-South African citizens with valid passport documents.
What does the Nedbank study loan cover?
- Tuition fees
What do you need to apply?
The student and their guarantor have the following at hand for their student loan application:
- SA identity document or ID card (or valid passport from a non-South African citizen).
- Guarantor’s latest pay slip
- Guarantor’s three month’s bank statement (if non-Nedbank client)
- A Nedbank transactional account belonging to the guarantor as their main account
What information do you need to qualify for the loan?
- Latest exam results
- Proof of registration at a SAQA-accredited tertiary institution.
- An invoice or statement proving the cost of fees, accommodation, and textbooks.
- Letter to prove the necessity for any study-related equipment.
- A Nedbank account (which the bank will help you open upon approval of loan).
How can the loan be paid off?
If you are a full-time student, you can start paying back your loan once your studies are complete. You also have the option to get credit life cover, which is useful in the case of death or disablement.
Should you require funding for other years of study, you need to reapply for the Nedbank student loan and provide your academic transcript for your previous year(s) of study.
If you have any queries, visit the Nedbank website or contact 0860 555 111.
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