Every young person has the dream to become a professional and while working hard to get the best matric results, money sometimes becomes an issue. With varsity fees always on the rise those who are less fortunate find it hard to study further if they don’t have secure financing such as a bursary. A student loan from Nedbank is the right product to apply for to ensure that people who cannot afford tertiary institution fees also get a fair chance.
Once a student has been accepted into a recognised tertiary institution, they can apply for a Nedbank Student Loan accompanied by their surety. The Nedbank Student Loan covers costs for tuition fees, accommodation, books and study-related equipment. The tuition fees will be paid to the tertiary institution upon approval, while other study related fees will be paid into the student’s transactional account.
The Nedbank student loan offers competitive interest rates and flexible repayment terms during and after completion of studies. Students studying part-time are expected to repay the capital and interest immediately after receiving the loan while fulltime students can repay the capital and interest at the end of their studies. The person signing surety on behalf of the student will however have to pay a portion of the interest during the student’s studies.
Students need to apply for a Nedbank Student Loan every year as they are granted for a specific year of study. A once-off administration fee will be charged as well as a monthly debit order for the interest. Students who have to complete internships or articles in their field of study get a grace period before they can repay the loan. Flexible repayment plans can also be arranged for students studying towards their post-graduate qualification.
South African citizens in possession of a matric certificate and green bar-coded identity document are eligible to apply. Students must also not be restricted to specific courses, while students planning postgraduate studies abroad may also apply. In the case of death or disability, Nedbank also offers competitive credit life cover.
Nedbank will need supporting documents such as ID documents for both applicants, matric results / latest academic results, proof of income and residence, three months’ bank statement, income and expenditure statement, statement of fees, study-related costs invoice. For more information on the Nedbank Student Loan people can visit www.nedbank.co.za or go their nearest branch.