An FNB Student Loan offers you the help you need to achieve your academic goals.
This Student Loan can be used for tuition fees, accommodation, equipment, other study material and devices.
In this article, we are going to take a look at the features and benefits of taking out an FNB Student Loan. Also, we will take a look at how much you can apply. Furthermore, we will look at the qualifying criteria.
FNB Student Loan Overview
How does it work? Student Loans are applied for on an annual basis and a new loan application is required for each academic year of study.
The application is subject to a credit and affordability assessment, which will determine how much you qualify for.
It is strongly recommended that you only borrow the amount of money required per academic year and keep financial obligations low to avoid the risk of not being able to secure finance for the entire duration of studies.
Loan Amount: From R4 000 to R80 000 per year to fund studies from any recognised tertiary institution.
Terms: Only pay interest, fees and charges while studying and start repaying interest, fees, charges and capital on completion of studies.
Interest Rate: Personalised interest rate from as low as the prime lending rate based on your credit/risk profile.
Features and Benefits
One thing we love about the FNB Student Loan is that you can still apply for it even if you are not an FNB client.
You can make additional payments into the Student Loan account and settle the account early with no penalty. This is a good thing as it is always advisable to settle your loan as soon as possible to avoid incurring further interest.
Personalised interest rates according to your credit profile. In addition, FNB will never charge more than the prescribed rates.
You’ll enjoy the benefit of concentrating on your studies knowing that your tuition is taken care of.
The Student Loan comes with compulsory Credit life insurance. This covers the principal debtor and student in the invent of death, temporary and permanent disability, retrenchment or inability to earn income.
You are not required to pay back the capital amount whilst you are still studying.
FNB Student Loan Calculator
On the FNB website you’ll find different calculators. These include the affordability calculator and budget calculator.
These are tool we always recommend to clients to use before applying for a loan. By making use of them you can be able to tell if you’ll be able to afford the loan you are looking for.
In addition, you will be able to see an estimate of the total interest and amount payable for the loan.
NOTE: These calculators only give you estimate figure. To obtain an accurate quote we always advise to get hold of FNB directly.
FNB Student Loan Application
Application can be done at your nearest FNB branch. To find your nearest branch you can use the branch locator found on the FNB website.
Another way in which you can apply for your student loan is to complete the ‘call me back’ form found on the FNB website.
Also, you can call FNB on 087 335 8630 and one of their consultants will be able to assist you.
The requirements to apply;
- You must be 18 years or older.
- Principal debtor must earn R6 000+ per month and be a South African citizen.
- The student must be registered with a recognized tertiary institution.
The documents required for an FNB customer;
- A copy of the applicant’s SA green bar-coded ID or Smart Card ID
- Proof of enrolment from the educational institution / proof of registration
Documents required for a non-FNB customer
- South African green bar-coded ID or smart ID card
- Latest 3 months’ payslip or 3 months’ bank statement (latest 6 months’ bank statements and ITA34 for self-employed customers)
- Proof of residence not older than 3 months
- You’ll need proof of enrolment from the educational institution / proof of registration
TIP: Make sure that you meet the above qualifying criteria and have all the required documentation. Also, make sure you don’t leave out any of the documents to avoid delays in your application.
Contact Details
If you wish to get more information on Student Loans, you can contact FNB directly on 087 335 8630.
For more FNB contact details you can see the article FNB Contact Number.
To take a look at other loan products offered by FNB you can take a look at the article FNB Loans: What You Need To Know.