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    You are at:Home»Finance»Standard Bank Student Loan
    Standard Bank Student Loan

    Standard Bank Student Loan

    0
    By admin on September 21, 2021 Finance, Finance Reviews

    Fulfil your career goals by financing your studies through a Standard Bank Student Loan.

    A student loan will cover any educational costs, giving you the comfort of knowing funds are available for all your studying dreams.

    You can apply for Standard Bank Student Loan whether you are studying full-time or part-time.

    What You Need to Know

    Standard Bank Student loans are a loan product from Standard Bank, a licensed financial services provider in terms of the Financial Advisory and Intermediary Services Act. Also, a registered credit provider in terms of the National Credit Act.

    You can apply for either a student loan with surety or without surety.

    Let’s take a look at the difference between the 2 types of student loans.

    1. Student Loan with Surety

    Tuition Fees Loan Amount: There is no maximum limit for tuition fees

    Accommodation Loan Amount: Up to R60 000 per year (must have lease agreement)

    Textbooks and Study equipment Loan Amount: Up to R20 000 (with proof of costs) / Up to R6 000 (if no proof of costs) 

    Terms:  Repayment term ranges from a minimum of 12 months to a maximum of 72 months

    Interest Rate: Interest rates are personalised ranging from a minimum of 7% (prime interest rate) to a maximum of 13%.

    Before applying for a loan be sure you meet the qualifying criteria. For example, you need to be a South African citizen to apply.

    Also, both Standard Bank and non-Standard Bank account holders can apply for a student loan.

    In addition, your surety does not have to be a Standard Bank account holder unless if you are going to study overseas.

    For full-time students, there can only be one surety on a student loan and your surety must earn at least R3 000 per month.

    If you’re a part-time student, you must earn a minimum income of R5 000 per month to qualify.

    NOTE: A minimum loan amount of R5 000 is applied regardless of what category you apply for.

    To apply; you’ll need to visit the Standard Bank website and get an online quote. This is done by completing the form after clicking on Do I Qualify?

    Once the online application is pre-approved, take the required documentation listed below to your nearest Standard Bank branch.

    Once your application is approved and finalised, payments will be made to the institution and relevant parties.

    Required documentation for application;
    • ID documents (student & surety)
    • Proof of residence not older than 3 months (student & surety)
    • Latest 3 months’ payslips (surety)
    • 3 months’ bank statements for non-Standard Bank clients (surety)
    • Acceptance letter or proof of registration from institution
    • Proof of costs for tuition, accommodation and textbooks and/or equipment
    • Proof of latest academic results

    2. Student Loan Without Surety

    Loan Amount: R120 000 Maximum loan per year of studies

    Terms: Flexible repayment options based on your affordability. Also, you start repaying the loan 6 months after completing your course or when you start working (whichever happens first).

    Interest Rate: Competitive interest rate linked to the course you’re studying. Interest rate usually starts from 7%.

    You don’t need any surety or income to qualify for this loan.

    The funds can be used to pay for tuition, accommodation, books and educational equipment.

    Before applying for a loan be sure you meet the qualifying criteria.

    You need to be a SA citizen, studying at a participating university.

    Also, your course must be on the list of approved courses.

    In addition, you need to have a Standard Bank transactional account and your annual household gross income must be less than R600 000.

    To apply; you’ll need to download and complete the application form found on the Standard Bank website.

    Once the application form is completed, submit it to StudentLoanWithoutSurety@Standardbank.co.za  Make sure to also send the required supporting documents listed below.

    TIP: To avoid delays in your application, make sure all details are correct and you submit all required documents.

    Assessment of applications, are usually done withing 3 business days.

    Once your application is approved, funds are paid directly to the university.

    Required documentation for application;
    • South African Identity document
    • Proof of residence (not older than 3 months)
    • You’ll need proof of household gross income
    • Proof of latest academic results
    • University registration letter
    • Proof of cost for books and educational equipment if over R6 000 (if funding is required)
    • Lease Agreement reflecting cost of accommodation (if funding is required)
    • Statement of university tuition or residence cost (if funding is required)

    Annual Percentage Rate (Interest Rates and Associated Fees): Illustrative Examples

    Full-time student (who is still studying): The estimated repayment for a R50 000 loan at an interest rate of 7% per annum will be R512 per month.

    Full-time student (who is working): The estimated repayment for a R50 000 loan at an interest rate of 7% per annum over 72 months will be R921 per month.

    Part-time student: The estimated repayment for a R50 000 loan at an interest rate of 7 % over 44 months would be R1 315 per month.

    Standard Bank Student Loan Contact Number

    If you wish to get more information, or submit an application, you can contact Standard Bank directly using the details below.

    Website: www.standardbank.co.za

    Telephone: 0860 123 000

    Email: StudentLoanApplications2@standardbank.co.za

    Physical Address

    5 Simmonds Street,
    Selby, Johannesburg,
    2001

    For other loans from Standard Bank see the article Standard Bank Loans.

     

     

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