How Does an FNB Student Loan Compare to the Rest?
A FNB Student Loan has ideal cover for your financial needs, giving students and parents (also referred to as the “principal debtor”) a sense of comfort in knowing that funds are available for further studies.
Whether you are a first time student or looking to further your studies, getting a new qualification means that there is more on your mind. With FNB you can focus on the exams, essays and modules while we balance the books.
What the Student Loan covers:
- Tuition fees
- Books
- Campus Accommodation
Features and benefits include:
- Service the interest portion while the student completes their studies and start repaying interest plus capital after the student graduates
- Personalised interest rate
- Access to loans from R4,000 to R80,000
How it compares to the rest
You will be charged an interest rate of 9.25%, which is similar to most banks, although Nedbank offers a rate of 8.25% for your second year and 7.25% for every year thereafter. The interest rate on your loan will have to be paid each month whilst you are studying. After you have completed your studies both the loan and the interest rate will need to be paid each month.
What documents do I need?
- Copy of student’s green bar-coded South African ID
- Copy of parent / principle debtor green bar-coded South African ID
- Latest payslip
- Proof of residence if the loan amount exceeds R15 000
- Proof of registration from the educational institution
- If you do not bank with FNB, latest three months bank statements
- If you are self-employed latest six months bank statements
