Absa Student Loans

South Africa’s population is largely made up of young people who are all suitable candidates to be studying in the country’s learning institutions. Population statistics show that those who are below the age of 35 years constitute about 66% percent of the total population. While the country has come a long way in building and providing suitable learning institutions, many ambitious citizens face a major impediment in achieving their dreams.This major impediment is finance.  One business house trying to mitigate this situation is Absa bank.

Established in 1991,the Barclays Africa Group Limited,also known as Absa Group Limited,is a financial services provider,offering personal and business banking, credit cards, corporate and investment banking,wealth and investment management as well as Bancassurance. One of the products to come out of this banking giant and tailored to meet increasing need for education finance is the Absa study loan. Absa study loans are offered at Absa student bureaus situated in SA’s leading tertiary institutions,the Absa sales contact centre and selected Absa branches throughout the country.

The Absa study loan offers you financing of SETA and SAQA courses,textbooks,accommodation and equipment fees,lending is done at +1.8% interest rates,customers are offered a 15% discount on study equipment when they apply for a study loan,the study loan forms part of the Student Package, which includes a student credit card and a cheque account,there is also access to a credit protection plan which covers the outstanding amount of the study loan in events of disability, retrenchment, dread disease or loss of life.

Qualification requirements for this loan include the fact that customers need to earn a monthly income of minimum R3,000 per month,customers are approved based on their affordability and risk,proof of income from the person undertaking the study loan is required,there should also be proof of study in the form of a final letter of acceptance or proof of registration from the institution as well as proof of course costs for the year of study.

To apply, Absa can be contacted on 0860100372