Comparing Study Loans In South Africa

It is no secret that university fees can be very expensive, and this is why many students choose to apply for study loans in South Africa. This means you’ll need to apply for a loan at one of the four banks. Here’s a recap of what study loans are available from ABSA, Standard Bank, Nedbank and FNB.

Absa

The student loan amounts that can be granted are between R3000 and R150 000 with an interest of prime rate (9, 25%). Only the interest needs to be paid monthly during the students studies but all credit and interest must be after completion of studies. If the course is less than 12 months, the student need to start repaying the loan and interest immediately.

Standard Bank Student Loans

Standard Bank offers a student loan and your tuition, books and accommodation will be paid for directly, as the institution is paid by Standard Bank. You will then repay the loan to the bank while you are studying if you are a part time student, or after your studies are complete if you are a full time student. You can choose to pay the minimum amount of the loan, or the full instalment.

Nedbank Student Loans

As a fulltime student you qualify for a Dezign Student Account, which allows you access to a transactional account in a convenient and cost-effective manner. If you are a full time student you’ll only repay the interest while you are studying. If you are a part time student, you’ll repay your full instalment amounts while you study.

FNB

At FNB, a student loan can be given from R4000 upwards. The credit interest you will receive depends on your credit profile and affordability. It is usually prime rate of 9.25% upwards.

Only the interest rate will be paid during the time of studies each month but after completion of studies the loan and the interest rate needs to be paid each month.