FNB Student Loan

South Africa’s education sector has come a long way.This sector has seen itself make great strides by building and establishing learning institutions and recording an increasing number of students in this institutions.Statistics currently show that South Africa has a vibrant higher education sector, with nearly 900,000 students enrolled in the country’s 23 state funded tertiary institutions,11 private universities and 6 comprehensive institutions.The need for access to finance and funding in this picture is therefore of the essence.One institution making a huge contribution in this regard is First National Bank(FNB).

Founded in 1838, FNB is one of South Africa’s big four banks.As a large financial services conglomerate,FNB is known for innovation and introducing tailor made products and services.The perfect example of innovation are the student loans. An FNB student loan is the ideal cover for your financial needs, giving students and parents who are principle debtors a sense of comfort in knowing that funds are available for further studies.This loan facility covers tuition fees,books and campus accommodation.

Some of the features and benefits for this loan include servicing the interest portion while the student completes their studies and start repaying interest plus capital after the student graduates, personalised interest rate as well as access to loans from a minimum of R4,000 to R80,000. One unique and important feature of this facility is the fact that a new application is required for each year of study and is subject to a credit and affordability assessment,which will determine what you qualify for.It is strongly recommended that you keep finance low to avoid the risk of not being able to secure finance for the entire duration of the students studies.

The qualifying criteria for this loan includes the fact that the principle debtor must be employed,the student must be registered with a South African institution and the principle debtor should be able to afford the monthly repayments and earn a minimum income of R6,000 per month.You are also required to submit copies of the principal debtor and students green bar coded ID or Smart Card,latest payslip,proof of residence,proof of enrolment from the education institution.If you do not bank with FNB,you are required to submit the latest three months bank statements.If you are self employed,you submit latest six months bank statements and last annual financial statements.

FNB can be contacted on 0861404040