Are you one of those tertiary students who are always wondering about how your future of their studies might look like.
About – Capitec
Learning without surety about whether you will complete your education or not is one of the harshest conditions on which students can get into.
Sometimes it becomes so huge for one to manage, considering that there are classes, assignments, in-class tests, exams at the same time trying to achieve a balance with fees and other educational expenses.
This is why Capitec bank has designed a set of personal loans that are meant to cover the fees and educational expenses for a vast number of South African learners, making sure that our country will have future men and women with a “can do” spirit.
FINANCE YOUR EDUCATION WITH CAPITEC LOANS
Capitec bank allows you to escape the financial complications, which might reduce your performance at school.
With our student loans you can get funded for tuition up to the amount of R60 000 per year, textbooks up to R6 000, accommodation up to R60 000 and the loans come with additional funds of R24 000 for meals.
In aggregate, the Capitec bank offers student loans that go up to R63 000 for online courses, R200 000 for general bachelor’s degree and up to R350 000 for medical students. Thus, we give out student loans in amounts that are relevant and sufficient to meet your daily requirement for the time that you will be studying.
WHO CAN APPLY FOR CAPITEC STUDENT LOANS?
Our student loans are meant to give financial muscles to the parents and guardians of the students who are enrolled with registered institutions of higher and tertiary education in South Africa.
The student loans cannot be applied by students in their capacity, unless if the student is permanently employed where they earn some form of regular income.
Capitec bank student loans can only be acquired where the student who is supposed to be financed has sourced a place to study for a period that exceeds a year.
WHAT IS THE COST OF CAPITEC STUDENT LOANS?
Capitec student loans come with similar costs to credit cards, personal loans and short-term loans. The loans come with variable interests that are levied on the principal amount once the loan has been granted to the applicant.
There are various factors which will then contribute to the interest charges that an applicant will attract. These could be the size of the loan and the length of repayment.
However, Capitec bank student loans’ interest rates will vary within a maximum of 12.9% per annum.
HOW ARE THE CAPITEC STUDENT LOANS REPAID?
Student loans offered at Capitec bank come with similar terms with other credit facilities like property finance and short-term loans.
The bank will allow applicants to choose a repayment length that suits their requirements and abilities provided that the term does not exceed 84 months from the date of disbursement.
Unlike other student loan schemes that wait for the student to finish studies. The Capitec bank will require student loan holders to make small monthly instalments that are spread over a long term starting from the second month of acquiring the loan.
At all times, the bank is proud to bring student loans that have available terms that most parents and guardians can use to finance their children’s future.
WHAT IF THE STUDENT LOAN HOLDER PASSES ON?
Capitec bank will be less involved with the student or learner, and our available loan deals happen between the parent, sponsor or guardian of the student.
The loans come with an insurance cover that shields the student from getting disturbed when the unfortunate events like permanent disability or death happen to the principal loan holder.
The full student loan balance will be covered and repaid by the insurance, and the student will not be indebted in any way. Thus, at Capitec, we care about the well-being of our people; that is why they favour us.
The applicants of student loans will go through the same requirements as those of other personal loans issued by the bank.
Applicants should be South African residents who are employed, earning a regular income that is received through the banking system. These applicants will need to be above the age of 18 years at the same time, holding a good credit rating.
The following documents will be required when making an application
- South African national identity document
- 3 months’ stamped bank statement
- Proof of residential address not older than three months
- 3 latest pay slips from the current employer
HOW TO APPLY FOR STUDENT LOANS?
Applicants for student loans will need to specify that they want to finance education on the reasons for obtaining a loan.
The applicants will need to fill all the required fields before submitting their documents. With that the applicants will need to wait for our credit team which will decide upon the application.