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Have you ever wondered why most students from the developed world tend to be so successful in their education?

About – FNB

At many times these students make more significant achievements in addition to getting some of the highest graduation rates as compared to the number of people who would not have enrolled.

Taking a considerable look at it, it is not because their education is cheaper. The main reason is that their knowledge is fully funded to the extent that few learners have to think of finance during lectures.

South Africa can achieve the same standard for its higher and tertiary education finance institutions provide enough. Also, giving our people something to be proud of in the future. The FNB bank now give South Africans one of the best ways to finance their education and this comes in the form of student loans

WHAT DOES FNB STUDENT LOAN PACKAGE CONTAINS?

The First National bank will allow South African students to be financed on their tertiary expenses from as little as R4 000 to up to R150 000 with terms and conditions that are favourable for both students and guardians applicants.

The FNB student loans come to cover various costs that are related to education and learning for individuals who are registered with tertiary institutions in South Africa.

With that, the bank is proud to be one of the significant financiers of education in the country, and we contribute substantial financial resources for the improvement of our education sector.

WHICH INSTITUTIONS DOES FNB STUDENT LOANS COVER?

Our target is on the institutions that are registered within the South African tertiary education system. The loans do not cover primary and secondary education levels.

On tertiary institutions, the applicants will also need to be full-time or part-time students who are not online or distance learning programs.

We simply facilitate people who attend lectures in classes, those that interact with lecturers and other learners on a daily basis.

HOW LONG DOES IT TAKE TO ACQUIRE FNB STUDENT LOANS?

The acquisition of student loans is not as fast as that of quick loans and short-term loans. At the same time the application will also not be long like that of business loans and property finance.

There is sure authentication that the institution will need to ensure that the financed party is a bonafide student.

These might delay the disbursement of student loans a bit longer, but when the applicant makes their application correctly, where they meet the requirements with good credit scores. A student loan can be obtained within 3 working days.

WHAT DOES FNB STUDENT LOANS COST?

The bank gives out student loans at a slightly cheaper rate as compared to most banking institutions and educational financiers. We aim to see the lives of South Africans getting ahead with education.

Our student loans come with variable interest rates, and the rates will depend on the loan amount, length of the repayment term and the credit score of the loan applicant.

In general, the FNB student loans will not exceed the maximum of 13% per annum.

HOW IS THE FNB STUDENT LOAN REPAID?

FNB student loans take repayments that are similar to other credit services offered by banking institutions like personal loans and credit cards.

The loans are repaid during the term of the study with monthly installments that go up to a maximum of 60 months. Depending on the needs and abilities of the student loan holder, applicants will be allowed to choose their desired repayment term.

Thus, at FNB we give you the best solutions for your educational funding.

DOES FNB STUDENT LOANS HAVE INSURANCE COVER?

All the personal loans and credit solutions at FNB come with a compulsory insurance cover that shields the applicant or beneficiaries from being ridden of their wealth in times of defaults that are triggered by natural causes.

The insurance cover will be included in the interest costs that the loan holder will be paying during the course of repayment.

Similarly, student loans come with insurance cover for death and permanent disability, meaning the student will not be liable for any repayment when the parent loan holder gets affected by such problems.

In addition to the general banking requirements, the bank will need student loan applicants to verify their students’ statuses.

All applicants should be South African residents who are employed where they earn regular income received through the banking system.

The applicants should be students, parents, sponsors or guardians of a student who is registered with one of the registered tertiary institutions in South Africa.

The applicants will also need to submit the following documents during application

Requirements

  • A South African national identity document
  • Three months’ stamped bank statement
  • Proof of residential address
  • Latest pay slip from the current employer
  • A students’ registration form or identity with the institution
  • Proof of costs from the institution

HOW DO I APPLY FOR FNB STUDENT LOANS?

The student loan application will need applicants to log onto their FNB online banking portal or apply as an external applicant on the same portal.

Applicants should fill all the required fields with relevant and correct information before submitting their applications. Once the student loan has been approved, the applicant will be called by one of our consultants before the funds are made available.

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