Education represents the cornerstone of national development for any country in this world.
About – Standard Bank
It becomes more critical when the learners can specialise and become able to craft some innovations that will help the whole society or country to progress. South Africa remains one of the best countries with effective tertiary education, but the education system continually fails to address the shortages in skills.
These skills and qualifications are what we need to achieve a sustainable social and economic development for our people. In a bid to curb that, the Standard bank has out-rolled a massive number of financial programmes that are directed towards tertiary education funding in the country.
The bank offers student loans to both part-time and full-time students who are enrolled with tertiary institutions in the country.
THE STANDARD BANK STUDENT LOANS
The Standard Bank is by far the largest provider of educational finance in South Africa. Our educational loans and bursaries are given directly through us or indirectly through collaborations with other financial institutions like Discovery and Universities.
The bank offers student loans with varying terms and specifications to students depending on their circumstances. With a student loan from Standard Bank, you can pay for your tuition, accommodation, meals, and other educational related items. The bank prioritises education, that is why it does not hesitate to fund educationally related programs.
WHY STANDARD BANK STUDENT LOANS?
If you want to obtain the best funding for your education, there is nowhere else than the Standard Bank.
Our student loan services beat all other services you will find in the nation. We draw the benchmark that other banks, financial institutions and the government use to measure their services.
Our student loans are easy to obtain, as compared to all other providers. Standard bank is the only place where you will quickly get a student loan that will cover your whole course requirements. In addition to that, the Standard Bank student loans come with very low costs as compared to other issuers.
WHO CAN APPLY FOR STANDARD BANK STUDENT LOANS?
The Standard Bank is proud to be the only financial institution which has the most extensive coverage of student loans in South Africa.
Standard Bank student loans are given to students from all walks of life, and the students are covered from all registered tertiary institutions.
Our loans applicants need to be from institutions that are accredited by the Department of Higher Education, and these include SAQA, SETA and Umalusi.
WHAT DOES STANDARD BANK CHARGE ON STUDENT LOANS?
The Standard Bank student loans come with low costs that are structured similarly with personal loans, short-term loans and credit cards. Standard Bank student loans come with both initiation and services fees.
The initiation fees are once off fees that are paid on obtaining the loan, while the service fees are small monthly fees that are paid throughout the term of the loan. In addition to that, the loans also come with interest charges.
The bank charges a maximum of 12% per annum on student loans. The specific interest that will apply to each applicant will depend on credit scores and the size of the loan.
HOW LONG DOES IT TAKE TO ACQUIRE STUDENT LOANS?
The fastest way to get a student loan is to make sure that all your documents are all available during the application process.
Also, student loan applicants should make sure that their applications have correct and accurate information as it will be reflected in their documents.
When the application is submitted, the applicant will need to wait for a few days as the credit ream makes relevant assessments.
The Standard Bank student loans will be out within a period or 3 days from the application date.
HOW ARE THE STANDARD BANK STUDENT LOANS REPAID?
The Standard Bank student loans are paid in two structures, that is during the term of the study or after the examination. The repayment will depend on whether the applicant is a part-time or a full-time student.
Full-time students will need to have their interest charges paid by their surety or guarantor during the term of the study, after that they can start repaying the loan as soon as they get a job. Part-time applicants will need to make repayments during the term of their studies.
The applicants of Standard Bank student loans will need to be tertiary education students or those who have been accepted by the same colleges in South Africa.
The applicants should have a guarantor who is employed where he/she earns a minimum of R3 000 per month. Both the applicant and the guarantor should have good credit scores.
During application the bank will require the following documents
FOR THE STUDENT
- An identity document
- Latest academic results of the applicant
- Proof of residential address that is not older than three months
- Proof of acceptance or registration with the tertiary institution
FOR THE GUARANTOR
- An identity document
- Proof of income for the guarantor
- Statement of income and expenditure
- Two months’ stamped bank statement
HOW TO APPLY FOR STANDARD BANK STUDENT LOANS?
The student loans are applied online or at one of the Standard bank branches that are spread countrywide. The applicants will need to fill all the required fields prior to submitting all required documents.
The applicants will need to familiarise themselves with the terms and conditions before submitting the whole application. After that, the applicant will need to wait for a few days before the bank provides for their educational funding.
That’s how the Standard bank helps you to bring the best out of your abilities.