Financing your studies can be a hassle if you don’t have secure financial back up. But this can be easy if a financial institution like ABSA allows you to borrow from its coffers. ABSA Group Limited, one of South Africa’s major financial services providers broadened its loan facility with the objective of helping students to focus on succeeding in their studies, without the added worry of how to fund it all.
Founded in 1991 through the merger of financial service providers Suited Bank (South Africa), the Allied bank, The Volskas Bank Group and the sage Group, ABSA only makes this loan facility a reality to students who have enrolled, or in the process of enrolling as a full time or part time student at University, university of Technology, private College or FET college. A student loan can be opened by a parent, guardian or sponsor on behalf of the student.
Just like other student loans provided by other big banks, an ABSA loan caters for study fees, textbook bills and other related costs. The borrower only pays interest due on the loan while the student is learning.
On loan repayment, the banking group also known as Barclays says, “where finance is taken up for every year of study, the loan must be paid back upon completion of studies over a period not exceeding the time it took to complete studies.”
“When students’ studies are complete, they have the option of taking over the study loan from parent the borrower once they are employed and can prove that they are creditworthy and can afford the repayments,” adds ABSA.
Tertiary students can apply for a study loan at any ABSA student bureaus or branches as long as they have the following documents: proof of registration, identity document, previous academic results and a detailed breakdown of textbook costs.
Study loans are taken out in the name of the sponsor hence sponsors are required to provide their proof of earnings/latest payslip, identity document, banking details and a marriage/divorce documentation if the sponsor is/was married.
To apply for a loan or any queries regarding the above information, contact ABSA on 0860 100 372