Extending its loan facility to students
Standard Bank, one of South Africa’s largest financial services groups, just like other big banks such as Nedbank, FNB and African Bank, accommodates tertiary students in its loan facility bracket to pay for their higher or further education and make their dreams a reality, says the bank.
A world of possibility awaits you; don’t let anything keep you from getting ahead,” says the bank whose operations can be traced back in 1862 initially under the name Standard Bank of British South Africa.
Any potential client would ask how this student loan works. Well, here’s to how:
A Standard Bank student loan caters for student’s tuition and accommodation fees which will be paid directly to the institution and place of residence while funds for books will be deposited to the transactional account.
The student loan can be insured by subscribing to a Personal loan Protection Plan to pay the outstanding balance on the student’s loan in the event of death, dread disease or disability.
Standard Bank says: student loans are granted for a specific year study and a student should reapply for each year of registration.”
There is a maximum amount granted for each year of study, says Standard Bank a financial institution that operates in 32 countries around the world, including 19 in Africa.
To qualify for a Standard Bank student loan, a student should be registered at an accredited tertiary institution and should be studying towards a certificate, diploma, degree or postgraduate degree or diploma. The bank only approves the loan if the student passed his previous year of study.
Students above 18 years of age can apply online but those below that age should approach a nearest branch with their guardian. All applications should posses the following documents credit consent form, income and expenditure form, two months bank statement, payslip (three months), identity document and proof of costs (tuition, accommodation, books and equipment).
The bank does not grant loans to students whose institutions are not credited by at least one of the following bodies:
- Umalusi, or
- Department of Higher Education (DHE)
Once the loan has been approved, a once off initiation fee and monthly service fee will be charged on the student’s loan.
For nay general queries concerning student loans, Standard Bank can be contacted on 0860 123 000.