As a student, there may come a time when you need financial assistance to further your education. One of the options available to you in South Africa is the Absa student loan. This loan is designed to help you cover the costs of tuition fees, accommodation, textbooks, and other related expenses.
Who Can Apply for Absa Student Loan?
To be eligible for an Absa student loan, you must be a South African citizen or permanent resident, and you must be enrolled in an accredited tertiary institution. You must also be able to demonstrate that you have a good credit record and a stable income to repay the loan.
Additionally, you will need a co-signer who will act as a guarantor for the loan. This person must also be a South African citizen or permanent resident with a good credit record and a stable income.
What are the Requirements for Student Loans on Absa?
To apply for an Absa student loan, you will need to provide the following documents:
- Your South African ID or passport
- Proof of enrolment at an accredited tertiary institution
- Proof of income, such as a payslip or bank statement
- Proof of residence, such as a utility bill or lease agreement
- Your cosigner’s ID or passport
- Your cosigner’s proof of income and residence
How to Apply for Absa Studen Loans
You can apply at any Absa branch; or
Absa Student bureau; or
Call 0860 100 372.
Application Procedure
Once you have gathered all the required documents, you can apply for an Absa student loan online or at your nearest Absa branch. The application process is straightforward and typically takes between 5 and 10 working days to process.
When applying for an Absa student loan, you will need to specify the amount you require and the duration of the loan. The loan amount will depend on your specific needs and your ability to repay the loan. The duration of the loan can range from 6 months to 10 years, depending on the amount borrowed.
It is important to note that Absa charges interest on their student loans. The interest rate will depend on your credit history and the terms of the loan. It is also important to repay the loan on time to avoid any penalties or additional charges.
If you are considering applying for an Absa student loan, it is important to do your research and ensure that you fully understand the terms and conditions of the loan. This will help you make an informed decision and ensure that you can repay the loan on time.
How Do I Pay Off the Loan?
- You can opt to make capital and interest repayments or;
- You can repay interest only for a period of 12 months.
When you top up an existing study loan, you can only pay interest for another 12 months.
Get a Credit Protection Plan
Be prepared for the unexpected and have peace of mind knowing that you are covered. The Absa Credit Protection Plan will cover you in the event of death, disability, critical illness, terminal illness or loss of income. Credit life insurance is mandatory for all study loans.
