This article is talking about ABSA Bank and its Student Loan, one of the banks that give loans to students in South Africa and other African countries are ABSA Bank, they give loans in expect of payback with little interest
This article will show you how they work, the things required for you to have before being eligible for the loan, the payback and interest to be given back, the time and date and also their conditions before lending the loan to you, their values and morals they uphold, this article will also teach you how to apply for the ABSA Student Loan, the Institute they will allow you to be in before granting you loan, and last but not the least the expenses the loan will cover for you in school.
About ABSA
The amalgamated bank of South Africa now known as ABSA was discovered in year 1991 and is a wholly-owned subsidiary of the Barclays Africa Group. This bank not only carries and performs its activities in South Africa but other African countries such as Botswana, Zambia, Mozambique, Namibia, Seychelles, Uganda, Kenya, Ghana, Nigeria, Mauritius, and Tanzania.
Its main office is in South Africa, the South African financial services provider delivers a range of business, retail, corporate, investment, and personal banking, which includes wealth and investment management and credit cards.
This bank is of a high standard and they have values and interests when it comes to their customers, these are some of the examples of the main values and interests they exhibit:
Service: ABSA Bank has the value of always putting their customers and clients first in everything they do, they consider and think of their customers before enacting any plan or action, if their action does not favour the involved client or customer they will have a rethink of it
Respect: one of their value is to respect both the people working in the office and the people with them, they appreciate the contributions that the members of their give and every effort is thanked at the bank
Excellence: excellence is one of their core value, they make use of the resources they have no matter how little to achieve better and maximum results
Integrity: what’s a company without integrity (if they don’t act right) that’s why ABSA Bank makes it one of its core values to always be ethical and act fairly all the time, to always choose what is right that one of the things they make sure of
Stewardship: one of their main goals and values is making things better than the way they were before, they make sure that once they have been set to a particular project, they do it with the maximum result or better than the way it was
Also Read: FNB Student Loan 2022/2023
About The ABSA Student Loan
ABSA Student loan offers are eligible to individuals who are not capable of handling their school fees and other payments surrounding school problems. Absa’s student loan is one of the programs offered by the company to students who are incapable of paying the fees allocated to them by the school including rental fees, they give this loan and expect payback with low-interest rates. The loan given to the student will be based on the student’s risk and affordability.
Each year, a student loan can be taken out whereby the student has to collect a minimum of R15,000 if he is ready to apply for the loan, any request below the amount of R15,000 will be kindly rejected. ABSA Bank has a calculator called the ABSA Student Loan Calculator which enables students to see how much they qualify for, as well as their estimated loan repayments and interest rate.
What Expenses Will The ABSA Student Loan Cover?
This program covers all aspects of finance concerning the tertiary adventure of the individual, it covers both the tuition fees; including the registration fees, textbooks (books needed for studying), and rent fee; but this is available to only full-time students who are not living with their family or family members, not part-time students, last but not the least Technical pieces of equipment needed to enhance their studies e.g laptop.
Eligibility Requirements For The ABSA Student Loan
Before you are accepted for this program, ABSA Will, first of all, make sure you are eligible enough to be granted the loan. The student loan can be taken out under the name of:
- A parent who has a job and can provide evidence of his source of income. Please note that this job or their source of income must be a legal one
- A sponsor or guardian who working or has a job and can provide evidence of his source of income. Their work or job must be legal and free of suspicious activities
- A part-time student who has been fully employed and can provide his or her source of income
There are some criteria that you need to satisfy before entering your application
NB: failure to satisfy all the requirements needed of you will lead to your application not being considered and your request denied
- You must be a citizen of South Africa or your permanent residence must be in South Africa
- Your monthly earning must be R3,000 and above, this is for either the guardian, parent, sponsor or student whose name the student loan is being registered in
- You must be a student either doing the undergraduate or postgraduate program
- You must be studying either full-time or part-time in school
- You must be studying at one of the Institutes listed by the bank
- The course or program you are undergoing in the Institute of your choice must be 2 months and above. If it’s not 2 months and above your request may be denied
Also Read: Standard Bank Student Loan South Africa 2022-2023
Where Can I Study With The ABSA Student Loan?
ABSA has checked and has agreed to work with students wishing to enrol in the following Institutes, it’s loan will cover the studies undergone in these various Institutes:
- University (any university that’s legalized under the government)
- University of Technology
- Technical Vocational Education and Training college (TVET)
- Agriculture College
- Aviation training by an Approved Training Organisation (AOT), approved by the SA Civil Aviation Authority (SACAA)
- A private institution that is registered at a Sector Education and Training Authority (SETA) and is accredited by the South African Qualifications Authority (SAQA)
- Online study courses are accredited by the United States Department of Education or the UK Government of Higher Education Quality Assurance Agency (QAA), where the borrower is located in South Africa
How To Apply For The ABSA Student Loan
You can apply for a student loan with each of the following methods:
- At any available ABSA branch – https://www.absa.co.za/find-us/
- You can apply to the ABSA student bureau
- By calling Absa with their inquiry line which is – 0860100372
Note: please have in mind that the Absa loan only covers one year of tuition fees if you want to pay another tuition for the next year, you have to renew your loan – it is the responsibility of the interested person to re-apply for the following year of studies.
Documents Required For The ABSA Student Loan
Drop clear copies (not the original) of the following supporting documentation along with your application form you must have completed
- South African ID documents or their smart card
- Payment slips that date back to 3 months or bank statements that date back to 3 months
- Documents that show proof of where you live (rates account/municipal bill/lease agreement etc)
- Your last academic results to convince them that you can be able to finish your studies (this condition only applies if you are loaning for your 2nd year or later years of study)
- Invoice or statement providing the course cost of the year, which includes tuition fees, accommodation, textbooks, and study-related devices(laptop). It is important to show the bank this invoice or statement so they can ascertain how much loan they are willing to give you
Paying Back The Student Loan
The bank has a policy that individuals who take out the loan will also pay interest for the first 12 months and they will start repaying back from the 13th month. If the candidate uses another student loan that has a lower interest rate than ABSA’s, ABSA will try their best to do better than them
The individual or student can pay off their loan either by making capital or interest payments, or they can be repaying interest for a duration of twelve months. If the candidate adds their other existing loan they may then repay interest for another twelve months again.
It is compulsory that all students applying for a loan take out a credit plan, so if the student or applicant won’t be able to pay back the loan before the expiry date due to unforeseen circumstances. ABSA gives a credit protection plan that will cover most unexpected cases. A case like death, disability, critical illness, or retrenchment.
Contact The Programme Provider
If you have any questions based on this bursary program, please contact the nearest ABSA branch to ask more questions on things you don’t understand, am sure they will do well to satisfy your curiosity.
You can contact them by different methods, one of them is via telephone: this is their telephone number
Telephone number: 0860100372
