One of the ways to acquire a job is by having knowledge of the job and things concerning the job, this knowledge we acquire through education. Education is one of the good foundations in acquiring or securing a better future, that’s why teens or youth these days try to get good and standard education, but we must know that getting this education may be an expensive task to carry out, especially for those students who do not have the means (money or job) to achieve this. Most of the times student who cannot afford this dream (getting educated) gets depressed or remove their mind from achieving it due to lack of money, that’s where Capitec comes in. Capitec offers student loans with a reasonable amount of interest in order for them to complete their education and make them comfortable while schooling.
Capitec Student loan offers loans to students who are facing financial difficulties in achieving their academic dream or finishing their education, not only do they give loans to students their interest is very reasonable. And their interest depends on their client profile the more you work with them, the lower your interests get.
This article will help you to know more about Capitec, the qualifications you have to possess before requesting a loan, the minimum and the maximum amount they can lend out, documents to have at hand while procuring the loan, and last but not least the benefits you get for just procuring a loan with them.
N:B Capitec offers loans to only students schooling or aspiring to school in certain tertiary and educational institutes located in South Africa.
Tertiary Institutes That Cover Capitec Student Loan
From reading the first two subheadings you will see a place where it was written that Capitec selects tertiary institutes of students if they were to be given a loan. Capitec has thoroughly checked and selected these partners to assist students:
- Boston City Campus
- Milpark Education
The interested student would research and decide which institution he or she would love to attend, after that they can begin the process of collecting a loan from Capitec, students should also have it in mind that the Institutes or universities would, first of all, accept them before they can apply for the loan
How it works
One of the services Capitec offers is “need-based credit”, note that not every other loan-giving institute offers this service. What this “need-based credit” means is that the terms of the loan differ compared to a traditional personal loan, in an additional Students can expect discounted interest rates with an extended term
The loan amount is up to R250,000 and students are eligible for over 84 months of repayment
How to apply for a student loan with Capitec
Students that want to apply for a loan can do this directly on the website of their chosen university campus. But first of all, they will need to complete a 4-step online form to see if they qualify or not. Immediately after they have gone through this step and passed successfully, a Capitec consultant will contact them. Students should note that this process may take up to 48 hours, so as not to panic or have doubts that their application is not yet considered
Additionally, there’s a QR code that can be scanned, students should look for this code. This code can help kick-start the application process. This QR code is usually found in-store at the different partner campuses
Immediately after a student applies and a loan request has been approved, the funds will be available. The tuition funds will then be transferred directly to the institution’s bank account.
Their service will only be limited to online applications only. Interested students won’t be able to apply at a Capitec branch
Also Read: ABSA Student Loan 2023/2024
Documents to have at hand
When applying for a loan students should bear in mind that they have to possess these various documents, in order for their loan to be accepted:
- They will require an invoice from the partner institute of their choice. Please let’s more that the invoice should not be than 30 days
- Students or guarantors (people in charge of paying back the loan) should bring their last three consecutive pay slips
- They are also required to bring a bank statement containing the three consecutive salary deposits
- Students also have to bring a valid South African ID ( the interested students must be 18 years or older)
- You don’t need any proof of residential address, but you may be asked for some supporting documents
What Are The Benefits Of Taking Out A Capitec Student Loan
There are quite a number of benefits you get when applying for a Capitec student loan. Firstly, their application is online and this makes it easier for students, especially students who do not have the time to go to their branch this is a massive time-saver, and it also serves in saving transport fares that will be used in going to the branch, especially if the branch is far from school
Secondly, Capitec is known as one of the largest service providers and credit providers, which means students under this company may be able to enjoy some great terms for this specific loan. This certainly says that students will enjoy discounted interest rates. This will result in students saving a whole lot of money, they suppose to spend on the loan and they will also pay less interest compared to other bank loans. However, the interest rate is 100 per cent given based on the clients’ profiles
Capitec also gives a longer time for its client to pay back their credit loan for education. Consequently, this helps to lower the instalment payment and also improves the affordability.
Lastly, Capitec saves you the time you will use and deposit money in the bank, they do this by paying the money directly into the educational institutions’ bank account
Taking loans frequently can help in building up your credit record or credit rating. This poses no problem so far you are going to be able to make repayments at the end of each month. The personal profile you will build or the one you are building will help in getting your loans and mortgages in the future
In order to qualify for a Capitec loan, you have to qualify with the following requirements which will be stated below. Please note that if you are lacking in any of these requirements your loan may not be considered or terminated
- The student will need to have a good credit history, that is the applicants should have an existing credit score
- Students or applicants are required to be 18 years or older in order to be eligible for the loan. This application should be done with your South Africa ID
- The applicant sponsor or the person paying for the loan must have a well-paying job, be permanently employed, and also have three consecutive salary slips
- Proof of quote or invoice slips from the partnering education institutes
As long as the applicants or students meet all these requirements listed above he or she is most likely to be approved for a loan by Capitec
Also Read: FNB Student Loan 2023/2024
Now we are done talking about the Capitec loan and its terms and conditions, we can now discuss how to get in contact with the applicants’ chosen partner institutes (how to get into any of the institutes will be written below it is left for the students or applicants to choose the school they want to study in)
The information written below is detailed concerning the universities and institutes. In case you are still troubled or curious, you can visit the Institutes or university’s websites to find out more about student Capitec loan
Boston City Campus
Students are advised to look at all the Institutes before applying. Make sure you check out the courses each of the campuses is offering. Think about it, then decide which of the campuses will be suitable for the program you are interested in studying. Once you have decided, you can apply to the institution that fits your needs. After applying for the Institution, wait till you get an acceptance letter, once you get this acceptance letter you can then apply for a student loan. This process will ensure that you have ample time to get everything in order.
If your option is any of these institutes listed above, the Capitec loan is best advisable for you when looking for a loan, cause not only do they partner with these institutes they also pay directly to the Institute’s account which saves a lot of time and also transport fare use in going to their branch. Capitec loan offers are well-tailored to students across the country of South Africa. Furthermore, students can apply for loans that are up to R250,000 with a long-term of 84 months to pay back.
Always put in mind that applying for a loan is a serious business and as you are asking for the loan, have in mind that you are going to pay it back at the end of each given period. Work towards paying back your loan so as not to fall into bad debt
Before we come to an end make sure you share these opportunities or articles with friends or people you feel are in need of it.
Also Read: Standard Bank Student Loan South Africa 2023-2024