The FNB Student loan range starts from R4,000 as the minimum amount and R80,000 as the maximum amount, it all depends on the amount of money you need and if you can afford the loan being given to you. A personalized interest rate will be given to you for your loan.
Student loan covers a lot of things starting from your tuition fees to your accommodation on campus and your textbooks.
Individuals or students must apply for a student loan each year, they award their clients based on their affordability and credit assessments.
Please Note: it is very important and a must that the student or guardian in charge of paying the loan has an insurance cover, in case of unforeseen or unexpected events; which are death cases (death of the student or guardian or anyone in charge of paying for the loan), permanent disability, critical illness. FNB offers the Customer Protection Plan, and though you can use any insurance policy of your choice, it has to be approved by FNB.
Paying Back The Study Loan
The policy of FNB requires the students to pay back the interest on their loan while they are studying, then after they graduate they can start paying back the remaining balance of the loan. And they give six months’ grace to students who just graduated before their capital payments are due and must be paid.
In order to apply for FNB Student Loan you must satisfy the criteria given to you by the organization, note that if you don’t satisfy their eligibility list or go lacking in any of the criteria your loan may be denied and not considered.
- You must be a citizen of South Africa
- The individual or student that’s requesting the loan will be 18 years or more. An individual that less than 18 years may be rejected by the organization
- Before applying for a student loan you must have gained admission to one of the recognized tertiary institutions in South Africa. If the tertiary institution you have been given admission to is not in South Africa or is not recognized in South Africa your request for a loan may be denied.
- The person in charge of paying your loan either your parents, guardians or sponsor must be earning R6,000 or above per month. If your sponsor or guardian is not earning up to that amount per month your offer may be declined or rejected.
How To Apply
The person that wants the loan that the student should come in person to the bank
Or you can just apply online using this link to register https://www.fnb.co.za/sales/salesmain.jsp
Please be sure to know that FNB will require hard copies of your online application to be sure you registered online, so don’t forget to carry it when you are going to the bank
Here are the following documents you are required to submit when you get to the bank
- ID document (plus a copy of it)
- Parents’ or sponsor’s ID document (and a copy of it is needed too)
- The utility bill used last by the student or guardian or parent must be submitted too
- Your admission letter or we can call it proof of registration must be submitted at the office too
- Breakdown of fees due to tertiary Institutions
If you are confused about anything written here, or you still have more questions to ask pls do well check their page FNB Student Loans FAQs. Download this page to get more knowledge and answers to your questions concerning FNB Student Loan