Quite a number of people who are employed do not have enough funds to advance their education because their salaries cannot subsidize for such. It is against this background that some institutions have implemented ways designed to offer a financial facility that strictly address such a scenario.
One such institution is Eduloan, a financial service provider which offers education finance to corporate employees. The creditor gives clients a fixed repayment option within specified periods of between 6 and 22 months.
With 18 years of experience, Eduloan has helped more than 750 000 South Africans and has used R4 billion towards facility. The lender introduced a bursary fund management product called Eduxtras, to help students and bursars in budgeting and controlling.
The Eduloan facility caters for student related necessities such as books, accessories, laptops and accommodation and tuition fees. An affordability test bent on seeing whether applicants will be able to repay the loan is done to all applications.
Permanent employees are advised to apply for a study loan if their installments are not above 25% (based on a one year loan) of their monthly gross salary and must be earning a minimum of R2 000 before deductions once the installment has been deducted.
Meanwhile, the Eduloan, also provides loans to full-time South African students.
The lender enjoys a big national presence; it has its head office in Johannesburg, Roodeport and branches at many Universities such as TUT, UNISA, University of Johannesburg, University of Pretoria, Vaal University and Witwatersrand.