Eduloan, a private financial company has joined other financial firms by lending loans to students who are facing financial difficulties.
The firm has since 1996 offered 720 000 loans amounting to R3.7 billion. The company does not only focus on assisting students at tertiary level but also offer financial assistance at all levels of tuition, school, university and college.
Eduloan also allows students to pay for their education and daily expenses by using their bursary cash stipends through m-pesa’s mobile wallet, a Vodacom’s mobile payment platform.
The company has a loans portal, a financial facility that is intended to provide applicants with the convenience of online facilities and access information regarding the client’s account. All the information is encrypted on a secure server for the client’s protection.
With Eduloan, consumers cover outstanding balances, registration fees and they can pay for their study related materials such as laptops, textbooks, tablets and any other relevant study equipment.
The company partners with key education providers to ensure super-affordable monthly repayments and low interest rates. With Eduloan, consumers can conveniently pay their study fees directly to the institution and the loan is not associated with any hidden costs thereby allowing a client to budget effectively. The study loan does not have a length repayment period. An automatic salary deduction option is available through the Eduloan’s bursary and fund management solutions. Clients only need four documents to apply for one of Eduloan’s educational loans and expect response within 48-72 hours.
Eduloan has a call me back facility: SMS ‘EDU’ to 32150 and they will call you back.