First National Bank, commonly known as FNB, is allowing students to apply for student loans from R4000 to R80 000. The loan facility has personalized interest rates thereby enabling students to annually apply as and when they need the bank’s support.
Part of the loan conditions is that students are meant to make a new application every year of study, and the important fact is that every application made is subject to credit assessment by the bank; this is one of the means used by FNB to rate whether a client qualifies for their loan facility.
What does the FNB Student loan cover?
The amount loaned to a student depends on the kind of study, institution, level of study among other things. But it is important note that a Student Loan directly covers his/her tuition fees. The loan only services the interest portion while completing your studies and start repaying interest plus capital after graduation.
How to apply:
Applications for FNB’s Student Loan can be done by visiting www.fnb.co.za/students/life-start-student-loan.html , completing a call me back form, call 0861404040, visit your nearest FNB branch or alternatively use FNB online banking.
What documents are needed when applying?
To qualify for this financial facility, an applicant should provide the following: a copy of a student’s green bar-coded South African ID, copy of parent/sponsor green bar-coded South African ID, latest payslip, proof of residence if the loan amount exceeds R15 000, proof of registration from the educational institution, latest three months bank statement if you do not bank with FNB and a latest six months bank statements if you are self employed.
FNB can be contacted on 0861404040 regarding this loan facility.