First National Bank understands the challenges that come with education costs. A common predicament facing many individuals is the decision on how to finance tertiary costs. Research has shown that in South Africa the rate at which education costs are rising far outstrips the rate at which salaries are rising. This leaves many individuals with the singular choice of getting a loan to be able to afford their education fees.
FNB Student Loans are specifically designed to fulfill college or university dreams.
These loans cover the costs of tuition, books, and campus accommodation. Personalised interest rates are calculated for each individual student.
How do FNB Student Loans work?
Students looking to study further have access to funds from R4000 to R80 000.
A new application is required for each year of study.
The interest portion of the loan must be serviced while the students complete their studies. They will only be expected to repay interest plus the capital portion after graduation.
The application process is easy and simplified.
Once you are approved, repayment periods can be obtained to suit your individual needs.
What are the requirements?
- The principle debtor of the loan must be employed.
- The principle debtor must earn at least R6000 per month.
- The student must be registered at an accredited South African institiution.
- Valid South African IDs of both the student and principle debtor
- Latest payslip
- Proof of residence for loans of more than R15 000
- Proof of registration at the tertiary institution.
- Latest 3 months’ bank statements
- Latest 6 months’ bank statements if self-employed
- Compulsory insurance cover is included as part of the loans. This is to provide peace of mind if unfortunate incidents occur, such as death, permanent disability or critical illness. This cover insurance your loan balance is settled should such incidents occur.