Standard Bank, one of South Africa’s largest financial services groups, has a financial product that assists tertiary students pay for their education thus making their dreams a reality. As a student who is willing to get their studies financed, you might need to know student loan works and here’s to how:
A Standard Bank student loan will pay for a student’s tuition and accommodation fees and this will be directly paid to the institution and place of residence while funds for books will be deposited into the student’s transactional account.
The student loan has an insurance cover and this can be done by subscribing to a Personal Loan Protection Plan which will automatically pay the outstanding balance on the student’s loan in the event of death, dread disease or disability.
According to Standard Bank student loans are granted for a specific year study and a student should reapply for each year of registration.
The bank offers a maximum amount granted for each year of study and in order to qualify for a Standard Bank student loan, a student should be registered at an accredited tertiary institution and must be studying towards a certificate, diploma, degree or postgraduate degree or diploma. Loans are only approved if the student passed his/her previous year of study.
How to apply
The loan facility is only eligible for students above 18 years of age; applications can be done online but anyone below that age should approach a nearest branch with their guardian. All applications should posses the following documents credit consent form, income and expenditure form, two months bank statement, payslip (three months), identity document and p[roof of costs (tuition, accommodation, books and equipment).
Once the loan has been approved, a once off initiation fee and monthly service fee will be charged on the student’s loan.
For nay general queries concerning student loans, Standard Bank can be contacted on 0860 123 000.