In this article, we will be looking at Nedbank Student Loan, a loan service offered by Nedbank, one of South Africa’s retail bank.
About the Nedbank Student Loan
Nedbank Student loan is a loan that is granted to student who are registered at a recognized university or tertiary institution for study purposes. Applicant for the loan are expected to submit certificate of registration within two (2) months of having been registered with a university or tertiary institution for each academic year.
How the Nedbank Student Loan work
Step 1: Apply for a loan
- Download the loan application form, fill it out and send it back or take it with you to any Nedbank branch
Step 2: Submit the form for review
- Nedbank assessors will review your application along with all the relevant documents as soon as you have submitted them
Step 3: Accept the offer
- If you qualify, your application will be approved and the money will be paid into the relevant account.
The Loan Requirement
- Must be a South African Citizen
- Proof of registration at a tertiary institution that is accredited by the South African Qualifications Authority (SAQA)
- Must have a Nedbank transactional account
- Need to have a good credit record
- For first-year applications, a matric certificate. If you’re already a student, your previous college or university exam results.
- An invoice or statement for university fees, textbooks and accommodation (for campus or university-accredited accommodation only)
- If you need specific study-related equipment, a letter from your tertiary institution to confirm that
Loan Repayment Process
Pay while you study or settle your loan when you are done
- If you are a full-time student or still busy with your internship or articles, your guarantor will need to pay only the monthly interest on your loan. You can then start repaying your loan amount once you have completed your studies.
- For part-time students, repayments are made up of the loaned amount and its monthly interest from the start.
How the Interest Rate are Calculated
- Interest are calculated daily on the outstanding loan amount and will be added to your loan amount once a month. Any interest that has accrued but remains unpaid at the end of any month will bear further interest at the same rate.