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If you’ve decided to get financing from a South African bank, you’ll need to fit certain requirements before you can take out a study loan.

Depending on the bank you choose, the rules may differ, but generally you’ll need to be registered with an institution for higher education and your sponsor (the person who will stand surety for the loan), will need to be legitimate.

Most banks ask that you are either a South African citizen or that you are permanently living in the country. You must also be able to prove that you are enrolled or in the process of enrolling as a full-time or part-time student at a university, university of technology, private college or FET College.

If you are using the loan money for your second or third year of study, you may need to have passed your previous year/s of study.

Your parent or guardian must have proof of earnings in the form of a current payslip. You must also supply information such as bank details, identity documents, matric results and proof of residential address.

Money granted from an educational loan may be used for fees, books, equipment and accommodation – for those full-time students not living with their parents. While you are studying, only the interest on your study loan is payable, and you only have to repay the capital once you have completed your studies.

The loan repayments will be calculated as a factor, and will be based on the amount borrowed. This is discussed with each student prior to the borrowing of the loan.

Loan repayments can be flexible, such as with Nedbank, which offers a number of choices depending on your financial situation.

According to Standard Bank:
The repayment period of the loan will be affected by one or more of the following:
• Paying more than the minimum monthly instalment
• Fluctuations in the interest rate

Should you need to do community service after your degree is completed, you will not be able to pay back your loan immediately. On this note, Absa says the following: “Absa does allow for a grace period from paying your study loan while you complete your community service.”

For more information, or to download application forms from Absa, FNB, Nedbank or Standard Bank, follow the links below:

Absa Student Loans

FNB Student Loans

Nedbank Student Loans

Standard Bank Student Loans

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