Capitec Joins the Student Loan Market for Postgrad, Offers 7% Interest Rates
- Capitec Bank and the University of Stellenbosch are now offering prospective postgraduate students student loans
- People need to be over the age of 18 with a permanent job before they can qualify for the low-interest loan
- This student loan offer has only been made available to prospective students of Stellenbosch University Business School
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CAPE TOWN - Capitec bank in partnership with the University of Stellenbosch Business School have come together to launch a Credit for Education initiative for students pursuing postgraduate studies.
This new partnership is the bank's first initiative in the student loan market. The bank has been offering unsecured loans to its clients since 2020 and most of their clients would use the loans to pay for home improvements as well as higher education.
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According to Fin24, Capitec will start offering student loans from an interest rate of 7% and will be given 84 months to pay back the loan. Prospective students will be offered a loan of up to R250 000.
Qualifying individuals need to be over the age of 18 with permanent employment and need to have a valid SA ID. The offer is only being made available to prospective students of the Stellenbosch University Business School.
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Students do not have to go directly to a Capitec branch to apply for the loan but can apply at the same time they make their application at the Business School.
According to the university's website, prospective students will receive an offer within five minutes of submitting their applications. The offers will be subject to an individual's credit score rating.
Shoprite: CEO Pieter Engelbrecht earned nearly R30m over the past year
In other business news, Briefly News reported that on Monday, Shoprite published its annual report which indicated that CEO Pieter Engelbrecht earned R29.9 million in the last year.
This is an almost 12% increase from the year before, where his earnings were marked at R26.8 million. Engelbrecht has been the CEO of the supermarket since 2017.
The 52-year-old reportedly earned R16.8 million in guaranteed pay (a fixed cash reward), this is just a smidge lower than last year. To add to this, Engelbrecht earned a R12 million bonus.
Shoprite's sales have expanded by over 8% to R168 billion in the past year. Engelbrecht earned around R2.5 million per month while the retail sector's minimum wage sits at approximately R5 500 a month.
Source: Briefly News
