Sanlam student loans: Everything you ought to know before applying
Education is a vital process that equips one with knowledge and opens doors to financial security. Unfortunately, it is expensive, resulting in some students missing the chance to pursue their academic quests. Sanlam student loans have, however, come in handy to ensure qualified learners can cater for their educational needs.
Source: UGC
Unlike bursaries or scholarships, Sanlam loans for students need to be repaid by the learner. You may need someone to sign a surety agreement if you study full-time. This person will be responsible for repaying the loan while you study.
What are student loan requirements?
For your student loan to be approved, there are specific requirements that you must meet. While different banks have different criteria, below is a list of what is generally needed when applying for this loan:
- An acceptance letter from your chosen university, TVET or college
- Proof of latest academic results or a National Senior Certificate (NSC)
- Proof of registration
- Proof of cost of study (tuition, accommodation, devices, textbooks)
- Proof of residence no older than three months (student and surety)
- Valid South African ID documents (a valid passport for international students)
- Three-month pay slip and bank statement (surety)
Sanlam loans online application
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Whether you need a student or personal loan, Sanlam offers a fixed interest rate tailored to your needs and circumstances. Follow the steps below for a seamless application process:
- Visit Sanlam's website or phone 086144 0044 to apply
- Fill in your personal details
- Confirm your details and accept the bank’s terms and conditions
- Submit your application
Which bank has the best student loan?
Are you looking for the cheapest student loans in South Africa? Here are some of the banks offering study loans:
Capitec Bank
This financial institution can give you R10,000 to R25,000 during the first application. They give you 1-84 months to repay the loan with an interest rate of 12.90%.
Standard Bank
Which bank has the lowest interest rate for student loans? With an interest rate of 7%, Standard Bank offers student loans for both full-time and part-time learners.
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This covers tuition fees, accommodation and educative devices. The financial establishment allows options for students to confirm if they qualify online.
Absa
This bank’s student package provides a full tertiary experience ranging from tuition fees, accommodation and study books. As a beneficiary, you must pay interest only for the 12 months and start repaying the capital on the 13th month.
FNB
The FNB student loan ranges between R4,000 to R80,000. However, the best part is that the institution allows you to pay interest while studying and clear the capital upon completing your studies.
Fundi
Fundi student loans cater for registration, study fees, accommodation and study-related materials. Although the bank requires no deposits to access the funds, the benefactor should service the debt by paying the fixed monthly charges.
How to know if you qualify for a loan
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Depending on the lender, personal loan requirements may vary, but most financial institutions are looking for indications that you will repay your loan as agreed. Below are some of these requirements:
- Good credit score
- Payment history
- Low debt-to-income
- Income
- Sufficient collateral
- Potential origination fee
Sanlam's student loans offer a reliable funding option for learners looking to further their education. Their package includes a more adaptable payback schedule than most financial institutions.
DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions. Any action you take upon the information presented in this article is strictly at your own risk and responsibility.
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