Sanlam student loans: Everything you ought to know before applying

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.

Which bank has the best student loan?
Sanlam loans cater for registration, tuition fees, accommodation and study-related materials. Photo: Luliia Burmistrova via Getty Images, @Sanlam on Facebook (modified by author)
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)

Read also

PayJoy phones online application in South Africa: Everything to know

Sanlam loans online application

How do I know if I qualify for a loan?
Depending on the lender, student loan requirements may vary. Photo: Lucia Chirila
Source: Getty Images

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:

  1. Visit Sanlam's website or phone 086144 0044 to apply
  2. Fill in your personal details
  3. Confirm your details and accept the bank’s terms and conditions
  4. 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.

Read also

Bonalesedi Nursing College: fees, courses, address, contact details

Which bank has the lowest interest rate for student loans?
For your student loan to be approved, there are specific requirements that you must meet. Photo: Solidcolours
Source: Getty Images

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

Cheapest student loans
Sanlam offers a fixed interest rate tailored to your needs and circumstances. Photo: Jayk7
Source: Getty Images

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:

Read also

How to upload documents on NSFAS in 2024: easy-to-follow guide

  • 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.

READ ALSO: Kearsney College fees, uniform, term dates, scholarships

Briefly published an article about Kearsney's College fees. This is an all-boys private school located in KZN, South Africa.

Are you a student who has just cleared secondary school and wants to pursue your A levels? If that is the case, look no further; Kearsney College is the place to be.

Source: Briefly News

Authors:
Ruth Gitonga avatar

Ruth Gitonga (Lifestyle writer) Ruth Gitonga has a background experience in Mass Communication for over six years. She graduated from the University of Nairobi with a degree in Mass Communication in December 2014. In 2023, Ruth finished the AFP course on Digital Investigation Techniques. She has worked for Briefly.co.za for five years now. She specializes in topics like lifestyle, entertainment, travel, technology, and sports. Email: gitongaruth14@gmail.com.