FNB student loan: How to apply, eligibility, and benefits
Many high school graduates have high hopes for their future but may not be financially able to achieve their dreams of tertiary education. You can apply for a student loan to ease the financial burden. What do you need to obtain an FNB student loan? This article discusses obtaining a student loan, including the requirements and maximum amount you can acquire.
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There are various benefits of a bursary, especially for those who do not have dependents they can financially rely on. A student loan alleviates financial stress and allows you to focus on education without working part-time to assist yourself. The interest rates are also lower, and there are minimal requirements.
An FNB bursary allows tertiary students to achieve the education necessary to obtain their dream job and alleviate stress, and the process is simple. Who qualifies for a student loan, and how does it work?
How does an FNB student loan work?
An FNB student loan pays for all your relevant fees associated with studying, including other indirectly involved institutions. The bank directly pays your university or college, accommodation, and other organisations assisting in providing learning material.
Can a student take a bank loan?
An unemployed student may take out a loan to enable themselves to study without having the funds on their own accord. ABSA reports that the bursary may include prescribed textbooks and registration fees apart from accommodation and tuition.
How to qualify for a student loan in South Africa
Each bank has different requirements regarding the qualifications. Certain banks, such as ABSA, require you to have a minimal income. Others do not require any income at all.
What do you need for a FNB student loan?
The FNB student loan application process is quick and can be done online or at a branch. The FNB student loan requirements are as follows:
For FNB banked customers
- A copy of your South African green bar-coded ID or Smart Card ID.
- Proof of enrolment supplied from the educational institution and evidence of registration.
For FNB non-banked customers
- A copy of your South African green bar-coded ID or Smart Card ID.
- Proof of enrolment supplied from the educational institution and evidence of registration.
- Proof of residence (not older than three months)
- Proof of income through bank statements or payslips (not older than three months)
- Those self-employed must offer a six months' month-verified bank statement and a Personal Tax Assessment (ITA 34).
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FNB student loan without surety
Surety in a loan means the individual you depend on takes on the financial burden. A loan without surety is when a bank allows students to obtain a student loan without needing a parent or guardian to take financial responsibility.
The FNB student loan without surety requirements is not detailed online. However, you can contact the bank or visit your local branch for more information.
What is the maximum FNB student loan amount?
FA News reports that FNB offers a maximum student loan amount of R300,000. These fees cover all study-related expenses, as well as accessories like laptops. The source also mentions that when it comes to an FNB student loan with surety, the principal debtor (the individual responsible for the repayment of the money) must earn R3,000 monthly.
Various banks offer a student loan calculator to estimate how much money you qualify for and the interest rates associated with it. There is no FNB student loan calculator online, but you can contact your local branch for further details.
How long does it take for an FNB loan to be approved?
FNB states that a loan may be accepted on the same day if all the documentation and relevant information is in order. The process may be delayed if information is incorrect or documentation is missing, but contacting the bank can quickly correct any issues.
FNB student loans contact number
If you need further assistance regarding the student loan, you can contact the bank on 0800 688 787. Alternatively, you can email their customer service at care@fnb.co.za.
Frequently asked questions
What else is there to know about the process besides the abovementioned information? Here are the most commonly asked questions surrounding the process:
What is the term of the FNB student loan?
The total term of a student loan is 72 months, including 12 months of repayment and fees and 60 months of capital repayment and interest. The aim is to allow students to obtain an education without the burden of working to repay the loan as soon as possible, giving them more academic freedom.
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What expenses does an FNB student loan cover?
FNB's student cover includes the following:
- Tuition fees
- Student accommodation
- Equipment
- Textbooks
- Other relevant devices and study materials
How can you apply for an FNB student loan?
There are various ways to apply for your student loan, including:
- Online through their official website.
- Via the banking app on iOS or Android.
- Speaking to a private advisor.
- Contacting the bank's help desk on 087 730 5586.
- Contacting the bank's call centre on 087 736 4800.
What else should clients know about the FNB student loan?
There are terms and conditions regarding the process that clients should know, including:
- All applications are subject to a pre-screening/ qualifying assessment.
- Any student studying for longer than a year requires additional funding each year and is considered a separate loan instead of a top-up.
- All student loans are processed as personal loans, and once this and your Debi Check mandate have been accepted, your loan will still be paid out.
- You must provide FNB with proof of registration, and you will receive a variation agreement that takes up to seven days to process and finalise.
- The loan's settlement amount covers the outstanding interest, fees, and capital.
- Students may request to alter their banking details by emailing debitorderchange@fnb.co.za.
An FNB student loan is ideal for students hoping to achieve their dream job but do not have the funds to chase their dreams. Student loans offer the chance to obtain a tertiary education, allowing you to study now and repay the loan later.
DISCLAIMER: This article is not sponsored by any third party. It 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 of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
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Source: Briefly News
