FNB Student Loan South Africa 2023/2024

FNB Student Loan South Africa 2023/2024 – Are you looking for FNB Student Loans South Africa online application 2023? In this article, I will provide you with details on the First National Bank Student Loan South Africa application, how to submit your application online and other related information.

The FNB Student Loan is aimed at students who require funding to pursue their tertiary studies. FNB offers student loans up to R300 000 (based on the student’s credit/risk profile and affordability), and the loan repayments (debits) dates are based on the candidate’s specific salary date.

Application is currently open for FNB Student Loans South Africa 2023. First National Bank South Africa invites qualifying South African students to apply for its student loans for 2023 academic year.

FNB South Africa Student Loan 2023

First National Bank (FNB) is South Africa’s oldest bank, first established as the Eastern Province Bank in Grahamstown, in 1838. FNB is one of the country’s “big four banks” and a division of the financial conglomerate “FirstRand”, responsible for trades across the Johannesburg Stock Exchange (JSE.) To date, FNB provides many financial services to people across South Africa and various African countries.

What is the term of the FNB Student Loan

The total term of the student loan is 72 months (12 months of fees and repayment and thereafter, 60 months of interest and capital repayment). Through this, FNB hopes to allow students the opportunity to achieve their academic goals and become contributing professional members of South African society and the economy.

Benefits of the FNB Student Loan

The FNB Student Loan offers the following benefits:

  • A personalized interest rate: This will be tailored rates from prime less 0.5% up to R300 000.
  • Flexible payment options: You will be required to only pay interest and fees for 12 months. Thereafter, you will start with the repayment of interest, fees, charges, and capital. Should you put extra payments into your loan, you will then save on interest and the fee. You also have the option to settle your loan early and receive no penalty fees.
  • Credit insurance: Credit life insurance is compulsory for a student loan. Standard Bank’s customer protection plan ensures that the principal debtor and student have coverage in the event of death, temporary/ permanent disability, retrenchment, or the inability to receive an income. You also have the option to provide a suitable credit life insurance policy if you wish to use one of your own.

What does FNB Student Loan cover?

The FNB Student Loan will cover the following tertiary-related expenses:

  • Tuition fees
  • Student Accommodation
  • Textbooks
  • Equipment
  • Any other study materials and devices

Who can apply for FNB Student Loan?

Students interested in applying for the FNB Student Loan, must meet the following requirements in order to apply. Please note that these criteria are not negotiable and submitting your application without meeting these requirements will lead to your application being disqualified.

  • You must be a permanent South African resident
  • You must be registered to study at a recognised SAGA-accredited tertiary institution
  • You must be 18 years old or older
  • You must have a principal debtor (parent/ guardian/ person responsible for payments) that is permanently employed or self-employed, earning a minimum income of R3000 per month
  • The debtors salary must be paid directly into their bank account

How to apply for FNB Student Loan 2023

Students interested in applying for the FNB Student Loan must follow these steps to submit their application in any of these ways:

  1. Online: https://www.online.fnb.co.za/banking/main.jsp
  2. Through the FNB Banking app on Android or iOS
  3. By contacting your private advisor
  4. By contacting the FNB Help desk: 087 730 5586
  5. By contacting the call centre: 087 736 4800

Please note: candidates who receive the FNB Student Loan must sign and submit the Variation Agreement within 5 business days. Failure to do this will result in the Student Loan remaining a personal loan, including its terms and conditions.

What documents do I need to apply for FNB Student Loan?

Current FNB customers must submit these documents:

  • A copy of your Student ID
  • Proof of enrollment from an educational institution OR proof of registration

New FNB customers must submit these documents:

  • A copy of your South African ID Book/ Card
  • A copy of your student ID
  • Your latest 3 months payslip OR your latest 3 months’ bank statement OR your latest 6 months’ bank statements and ITA34 (applicable to self-employed customers)
  • Proof of residence (must be no older than 3 months)
  • Proof of enrollment from an educational institution OR proof of registration

Additional information

  • A principal debtor is the person applying for your loan and responsible for the payments.
  • Your application will be subject to a pre-screening/ qualifying assessment.
  • The funds are paid directly into your principal debtor’s account (not the institution’s).
  • If the student chooses to study for longer than 1 year, they must request additional funding for each year. This will be considered a separate loan and not a top-up. All initiation and service fees that are charged will be reversed, should the student have an existing loan.
  • Your student loan will be processed as a Personal Loan, and FNB will provide you with an indication of your benefits. Once you have accepted this along with your Debi Check mandate, your personal loan will be paid out. You will then need to provide FNB with proof of registration to which you will receive a variation agreement which must be returned and will take up to 7 days to process. You will receive an update once the conversion is done and the higher interest rate charged will be reversed.
  • The settlement amount on the loan is the outstanding interest, fees, and capital.
  • Students can request a change to their banking details by emailing: debitorderchange@fnb.co.za