Nedbank Student Loans South Africa 2023/2024 – Are you looking for Nedbank Student Loans South Africa online application 2023? In this article, I will provide you with details on the Nedbank Student Loans South Africa application, how to submit your application online and other related information.
The Nedbank student loan will cover tuition fees, textbooks, on campus accommodation and various other study-related equipment.
Application is currently open for Nedbank Student Loans South Africa 2023. Nedbank South Africa invites qualifying South African students to apply for its student loans for 2023 academic year.
Nedbank South Africa Student Loans 2023
Nedbank South Africa offers Student Loans for South African students willing to pursue their academic dreams but do not have the financial support. Needed Students can check out details of Nedbank South Africa Student Loan below.
Paying Back The Student Loan
Nedbank offer flexible repayment terms and competitive interest rates on their study loans.
Once you start your studies, your sponsor (or yourself if you are a part-time student) will start paying the interest on your student loan.
A repayment grace period may be applicable if students partake in articles/ community service or internship programmes upon graduation.
Applicants must satisfy the following minimum entry criteria before applying:
- South African citizen
- Accepted to study (part-time or full-time) at a recognised tertiary institution
- Surety/ sponsor must have a Nedbank transactional bank account
- Surety/ sponsor must have a good financial standing/ credit record
Features of Nedbank Student Loans
- A great interest rate with flexible repayment options.
- If you are a full-time student, or still busy with an internship or articles, your guarantor only pays back the interest on your loan.
- You only start paying back your loan once your studies are complete.
- Optional competitive credit life cover in the case of death or disablement.
Part-time students need to make both interest and capital repayments while studying. While as a full time student, you’ll need someone (a guarantor) to help pay your monthly interest.
What Documents Does your Guarantor Need?
- A Nedbank transactional account, as their main account. (If they don’t have one, Nedbank can help them to open an account quickly and easily.)
- SA identity document or ID card.
- Proof of current residential address (for FICA purposes)
- Marital status declaration
- Latest pay slip
- Three months bank statement (if non-Nedbank client)
- An income and expenditure statement
What Documents Do You Need to Apply for Nedbank Student Loans?
- Your latest exam results
- Proof of registration at a SAQA-accredited tertiary institution.
- An invoice or statement for university fees, textbooks, and accommodation. (for campus or university accredited accommodation only).
- Letter of necessity for any study-related equipment.
- Co-habitation form obtained from a branch (for FICA purposes).
- An Unlocked.Me Student Account (This, as well as a student loan account, will be opened after your student loan application has been approved)
Student Loan Application Tips
Please note: A new application is required for each year of study and is subject to a credit and affordability assessment.
For second and subsequent years of study, proof of the previous years’ academic results is required to ensure the student has been permitted to continue his/her studies.
Full-time students must be supported by a guarantor when applying for a Nedbank Student Loan.
The guarantor will be responsible for interest repayments during the course of the studies.
If you do not complete your studies, you will still need to pay back your loan – the capital as well as the interest – in monthly instalments.
How to Apply for Nedbank Student Loans South Africa
Applications must be done at your nearest Nedbank branch. Those who are studying full-time and have a sponsor, must apply in person with their sponsor.
To apply for your Nedbank Student Loan, you and your guarantor must bring the documents mentioned above to your nearest Nedbank branch.
You will be required to submit the following supporting documentation with your application:
|DOCUMENT||FULL-TIME STUDENT||PART-TIME STUDENT||SURETY/ SPONSOR|
|Identify Document (plus a certified copy)||YES||YES||YES|
|Marital status declaration||YES||YES||YES|
|Latest academic record/ Matric results||YES||YES||NO|
|Proof of study expenses (tuition, accommodation, books etc) – Invoice/ Statement||YES||YES||NO|
|Proof of tertiary registraion or acceptance||YES||YES||NO|
|Proof of life insurance cover||YES||YES||NO|
|Proof of residence (FICA)||YES||YES||YES|
|Cohabitation form from Nedbank branch||YES||YES||NO|
|3 months latest bank statements (non Nedbank clients only)||NO||YES||YES|
|Income and Expenses statement||NO||YES||YES|
I wish you success in your application for Nedbank South Africa Students Loan.