Nedbank Student Loan
Features and benefits
What does the Nedbank Student Loan offer me?
- A great interest rate with flexible repayment options.
- If I’m a fulltime student, or still busy with an internship or articles, my guarantor only pays back the interest on my loan.
- To only start paying back my loan once my studies are complete.
- Optional competitive credit life cover in the case of death or disablement.
Parttime students need to make both interest and capital repayments while studying.
While you’re a fulltime student, you’ll need someone (a guarantor) to help pay your monthly interest.
What your guarantor will need:
- A Nedbank transactional account, as their main account. (If they don’t have one, we 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 payslip
- Three months bank statement (if non-Nedbank client)
- An income and expenditure statement
What you’ll need:
- 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).
How to apply?
- To apply for your Nedbank Student Loan, you and your guarantor must bring the abovementioned documents to your nearest Nedbank branch.
So what are you waiting for? Apply at your nearest Nedbank today!
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.
Fulltime 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