It’s almost time for students to start attending university for the upcoming academic year. In addition, getting a good education is extremely important. Students, however, often have trouble getting financial aid. Nedbank student loans enable them to pursue their dreams.
About Nedbank Student Loans
Nedbank offers both, part-time and full-time students financial aid. The student loan covers textbooks, tuition fees, campus accommodation, and other study-related equipment.
Full-time student loan agreement terms
Full-time students only need to pay for their student loans after they’ve completed their studies. However, they will need a guarantor who will ensure that the loan is repaid. Moreover, the guarantor will be responsible for paying the monthly interest while the student is studying.
In addition, Nedbank offers students a grace period. Usually, this is for students who need to serve articles/ partake in community service.
Part-time student loan agreement terms
Part-time students will be required to pay for the loan whilst they are studying. Furthermore, part-time students also need to pay the monthly interest rate.
Benefits of Nedbank student loans
Nedbank offers students multiple benefits which they can enjoy. Firstly, students can make use of the customized repayment plan. This is ideal for students who face challenges managing their finances. Furthermore, a customized repayment plan is a lot more convenient.
Secondly, Nedbank offers great interest rates. This is usually determined by the client’s credit profile/ ITC. Clients who have a good credit history can enjoy paying a lower interest rate. Students will also get credit life cover. This type of cover is taken out in case of death or disability. Therefore, the student loan will be fully repaid if something unfortunate were to happen.
Lastly, Nedbank student loans cover just about everything a student will need. This included laptops, textbooks, accommodation, and tuition fees.
How to apply?
There are two methods in which students can apply for a Nedbank student loan.
Visit a Nedbank Branch
Nedbank has branches all across the country. This is extremely convenient for students who might not have access to the internet. If a student would like to apply in-store they will need the relevant documentation.
Students can also apply online at www.nedbank.co.za. They will be asked to complete a “call-back form” with all their personal details. Once they’ve completed the form they will need to download the application form. Nedbank will then directly contact the student to complete the application.
What you will need to apply:
There are a few important documents to have on hand when applying. Here’s what you will need:
- Latest exam results
- Proof of registration at a SAQA accredited tertiary institute
- A statement from the tertiary institute showing university fees, textbooks and accommodation
- An Unlocked.Me.Account which will be opened once the loan has been approved
- South African ID document
What your guarantor will need:
Listed below is a list of everything guarantors will need:
- A valid South African ID document
- Proof of employment
- Latest salary slips
- A Nedbank transactional account
- Three months bank statement (if they do not bank with Nedbank)
Important things to remember
There are some important things to take into consideration when applying for a student loan. Firstly, students will need to reapply for each year of their studies. Furthermore, students will be asked to provide their latest results each time they apply.
Students who study full-time will need a guarantor. It will be the guarantor’s duty to pay the monthly interest on the loan. Additionally, it will be the guarantor’s responsibility to repay the loan if the graduate does not.
Lastly, students will need to repay the loan even if they do not complete their studies. Therefore, it’s vital that every student takes their studies seriously. The last thing that anyone wants is to pay for a loan that they haven’t used.
Nedbank student loans offer students an excellent opportunity to fulfill their dreams. Furthermore, the entire application process is quick and easy.
Students need to take their studies seriously, especially if they have a loan. Loan repayment terms are set by the Nedbank. Each individual will receive a different interest rate based on their credit history. Full-time students will only need to pay for the loan after completing their studies. However, part-time students will need to pay for their loans monthly.
It’s always a good idea to use a loan calculator before applying for a loan. This allows students and guarantors to determine if they will be able to afford the loan. Lastly, always make certain to read the loan terms and conditions.
(This Bursary/Scholarship Listing Last Updated on January 5, 2022)
The post Nedbank Student Loans appeared first on All Bursaries SA.