ABSA Student Loan

Getting a good education is key to securing a successful future. Education and studying are, however, expensive. Fortunately, the ABSA student loan covers just about all student needs. In this article, we discuss everything you need to know about the ABSA student loan.

For more information visit https://www.absa.co.za/personal/loans/for-my-studies/explore

Overview- ABSA student Loan

• Pay interest only for the first year
• Get excellent interest rates
• Cover all things study related
• Easy to access
• Available to all students

Who can apply for an ABSA student loan?

Candidates must meet a few requirements in order to be considered. Firstly, students need to be South African citizens or permanently living in the country. Secondly, they need to earn at least R3000 a month.

Alternatively, the loan can be in the name of a parent/ guardian. However, they will need proof of income. Part-time students will also need to submit proof of income.

How to apply

Students can apply for an ABSA student loan by visiting one of the nearest ABSA branches. Alternatively, they can visit the Absa Student bureau or call 0860 100 372.

Documents required to apply

Applicants are required to have certain important documents at hand.

1. Proof of residence (utility bill, phone bill, etc.)
2. A valid South African ID document
3. Three months bank statement
4. Payslips (proof of income)
5. Proof of registration or acceptance letter from a tertiary institute
6. Invoice from the institute with course cost (textbooks, accommodation, study devices and tuition)

Students who are applying for a subsequent loan will need proof of the previous year’s results. The purpose of this is to verify that students have passed and are permitted to continue their studies.

ABSA Student Loan- What’s covered

The ABSA student loan pays for all student-related things; such as:

• Student accommodation
• Tuition fees
• Study material and devices such as laptops
• Textbooks
• Other required study equipment

Repayment options

Students have two repayment options.

1. The first option is to repay interest only over the first year
2. Subsequently, the second option would be to make capital and interest repayments.

In addition, ABSA encourages students to take out a credit protection plan. This sort of plan offers peace of mind from the unpredictable. Credit protection plans cover loans in the event of disability, death, illness, or loss of income. Furthermore, having a credit protection plan is compulsory to take out for all student loans.

Qualifying tertiary institutes

Here are some of the qualifying tertiary institutes that are accepted by ABSA

• University
• University of technology
• Agricultural college
• Training college
• Technical vocational education
• Aviation training approved by SACAA
• Online courses accredited by the United States Department of Education or the UK Government of Higher Education
• Private institutes which are registered by SETA and accredited by SAQA

Frequently Asked Questions (FAQs)

Here are some frequently asked questions

Can all students apply for an ABSA student loan?

Yes, ABSA provides student loans for undergrad and post-grad qualifications.

How long does the course need to be?

All courses are required to be more than two months long.

What’s the minimum loan amount?

Students can take out a student loan from as little as R15, 000

Will the student loan cover my entire study period?

ABSA student loans only cover the one-year’s fees.

What if my course is longer than a year?

If a course is longer than a year then students will need to re-apply for the next year. This is provided that they have passed the previous year’s studies.

How do I qualify for an ABSA student loan?

Firstly, ABSA awards loans to clients with a good credit history. Secondly, they evaluate each client’s risk and affordability. Therefore, it’s vital to provide all the correct information when applying.

Will ABSA beat other interest rates?

Yes, ABSA will better any interest rate offered elsewhere. Terms and conditions apply.

Conclusion

ABSA offers students an excellent opportunity to secure their futures. Their student loan product is excellent, especially because of the interest rates. Furthermore, the application process is rather simple. Candidates can either visit a branch or contact ABSA directly to apply for a student loan.

Secondly, ABSA offers students the option to pay interest only for the first 12 months. This option enables students to focus fully on their studies without any financial pressure. Furthermore, the ABSA student loan covers just about all study costs. This includes accommodation, textbooks, and study material.

Lastly, ABSA student loans allow the youth an opportunity to achieve their goals. In addition, students can benefit from taking out an ABSA student loan. The entire process is quick and easy and just requires a few documents.