FNB Student Loan

Preparing for university is an exciting experience for many young South Africans. However, many students often struggle with attaining finances. Fortunately, applying for an FNB student loan can fix this problem.

FNB is one of the most popular banks in South Africa. They offer a number of loan options, including student loans. Furthermore, the financial institution believes in helping pave the path to a successful future. Students can now effortlessly apply for a student loan to help secure their futures.

What you need to know

FNB offers excellent student finance options for those looking to go to school. Furthermore, students can enjoy up to R300, 000 in funding for their studies. The FNB student loan covers accommodation, tuition fees, study material, and devices.

Benefits and features of the FNB Student Loan

FNB student loans have a variety of features that can be highly beneficial to students. Here are some of the key features and benefits of FNB student loans:

Students can choose their loan amount

Firstly, students can get personalized credit to fund their studies. Therefore, allowing them to choose their loan amount.  For example, a student might have all costs covered, besides their study material. They will then be able to take out a student loan to cover their study material. Furthermore, students can enjoy up to R300, 000 on the FNB student loan.

Personalized interest rate

Secondly, FNB offers students a personalized interest rate. This could mean that students can pay as little as 6.5% interest on their student loans.

It should be noted that all interest rates are calculated based on a credit/ risk profile. If a student has a good credit score they will most likely pay less interest. However, if a student has a bad credit history they will pay more interest. The maximum interest rate currently stands at 11.5% (prime plus 4.5%).

Credit life insurance

All students will need to have credit life insurance if they have an FNB student loan. To clarify, Credit life insurance is a customer protection plan. It protects and covers students in case of life uncertainty. Students will be fully covered in the event of death, disability, retrenchment, or inability to earn income.

Clients also have the option to use their own credit life insurance policy.

Flexible payment options available

Lastly, students can enjoy flexible payment options. This will allow students to focus on their studies without any pressure. Students will only pay interest and bank fees for the first year. Thereafter, they will start repaying interest, fees, charges, and capital thereafter.

Students may also apply for additional funding annually. This option is available to those studying for more than one year.

How to apply for a FNB student loan

The application process is extremely simple. First, visit https://www.fnb.co.za/loans/student-loans.html and click on “Call me back”. Next, fill out the form with all of your details. You will be asked to provide your ID number along with your contact details.  Lastly, click on “submit” and a consultant will be in contact within 3 days.

Additionally, students can visit an FNB branch for more information.

Who is eligible to get a FNB student loan?

There are a few qualifying criteria that need to be met.

  1. The student needs to be a permanent South African resident.
  2. Applicants need to be 18 years or older.
  3. The main debtor will have to be permanently or self-employed.
  4. Applicants have to be registered with a recognized university/ tertiary institute.
  5. Main debtor salary must be paid directly into their bank account.

What documents will you need to apply?

There are a few important documents that you will need in order to apply. It’s best to have these documents at hand during the application process.

Non FNB customer document requirements:

  • Student ID- this can be attained from the tertiary institute/ university
  • Proof of registration and enrollment from the  tertiary institute/ university
  • South African ID book or ID Smartcard
  • Three-months salary slips
  • Proof of residence
  • Three-months bank statement

FNB customer requirements:

  • Student ID from the educational institute
  • Proof that you have enrolled or registered to a tertiary institute/ university

Conclusion

FNB student loans allow students the perfect finance options to help complete their studies. The application process is simple and easy. However, students will require having a fair credit score to be approved.

Furthermore, FNB student loans offer students flexible payment options. Students can enjoy paying an interest-only repayment for the first year. In addition, compulsory credit life insurance keeps students protected.

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