If you are a student in South Africa and you are struggling to pay your school fees, you can consider looking at Capitec Bank Student loan to support your financial needs. In this article, I am going to share more information on how you can complete your education with Capitec Bank student loan.
About Capitec Bank Student loan
Capitec Bank Student loan is an innovation of Capitec Bank, one of South Africa’s retail bank with the aim of helping students to cover their fees and other expenses. It is a form of funding that students will need to repay with discounted interest rate.
How Much can you get?
You can get up to R250 000 to pay for up to 4 years of studying, You will get a discounted interest rate and an extended term to suit your education needs. When your loan is approved the fees are paid to your college. Some schools are linked to the Capitec student loan scheme, which means you can apply directly from their website.
How to access this loan?
You can apply online directly from the relevant service provider’s website, for more information, click here.
To access this Loan, you must:
- A standard invoice or quote from the partner, not older than 30 days
- A valid South African ID document/smart ID card (must be 18 years or older)
- Your latest 3 consecutive salary slips
- Bank statement showing your latest 3 consecutive salary deposits (only if the salary is not paid into your Capitec account)
- No proof of residential address is needed; but you may be asked to provide supporting documents to complete the application.
How will the loan benefit you?
- The loan is offered at a discounted interest rate, which means you’ll pay less interest compared to any of our other credit products
- You can Repay your loan over a longer term to pay a more affordable instalment
- Apply online in 4 easy steps – with no need to visit a branch
- No further payments need to be made, the proceeds of the loan is paid directly to the partner
Loan Repayment Process
Loan repayment process start immediately you complete your education. Meaning you don’t need to worry about fees while you school, you can start loan repayment once you start working.
As a Student loan advisor, I always advised student to get a side hustle while in school, so that even if they need to get loan, they will use some to grow their business and set a comfortable repayment plan that will allow you to focus on your studies.