Life Start Student Loan – Financing for your tertiary education can be such a hassle if you are not working or don’t have anyone to finance your studies, thus many students end up quitting college and university due to financial constraints. This loophole was realized by South African major banks as an investment opportunity that is bent on assisting students with loans.
First National Bank, commonly known as FNB, has a facility that allows students to apply for student loans from R4000 to R80 000. The loan facility has personalized interest rates, students can annually apply as and when they need the bank’s support.
Students are required to make a new application every year of study, worth noting is that every application made is subject to credit assessment by the bank and this is one of the means used by FNB to rate whether a client qualifies for their loan facility.
What does FNB Student loan cover?
The amount loaned to students depends on the kind of study, institution, level of study among other things. But it is important to note that a Student Loan covers:
- A student’s tuitions fees directly to the university/educational institution
- Only the interest portion while completing your studies and start repaying interest plus capital after graduation
How to apply:
- You can apply online by visiting www.fnb.co.za/students/life-start-student-loan.html
- Complete a call me back form
- Call 0861404040
- Visit your nearest FNB branch
- Use FNB online banking
What documents are needed when applying?
- Copy of a student’s green bar-coded South African ID
- Copy of parent/sponsor green bar-coded South African ID
- Latest payslip
- Proof of residence if the loan amount exceeds R15 000
- Proof of registration from the educational institution
- If you do not bank with FNB, latest three months bank statement
- If you are self employed latest six months bank statements
FNB can be contacted on 0861404040 regarding this loan facility.