If you are looking for more information about the nedbank student loan, then you are at the right place. In todays topic, we will give you a full detail of the nedbank student loan, how it works and how to apply.
ABOUT THE NEDBANK STUDY LOAN
Tuition fees, textbooks, on-campus housing, and other study-related expenses will be covered by the Nedbank student loan.
PAYING BACK THE STUDY LOAN
On their study loans, Nedbank provides flexible payback terms as well as reasonable interest rates.
When you begin your studies, your sponsor (or you, if you are a part-time student) will begin paying interest on your student loan.
If students participate in articles/community service or internship programs after graduation, they may be eligible for a payback grace period.
ELIGIBILITY
Applicants must satisfy the following minimum entry criteria before applying:
- South African citizen
- Accepted to study (part-time or full-time) at a recognised tertiary institution
- Surety/ sponsor must have a Nedbank transactional bank account
- Surety/ sponsor must have a good financial standing/ credit record
How THE APPLICATION WORKS
- To begin, you must fill out the call me back form online. You can download the application form while you wait for a polite and helpful Nedbank student loan specialist to call you back.
- Your personal information will be requested first on the Nedbank student loan application form. They will then ask for your residence, work information, and, if you are married, information about your spouse. The following section will deal with the amount of your student debt.
- If you have a parent or guarantor applying for a student loan on your behalf, you should fill out the application together. Make sure you finish the form all the way to the end.
A consultant will contact you and walk you through the whole student loan application process. They will clarify anything that is unclear and assist you in submitting your application. Also, include all supporting paperwork. Don’t forget to have all parties involved sign the application.
You can also go to your nearest Nedbank branch with all of your paperwork and have a consultant assist you in person.
HOW TO APPLY
Applications must be made at a Nedbank branch near you. Those who are full-time students with a sponsor must apply in person with their sponsor.
You must provide the following supporting documentation with your application:
| DOCUMENT | FULL-TIME STUDENT | PART-TIME STUDENT | SURETY/ SPONSOR |
|---|---|---|---|
| Identify Document (plus a certified copy) | YES | YES | YES |
| Marital status declaration | YES | YES | YES |
| Latest academic record/ Matric results | YES | YES | NO |
| Proof of study expenses (tuition, accommodation, books etc) – Invoice/ Statement | YES | YES | NO |
| Proof of tertiary registraion or acceptance | YES | YES | NO |
| Proof of life insurance cover | YES | YES | NO |
| Proof of residence (FICA) | YES | YES | YES |
| Cohabitation form from Nedbank branch | YES | YES | NO |
| 3 months latest bank statements (non Nedbank clients only) | NO | YES | YES |
| Latest payslip | NO | YES | YES |
| Income and Expenses statement | NO | YES | YES |
BENEFITS OF A STUDENT LOAN FROM NEDBANK
- You only pay off interest in the first year.
- Your interest rate is linked to your performance.
- Nedbank offers competitive interest rates on their student loans.
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