A strong education provides the cornerstone for a prosperous future. However, it is crucial to realize that education is a costly investment. Students are frequently stuck when it comes to funding the cost of education and tuition fees. Capitec student loans, fortunately, can help students who want to enhance their education.

Please keep in mind that Capitec Bank only provides loans to students attending selected South African academic and educational institutions.

Tertiary institutes that cover Capitec Student Loan

As previously stated, Capitec student loans are only available through select partner institutes. Capitec has selected the following partners to assist students:

• Boston City Campus
• AFDA
• Milpark Education
• Stadio

Once a student has determined which tertiary institution they’d like to attend they can begin the process.

How it works

Capitec, unlike other loans, provides “need-based credit.” This essentially indicates that the loan terms differ from those of a regular personal loan. In addition, students can expect lower interest rates and a longer duration.

This student loan is for up to R250, 000, with a repayment period of 84 months.

How to apply for a student loan with Capitec

Students can apply for loans directly on the website of the university campus of their choice. To see if they qualify, individuals must complete a four-step online form. A Capitec adviser will contact them once they have qualified for a loan. It should be noted that this procedure could take up to 48 hours to complete.

In addition, pupils might hunt for a QR code that can be scanned. This QR code will aid in the application process. Typically, the QR code can be found in-store at the partner universities.

The money will be accessible once a student has applied and been approved. The monies will subsequently be deposited straight to the bank account of the institution.

This service is only available for online applications. Students will be unable to apply at a Capitec location.

Documents to have at hand

During the application process, students will need the following documents:

• An invoice from the partner institute that is no older than 30 days
• Last three consecutive pay slips
• A bank statement reflecting the three consecutive salary deposits
• A valid South African ID (students need to be 18 years or older)
• No proof of residential address is required, but you may be asked for some supporting documents

What are the benefits of taking out a Capitec student loan?

There are several advantages to applying for a Capitec student loan. To begin, students can use the online application to make the entire process easier. You won’t have to go to any branches, which will save you a lot of time.

Second, Capitec is one of the leading financial services and credit providers, which means they can supply some excellent terms for this loan. Students might benefit from a lower interest rate. As a result, students will save significantly more money and pay less interest than with conventional bank loans. However, the interest rate is entirely determined by the clients’ profiles.

Capitec also allows its customers to repay their education credit over a longer period of time. As a result, the installment payment is reduced, making the loan more affordable. Finally, Capitec saves you time by eliminating the need to deposit funds. Instead, they deposit the funds straight into the bank account of the educational institution.

Taking out a loan might help you develop your credit history and credit rating. As long as you know you will be able to make the monthly installments. Your personal credit profile can help you secure loans and mortgages in the future.

Qualifying criteria

In order to qualify for a Capitec look, you will need to meet the following criteria:

• The applicant will need to have a good credit history, existing credit score
• Students need to be 18 years or older to apply (with identification document)
• The applicant or sponsor (paying for the loan) must be permanently employed and have three consecutive salary slips
• Proof of quote or invoice from the partner

As long as the applicants meet the criteria above, they are likely to be approved

Partner information

Now that we’ve covered the basics, let’s explore how you can get in contact with the relevant partner institutes. The institutes and universities are listed below with contact information. You may learn more about Capitec student loans by visiting their websites.

Boston City Campus: https://www.boston.ac.za/paying-for-your-studies/

AFDA: https://afda.co.za/admissions/study-loans/

Stadio: https://stadio.ac.za/kick-start-your-success-credit-capitec

Milpark Education: https://www.milpark.ac.za/how-to-apply/

We recommend that students research all of these institutes before applying. Examine the courses available at each campus. Decide which institute is best suited to the curriculum you are interested in studying. You can apply once you’ve determined this. Apply for a student loan after applying and receiving an acceptance letter. This will give you plenty of time to get things in order.

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