FNB Study Loan (FULL DETAILS)
If you are looking for fnb study loan, then you are at the right place. In todays article, we will be talking about fnb study loan. Kindly enjoy.
ABOUT FIRST NATIONAL BANK
The Eastern Province Bank, founded in Grahamstown, South Africa in 1838, is the forefather of First National Bank. The bank had four branches by 1874: Grahamstown, Middelburg, Cradock, and Queenstown.
Due to a recession, the Oriental Bank Corporation purchased the bank in 1874. (OBC). However, due to financial troubles in India, the OBC has decided to withdraw from South Africa. In 179, the Bank of Africa was established to take over the operations of the OBC in South Africa.
At the same time, the administration of the Republic of The Transvaal planned to establish a local commercial bank to meet the financial needs caused by the discovery of gold in Barberton and the Witwatersrand. Through a concession deal, the government established a bank with the primary goal of focusing on finance agricultural development. The Nationale Bank der Zuid-Afrikaansche Republiek Beperk (National Bank of the South African Republic Limited) was founded in Pretoria in 1891 and began operations on April 5, the same year. The name of this bank was changed to the National Bank of South Africa Limited during the Anglo-Boer War in 1902.
In 1912, the Bank of Africa was transferred to the National Bank due to another recession. The same company had already purchased another bank, the National Bank of the Orange River Colony, in 1910. The Natal Bank, established in 1854 to assist the Natal Colony’s sugar business, too experienced financial difficulties and was added to the list of banks acquired by the National Bank in 1914. The National Bank was now one of South Africa’s most powerful financial institutions.
ABOUT THE FNB STUDY LOAN
FNB Life Start Student Loans are available in amounts ranging from R4 000 to R80 000. (depending on the amount you need and your affordability criteria). Your loan will also have a personalized interest rate.
The student loan covers the cost of tuition, on-campus housing, and textbooks.
Each year, students must reapply for student loans, and credit is granted based on affordability and credit assessments.
Please be aware that prior to loan settlement, the student and sponsor must have insurance coverage in place in the case of permanent disability or death. FNB provides the Customer Protection Plan, or you can utilize an insurance policy of your choosing (to be approved by FNB).
PAYING BACK THE STUDY LOAN
Students will only be needed to pay interest while studying, with the remainder of the loan payable after graduation — a 6-month grace period is provided before capital payments are due.
Before applying, applicants must meet the following minimum entrance criteria:
- South African citizen
- 18 years or older
- Registered to study at a recognised tertiary institution in SA
- Sponsor must earn at least R6000/month
HOW TO APPLY
In person, apply at your nearest FNB branch.
You can also apply online at https://www.fnb.co.za/Sales/salesmain.jsp. (Please keep in mind that FNB may request hard copies of your papers following your online application.)
You will be needed to submit the following documentation:
- ID document (plus a copy)
- Parents/ sponsors ID document (plus a copy)
- Parents/ sponsors Latest payslip (1 month if FNB customer OR 3 months if not an FNB customer)
- Recent utility bill
- Proof of registration at tertiary institution
- Breakdown of fees due to tertiary institution
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