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How to Apply for your Standard Bank Student Loan
A student loan lets you pay for your studies by giving you access to funds with a low monthly repayment. These funds can help you cover your tuition and registration fees, as well as associated costs, such as accommodation, textbooks, or a laptop you’ll need for your studies.
A Standard Bank Student Loan can pave the pathway to your ambition by making more possible. Here’s what you need to know about using a student loan to realize your dreams.
Plan Smarter with Standard Bank Student Loan
A student loan is an essential part of the academic journey. Full-time students are supported with a required guarantor, ensuring smooth repayment upon completion of studies. Part-time students begin repayments earlier for effective cost management. The loan covers tuition, fees, and accommodation directly, with additional funds allocated for essential digital resources like laptops or tablets, ensuring students are fully equipped for success. So plan your student loan with Standard Bank Student Loan.
Requirements for Applying for Standard Bank Student Loan
- Only South African citizens are eligible to apply for student finance.
- Both Standard Bank and non-Standard Bank account holders can apply for full-time and part-time student finance.
- Guarantors/sureties for local studies do not have to be Standard Bank account holders, but for overseas studies, they must bank with Standard Bank South Africa.
- For full-time students, the guarantor/surety must earn at least R3 000 per month and for part-time, applicants must earn at least R5 000 per month to qualify.
- Matriculants should note that final National Senior Certificate results are required before completing the Student Loan application.
- Until then, they can check their eligibility and potential funding amount by clicking on “DO I QUALIFY?”
Why Standard Bank is so Important?
Standard Bank, established in 1862, stands as one of South Africa’s oldest and most respected financial institutions, serving not only the local community but also expanding its influence across the African continent. When it comes to financing international education for your children, thorough planning and consideration of associated expenses are crucial.
Globally, millions of students pursue tertiary education abroad, and in Africa, a significant percentage of wealthy families opt for international schooling. With Standard Bank Tuition, payments are streamlined: tuition fees go directly to the institution, accommodation costs are transferred to the landlord’s account, and textbook and equipment expenses are deposited into the guarantor/surety’s transactional account or the student’s account if they are self-assured.
Step by Step Guide To Get Student Loans From Standard Bank
Start by filling out the online form when you click “Do I Qualify?” You can also apply for Student Loan without surety.
Once your online application is approved, gather these documents:
- Registration letter from your school/university
- Proof of costs for tuition, accommodation, textbooks, and equipment
- Latest academic results
- If you’re in matric, bring your final National Senior Certificate results.
Make sure to bring your personal documents too:
- IDs for you and your guarantor/surety
- Proof of residence not older than 3 months
- Payslips for the past 3 months
- Bank statements for non-Standard Bank clients (if applicable)
- Visit your nearest Standard Bank branch where a consultant will help you complete your application.
- Once approved, all payments will be sent directly to your school and other necessary parties.
- If you applied online, make sure to visit the branch within 7 days to finalise the process.
Pros and Cons of Standard Bank Student Loan
Pros
- Study at participating universities with ease.
- No repayment expectations while studying.
- Competitive interest rates.
- Cover tuition, accommodation, books, and study equipment.
- Flexible repayment options after completing studies or securing employment.
- Monthly interest and service fees included in the loan balance.
- Up to R60 000 per year for acommodation expenses
Cons
- Requires existing Standard Bank Transactional Account or application for one.
- Repayment is expected to start six months after completing studies or securing employment.
- Monthly interest and service fees charged from the loan’s inception, potentially increasing the overall repayment amount.
- The chosen course duration needs to be a minimum of 3 months
- Registration fees
- Limited flexibility in repayment options during the study period.
Types of Loans offered by Standard Bank?
Standard Bank Revolving Loan
Enjoy financial flexibility with Standard Bank’s Revolving Loan! Say goodbye to tedious reapplications – simply repay 15% of your loan to access more funds whenever you need. With amounts ranging from R6,000 to R300,000, meeting your changing needs is a breeze.
Enjoy affordable monthly fees of just R69 and initiation fees starting from R764.75 to R1207.50 (including VAT). Our interest rates, starting from prime plus 3% to 10.5%, are tailored to your unique situation, ensuring transparency with a maximum APR of prime plus 10.5%. Experience simplicity and control on your financial journey with Standard Bank.
Standard Bank Term Loans
If you borrow R30,000 for 36 months at 24.75% interest, you’ll pay R1,423 each month. This includes a R69 service fee and a R1,207.50 initiation fee (with VAT). Their interest rates are personalised and follow NCA rules, capped at prime plus 17.5%. Long-term loans have benefits like lower interest rates, cash flow preservation, potential tax advantages, flexible repayments, and easy online application, making them a great choice for financial stability and flexibility.
Standard Bank Home Loans
If you’re purchasing or constructing your first or subsequent property, a Home Loan can assist in securing financing for your dream home. The amount you can borrow is determined by your pre-tax monthly income and monthly expenses, which can be calculated using our home loan calculator.
Vehicle Financing
If you’re looking to finance a new vehicle purchase, Vehicle Financing might be the solution for you. Once you’ve selected your desired car and chosen your financing plan, you’ll typically have a repayment period ranging from 12 months to five years or more.
Fees & Taxes of Standard Bank Student Loan
For full-time students:
- You need a guarantor/surety to sign with you for the student loan.
- Your guarantor/surety will cover interest and fees while you study, and if you can’t repay.
- Both you and your guarantor/surety must sign at the branch.
- Only one guarantor/surety is allowed, earning at least R3,000 monthly.
- After finishing your studies, you have a 6-month grace period before repaying.
- Your guarantor/surety continues paying until you take over.
For part-time students:
- You must earn at least R5,000 monthly to qualify.
- As a part-time student, you pay back the loan while studying.
Standard Bank Customer service
Phone: 0860 123 0000 for South Africa and +2710 824 1515 outside South Africa.
In-person support: find here the nearest branch to get support of a Standard Bank agent.
