ABOUT THE STUDENT LOAN PROVIDER – STANDARD BANK
We (sagist.co.za team) are pleased to inform you about Standard Bank Student Loan South Africa 2022-2023 /read full details.
The Standard Bank of South Africa Limited, founded in 1862, is one of the biggest financial services groups in the country. However, Standard Bank as they are known today was only formed in the year 1962, under the name The Standard Bank of South Africa, as a subsidiary of the British overseas bank Standard Bank.
Headquartered in Johannesburg, Standard Bank not only operate in South Africa, they also have operations in 20 other African countries. The company is the biggest lender in Africa by assets.
The bank is a leader in business and commercial banking within South Africa, with a wide range of financial solutions including Borrowing; Saving and Investing; Current Accounts; Electronic Banking; Cash and Liquidity Management; Fleet Management; Vehicle and Asset Finance.
ABOUT THE STANDARD BANK STUDENT LOAN
Standard Bank offers student loans to fund full-time and part-time studies, at any accredited institution, as well as overseas studies. Students can apply for funding to cover all of their study related expenses, with low interest rates.
WHAT EXPENSES DOES THE STANDARD BANK STUDENT LOAN COVER?
With this loan, students can cover these expenses:
- Registration fees
- Tuition fees, with no maximum limit – the amount will be based on what the student can afford (this will be paid directly to the institution)
- Accommodation fees, up to a threshold of R60 000 each year (this will be paid directly to the landlord)
- Textbooks and equipment (including laptops, tablets and other study-related equipment) fees, up to a threshold of R20 000. If students cannot provide proof of these expenses, the maximum cover will be R6 000 (this will be paid directly to the surety or student if they are self-assured)
The minimum student loan that Standard Bank will award is R5 000 – whether you are applying for funding to only cover your textbooks and registration fees or need cover for your full tuition fees, the minimum loan amount remains R5 000.
Students who also have existing student loans with Standard Bank also have the option of increasing their student loan limit, should they need to.
ELIGIBILITY CRITERIA FOR THE STANDARD BANK STUDENT LOAN
Applicants must satisfy the following minimum entry criteria before applying (please note that failure to satisfy all the requirements will lead to your application not being considered):
- You must be a South African citizen
- Your surety must bank with Standard Bank South Africa, if you are applying for overseas studies
- You may be a Standard Bank or non-Standard Bank account holder
- You must be studying full-time and part-time (in any year of study)
- You must be studying a course that is at least 3 months long
- You must be studying or have been accepted to study at an accredited institution (such as SETA, SAQA, Umalusi, DHE, and SACAA approved Flight Schools)
- Private Pilot Licence (PPL) students: you must be studying or have been accepted to study at an institution accredited with SACAA (South African Civil Aviation Authority)
- You will need a surety to co-sign your student loan application (this is the person responsible for paying the interest and fees while you study, or will be responsible for paying back the loan if yourself default)
- Your surety must earn at least R3 000 per month (you may only have 1 surety)
- You must earn at least R5 000 per month
- You must pay the loan while you study
HOW TO APPLY FOR THE STANDARD BANK STUDENT LOAN
First, check that you qualify by visiting Standard Bank Student Loan Page and accessing the “Do I Qualify” form.
After your application has been pre-approved, you may follow these steps:
Gather the following original documentation, which you will need to present at the branch:
- ID documents (of student and surety)
- Proof of residence less than 3 months old (of student and surety)
- 3 months latest payslips (surety or own if self-assured)
- 3 months latest bank statements if a non-Standard Bank client (surety or own if self-assured)
- Proof of acceptance or proof of registration from an approved institution
- Proof of latest academic results
- A lease agreement (if applying for accommodation fees)
- Proof of costs (if applying for textbook and equipment fees)
- Matric Certificate (NSC) (this is required before the application can be completed)
Visit a branch and a consultant will assist with the final stage of your application. Please visit a branch within 7 days of completing the “Do I Qualify?” form or within 15 days if you applied on the Student Loan portal.
Should the pre-approval expire, you will need to restart the online application process.
Full-time students: you and your surety must be present at the branch to sign the student loan contract.
REPAYING THE STANDARD BANK STUDENT LOAN
- Standard Bank’s student loan has a monthly service fee of R69, as well as a once-off initiation fee, ranging from R649.75 to R1 207.50 (including VAT).
- If you are a full-time student, your surety will be required to pay fees and interest only while you are studying, and up until you start paying back the loan. Students will be afforded a 6 month grace period after completing their studies before starting monthly repayments.
- If you are a part-time student, you will repay the loan while you study.
- The loan repayment term ranges from 12 to 72 months
- Standard Bank student loans offer an interest rate with a low of 7% and a maximum of 13%
EXAMPLES OF HOW THE STANDARD BANK STUDENT LOAN INTEREST WORKS
- A full-time student, who is currently studying will pay an estimated repayment of R512 per month, for a R50 000 loan of 7% interest per annum.
- A full-time student, who is employed, will pay an estimated repayment of R921 per month, for a 50 000 loan of 7% per annum over a 72 month period.
- A part-time student will pay an estimated repayment of R1 315 per month, for a R50 000 loan of 7% over 44 months.
STANDARD BANK STANDARD BANK STUDENT LOAN BENEFITS
With a Standard Bank student loan, students will have a wider range of opportunities as well as benefits available to them, such as:
- The ability to study abroad: Standard Bank student loans allow students to study abroad at any institution that is SAQA approved
- Instantaneous quotes: students will receive online quotes before they finalise their loan application
- Loan Protection: students have the option of insuring their loan with Standard Bank’s Personal Protection plan, in the event of death, extreme disease, or illness
CONTACT THE STUDENT LOAN PROVIDER
For any queries related to this student loan, please contact Standard Bank directly:
Tel: 086 012 3000
View our bursaries open for application here: https://www.zabursaries.co.za/bursary-news/
This bursary listing was last updated on: 29 July 2021.