Standard Bank South Africa Student Loans 2023/2024, Information on the student loans provided by Standard Bank. For those taking their courses full- or part-time, the Standard Bank offers loans. Students can now submit an online application to gain pre-approval for funding their education so they can achieve their goals.
Standard Bank South Africa Student Loans 2023/2024
Standard Bank South Africa Student Loans are given at the beginning of studies or just when you are about to graduate. The Bank made it easier for applicants to get access to study equipment such as laptops/tablets with the new offering for e-Learning.
Standard Bank South Africa Student Loans Benefits
- Low Interest Rates: Get your student loan today at an interest rate of 7.75%. Terms and Conditions Apply.
- Laptops Covered: Get the equipment you need to join those online lectures
- Affordable Repayments: If you are a full-time student, you only start full repayments once your studies are completed.
- Easy Payouts: Funds paid directly to relevant parties.
- No Maximum: AS PER TUITION FEES
- MAXIMUM ACCOMMODATION: R 60 000
- TEXTBOOKS & EQUIPMENT: R 20 000
How to Repay Standard Bank South Africa Student Loans
WHEN YOU WILL NEED TO START REPAYING A STUDENT LOAN?
- While you may have originally applied for your loan with the assistance of a parent or guarantor, for surety reasons, the overall loan amount is in your name, and you’ll need to repay the loan through monthly instalments
- As a full-time student, you will start repaying the loan on completion of your studies. However, during your time of study, you will need to pay the monthly interest. The interest must be charged to your surety’s bank account
- You will usually be given a grace period of three to six months before beginning to making your capital repayments if you have completed your articles, internship or community service
- This time can be extended if you still need to complete your CA(SA) articles, an internship or any community service
- You will need to start repaying your loan immediately if you fail to complete your studies
- As a part-time student, you will need to repay your loan as soon as you start studying
- Once you’ve made your first repayment, your instalments won’t change. (Part-time students might find their payments changing as they increase their loan annually.)
PLANNING FOR YOUR REPAYMENTS
- Draw up a budget as soon as you start earning a salary and include your monthly repayments in your fixed expenses
- Aim to pay back your loan as soon as possible as over time, loan interest rates can become excessive
- Understanding your loan’s structure and keeping track of your balance, charges and repayment status are vital. And while paying more than you owe every month is ideal, it isn’t always possible, so make sure you pay at least your minimum monthly amount to avoid your debt growing
- Consider Personal Loan Protection Plan (so you’re covered if you’re unable to continue working)
- And remember, if you don’t complete your studies but have a student loan, you’ll need to pay it back in full immediately.
Contact Standard Bank for more Details on Student Loans
Customer care line
Operating hours are:
- Monday-Friday: 8:00 to 21:00
- Sat-Sun & Public Holidays: 8:00 to 16:00
South Africa: 0860 123 000
International: 010 249 0423