Students can sometimes find their lives challenging, regardless of the course or program they are enrolled in. These challenges may occur in different formats and also have different solutions. Due to the fact that many students find it difficult to meet their financial obligations. Standard Bank has put together a loaning scheme out of utmost desire to serve. Its sole purpose is to ease the struggles of students.
About Standard Bank
The Standard Bank is a deeply rooted financial services provider. Their employees, clients, and communities have been served and supported for over 156 years now. With a presence in more than 20 African countries and key global markets, their differentiator is their long-term commitment to Africa.
How Standard Bank student loan works
The Standard Bank student personal loan covers tuition fees as well as accommodation, books, and study equipment such as a laptop. The total cost of these costs will determine the loan amount. Your surety’s salary income, usually your parent, will also affect the loan amount. In general, you can get the financial assistance you need.
What are the requirements for applying for a Standard Bank student loan
Applicants for a Standard Bank student loan must have and be prepared to provide the following documents;
- ID documents (student & surety)
- Proof of residence not older than 3 months (student & surety)
- 3 months’ payslips (surety)
- 3 months’ bank statements for non-Standard Bank clients (surety)
They also require the following course-related documents during the application process;
- Acceptance letter or proof of registration from institution
- Proof of costs for tuition, accommodation and textbooks and/or equipment
- Proof of your latest academic results
Who can apply for a Standard Bank student loan
The application process is super straightforward, but before application, it is important to know that;
- Only South African citizens can apply
- Standard Bank and non-Standard Bank account holders can apply for full-time and part-time student loans
- Your surety does not have to be a Standard Bank account holder
- If, however, you apply to study overseas, your surety must bank with Standard Bank South Africa
It is also important for Matriculants to know that they will need a copy of their final National Senior Certificate results to complete their registration process.
What is the minimum/maximum amount of student loan offered by Standard Bank
Before applying for a loan of any kind, it is important to know and understand the basic terms to make efficient decisions. With Standard bank, the minimum amount you can borrow as a student is R5000. They release this amount to the prospective student after loan approval.
While they base the maximum amount on affordability and the ability to repay the loan. This feature gives every prospective student the elasticity they need to weigh their options and make a final decision that’ll ease every financial challenge they might be facing.
How to apply for a Standard Bank student’s loan in minutes
It is well known that even 24 hours may not be enough for the average human to accomplish all his tasks. Due to the fact that being a student can be time-consuming, Standard Bank has optimized the loan application process to be less time-consuming for students.
To apply for a standard bank student loan all you have to do is
- Apply for pre-approval on the My Student Loan Portal
- Once they approve the online application, get the aforementioned documents ready
- Take the documents with you to the nearest standard bank branch.
- Where a consultant will be waiting to assist you with your final application process
- They make all payments to the institution and relevant parties.
It’s easy peasy, isn’t it? Additionally, you have 15 days to complete the process by visiting a branch. If your pre-approval expires, you must restart the online application process.
How are funds paid
After the execution of the final application process, they send funds to their area of purpose, respectively;
- They pay tuition directly to the institution
- Accommodation fees will be directly into the landlord’s account
- They pay textbooks and equipment directly into the surety’s transactional account or the account of the student if they are self-assured
Standard Bank student loans are designed to favour you as a student in terms of repayment. During your full-time studies, your surety will be responsible for only the interest on the loan. The amount will be taken from the person’s bank account. The principal amount and interest will be due upon completion of your studies.
During the repayment period, you will pay fixed monthly installments. As a recent graduate, this is quite helpful for managing your finances. Moreover, you will have a grace period if you are completing an internship or participating in a similar type of program.
Benefits of getting a Standard Bank student loan
Apart from the fact that the loan is available to ease the financial challenges of students, they also provide the following benefit;
1. It gives you what you need when you need it
A student loan is tailored to your specific needs, and the process is quick and easy. You are paid directly to your institution for tuition, your housing provider for accommodations, and a bank account for books and study equipment is directly linked.
2. It gives you the flexibility to focus
Full-time students do not have to repay their student loans until they have completed their studies. You will have the financial freedom to focus on your studies and to build the future you want when the person who signed surety for you only pays the interest and fees on the loan. Standard Bank offers flexible monthly repayments to self-assured students.
3. The interest rate is lower
You can get a student loan at a lower, personalised rate than a personal loan or a credit card, paying as little as 7%* interest per year.
4. Applying is easy
Before you complete your application at your closest branch with all of the required documentation, you can get pre-approval online.
Standard Bank has strong connections in the real economy and a very deep understanding of the market.They’ve been able to not only unlock opportunities but also mitigate risk for their broad range of clients. With a proper understanding of the plight of the students and other customers, they’ve put together exceptional deals and loan services to ease their challenges.