In our guide today, we will discuss the Absa study loan in South Africa.
If you are not sure of how you will pay for your education, you can contact Absa for a study loan to help you through.
You can borrow funds at a low-interest rate to support your education or a beneficiary.
We will first show you the qualifying criteria for this loan.
How To Qualify For Study Loan
Below are the primary qualification requirements for the Absa study loan:
- You should be a South African citizen or living in South Africa
- A valid ID or smart card
- Proof of residence such as a municipal or rates bill
- Minimum monthly income of R3 000
- If you are a minor, your parent or guardian should provide proof of income
- A part-time student who is fully employed also should provide proof of income
- You should be enrolled either full-time or part-time at a tertiary institution in South Africa.
- Evidence of study in the form of a final letter of acceptance or proof of registration.
- Proof of cost costs for the year, such as invoices for tuition fees, accommodation, textbooks, and study-related technological devices.
These are the qualifying criteria for the Absa study loan in South Africa.
Absa Study Loan
The loan finances both undergraduate and postgraduate students who are taking a course with a duration of more than two months.
The minimum amount you can get is R15 000 per study year.
The loan covers one year’s tuition fees and associated costs, so you have to reapply every year for the loan.
The loan is awarded based on your risks and affordability.
You can apply for the loan at any Absa branch near you or the Absa student bureau.
Alternatively, you can contact Absa on 060 100 372 and apply for the loan.
This is how the Absa study loan works in South Africa.
How To Pay Off Absa Study Loan
You can make capital and interest repayments of the loan.
You can also repay interest only for 12 months.
If you need to top up an existing study loan, you can repay interest only for a further 12 months.
This is how you pay off the Absa study loan in South Africa.