In our guide today, we will show you how Absa student loan work in South Africa.
The loans allow you to further your education without any financial constraints.
We will first look at the requirements to qualify for the loan.
What Are The Qualifications Requirements
Here are the requirements to qualify for the Absa student loan:
- You should be a permanent resident with a South African ID or smart card
- Three months latest bank statements or payslip
- Proof of a residence (valid) not more than three (3) months
- Proof on enrollment for studies
- Previous year academic results for eligibility to further studies
- Statements/invoices with course costs for the year.
- You must earn a minimum income of R3,000
These are the main requirements to qualify for the loan.
Now that you know the needs, we will show you exactly how the loan works in South Africa.
How Does Absa Student Loan Work
The loan allows you to borrow low-interest rates to support and benefit your studies.
The loan can be taken for every study year, so you should re-apply for the following year of study.
The minimum amount awarded is R15 000.
You can use the Abs student loan calculator to calculate how much you qualify for and estimate the loan repayments and interest rates.
The loan finances all aspects of your tertiary education, such as tuition fees, textbooks, accommodation, and any technical equipment required.
The loan can be taken out in the name of an employed parent, sponsor, or part-time student.
You only pay interest for the first 12 months when you take the loan and begin your loan repayments from the 13th month.
You can pay off the loan by making capital or interest payments or even choose to repay interest for 12 months.
You must take out a credit plan for protection against any unforeseen events like terminal or critical illness, loss of income, or death.
This is how Absa student loan works in South Africa.
How To Apply For Absa Student Loan In South Africa
We will now show how you can apply for a loan in South Africa.
You can apply for the loan at any Absa branch near you.
You can also submit your application to the Absa student bureau.
You can call Absa at 086 010 0372 to submit your application.
This is all you need to know about Absa student loans in South Africa.
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