How To Qualify For Nedbank Student Loan Application 2023

Filed in Articles by on January 14, 2023 0 Comments

Do you want to apply for Nedbank Student Loan? You might be interested in this information. Here’s how to qualify for a Nedbank Student application. Read carefully as we proceed.

Nedbank Student Loan

Nedbank is one of South Africa’s leading financial service providers, offering many services such as insurance, wholesale retail banking, wealth management, and asset management. The Nedbank Student loan offers funds to individuals, allowing them peace of mind knowing that their tertiary studies are covered.

Who can apply for a Nedbank Student Loan?

The Nedbank Student Loan offers funding to both part-time and full-time students for qualifications of level NQF-5 or higher (any qualification after Matric/ NSC/ NVC) at a registered and recognised SAQA institution. Students are also offered the option of taking out credit life insurance on their Nedbank Student Loan, ensuring further financial security.

Full-time students who are still studying/ in an internship will require a sponsor/ surety (i.e. someone who will guarantee the loan will be re-paid) to pay the monthly instalments on their student loan. The student will then only be required to start repaying the loan amount once they have graduated from their studies.

Part-time students will not require a sponsor, however, they will need to be employed and make immediate monthly repayments on the loan amount and its interest rate.

What expenses will the Nedbank Student Loan cover?

The Nedbank Student Loan will cover the following tertiary-related expenses:

  • Accommodation (on-campus)
  • Accredited online study programmes
  • Books and other supplies related to your field of study
  • Costs for study abroad programmes
  • Fees and tuition
  • Groceries
  • Miscellaneous personal supplies, this includes toiletries and medication
  • Professional testing, certificates, and licensing fees
  • Transportation (should you live at home)
  • University–accredited off-campus housing

What are the interest rates on the Nedbank Student Loan?

Nedbank offers both fixed and variable interest rates to students considering they are part-time and full-time students.

For full-time students, the interest on the Student Loan will relate to their academic performance. If full-time students achieve excellent grades, Nedbank rewards them with a lower interest rate on the loan.

Part-time students, however, will have a fixed interest rate which will be discussed with Nedbank during the initial application.

Nedbank’s Student Loans also offer a much lower interest rate than traditional loans, being prime plus 1% or 2%.

How To Qualify For Nedbank Student Loan Application

What are the requirements for the Nedbank Student Loan?

  • You must apply for the loan at the beginning of the academic year
  • You must be studying a course that is an NQF-5 or higher (read our article about National Qualification Framework (NQF) Levels Explained here)
  • You must qualify/ be studying at a recognized SAQA tertiary institution
  • You must have a sponsor (applicable to full-time students)
  • You must be employed (applicable to part-time students)
  • You must agree to use the student loan for educational purposes only
  • You must NOT be in debt to any other student loan or grant
  • You must NOT be imprisoned or convicted of a drug offence
  • You must have a respectable credit score

How do I apply for the Nedbank Student Loan?

Step 1: Apply for the loan by downloading and completing the Nedbank Student Loan Application Form (.pdf). Drop it off at your nearest Nedbank branch, with your document (see list of documents required below)

Step 2: Once you have submitted your application, the Nedbank assessors will review your application as well as the relevant supporting documents

Step 3: If you have qualified for the offer, Nedbank will then approve your loan and transfer the money into the relevant account

What documents do you require for the Nedbank Student Loan?

  • Matric Certificate (applicable to students entering their first year of studies)
  • Proof of your previous year’s academic results (applicable to students already in university/ college)
  • Proof of registration into a SAQA-accredited institution
  • Invoice of statements/ university fees for necessary expenses. If you require specific study-related equipment, you must get a letter from your tertiary institution confirming this

Is there anything else I should know about the Nedbank Student Loan?

Students interested in applying for a student loan through Nedbank should read the following:

Enter your email address:

Share This Post: If you think the information on this page can be helpful to someone else? Then share it using the share buttons below!

Leave a Reply

Your email address will not be published. Required fields are marked *