How does Absa Student loan Work? - Maximum Quote Amount

Being able to pursue a career and become what you always wanted to be is priceless. Unfortunately, universities do have a price and sometimes we are not able to afford it. If this is your case and you live in South Africa we may have a solution for you: Absa loans for students. Here, we’ll tell you all about it.

How does Absa Student Loan Work?

Not everybody has the means to afford their tertiary studies. If you or your child are within the ones who cannot afford it, don’t get discouraged. In this article we’ll provide you with all the info about Absa study loan.

Absa Student loans cover for the university or tertiary institution fees, accommodation, reading materials and any devices you may need for completing your studies. Also, you can take a study loan for every year of your tertiary education.

Absa promises the lowest interest rates in the market. If you go to another bank or financial institution and get a better rate, you can go to Absa and they will try to make you a better offer.

When you take out a student loan with Absa, the first 12 months you only have to pay for the interest amounts. After those first twelve months, you start paying repayments. Absa also offers insurance for your loan, so in the event something unexpected should happen, your loan is covered.

Is there a Maximum Amount I can Borrow with Absa Student Loan?

Before you move on to requesting a loan, you should have figured out all the expenses you will have during your study year. Once you have that covered, you will know for sure how much money you’ll need. The minimum amount for an Absa student loan is R15 000 and the maximum amount is R250 000. And remember, you will have to take out a student loan for each year you are studying at a tertiary institution. Although Absa has a maximum amount for their student loans, their top amount is pretty comprehensive.

What does Absa Student Loan Cover?

Before we begin to mention all you can do with an Absa student loan, let us tell you something that, to our mind, is great: Absa allows you to fund everything in your education experience      —from tertiary institution fees to housing— this is something not every bank offers. Now, let’s see what Absa covers:

• Fees from the university or tertiary institution

• Housing expenses

• Books you’ll need to study

• Devices like a computer, or any other technical apparatus you might need

How do I Apply for an Absa Student Loan?

This new generation of young people is used to do everything online and is not comfortable with waiting. Yes, you’re smiling because you know it’s true! You want to swipe up and, boom! Being all set. But let’s get serious; taking out a loan is not the same as buying a new cellphone over the Internet. You should be aware that this is a great responsibility and that the loan will be under your name, so forget about an online application with Absa.

Absa wants to walk you through your loan decision and for that reason the means they offer for you to apply are as follows:

• Go to an Absa branch near you. There, the staff will tell you all you need to know about their student loan. However, if you have any question, don’t hesitate and asks us. We’ll be happy to help you.

• Call the bank. You can request your student loan over the phone. But again, should you have any doubts, feel free to make us any questions.

What do you Need to Apply for a Student Loan at Absa?

Are you already in love with Absa’s student loan? We know! It’s pretty cool. But hold your horses. First you need to know the requirements for requesting a student loan at Absa.

Just like any other bank or loan, the most important requirement is being a South African or residing in South Africa. This is an essential condition and no exceptions are made. So, your ID is the first thing you should bring to the bank.

These are the other documents you should bring to the bank with you:

• A document certifying your address

• The latest pay stub or bank statements

• Certificate proving you have been accepted or that you are registered in tertiary institution

• Papers documenting your expenses, such as university fees, housing expenses, and the like

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If you don’t work, one of your parents can be your guarantor, and of course, the bank statement and pay slips you’ll bring to the bank will be theirs.

Where can I Find a Repayment Calculator to better Understand my Absa Student Loan?

If you are asking yourself this question means that you are well aware that taking out a loan is no joke. You know that requesting a loan is a major commitment and if you don’t meet it you will end up in real trouble.

You’re in the right track, though. A calculator is a useful tool which might help you corroborate if that kind of loan is good for you, if you will be able to repay it, or if you should better stay clear of it.

In our website you will find a loan calculator you can use to answer all the above issues. Besides, our calculator lets you compare different loans. We think this is a plus because knowing what other financing companies offer also helps you make a more informed decision.

All you have to do is enter the amount of money you want to borrow and the repayment period you’d like. There you have it. All the information you need in one site.

What is Absa Student Loans Interest Rate?

The million dollar question: which interest rate will I have? Determining the interest rate the bank will provide you in a loan is what we want to know first. But the rate you will be offered will vary based on your income, your credit history, and other factors the bank deems important. What you can do to get an idea of the approximate number of the interest rate offered by Absa is using our loan calculator: it’s online!

Besides Study Loans, does Absa Offer Bursaries?

As we have been discussing in this article, Absa offer student loans both for full-time and part-time students. But does it award bursaries? The answer is yes. Absa has a bursary program for those top Afro American students who want to pursue an education but have no means. In order to apply for this grant you have to be Afro American and there are other requirements you should meet. If interested, drop us a message and we’ll tell you more about it.

Do you have Enquiries about Absa Student Loans?

Taking out a student loan is a big deal and it may be the first time you engage yourself with a bank or finances. So, it is ok to have questions and doubts. If you need more information or you have doubts that haven’t been dealt with in this article, contact us. You can leave as a comment or ask us any question you may have. We will be more than happy to give you a hand.

Does Absa have Positive Student Loan Reviews?

When we are to embark into a big step such as requesting a student loan, we want to know what other people have to say about it. Most of the times when we want to know what people think about something, we resort to the Internet. Don’t we? But, on the web there are million comments, both positive and negative. So, you might do your own research with people you actually know. What we can tell you is that Absa is one of the most important Banks of South Africa that has been providing services for over 18 years.

Is there a Special Car Loan for People with Absa Student Loan?

Absa offers a Student Loan which allows you to cover for tuition fees, accommodation, books, and technical devices. You can request this loan either if you are a part-time or a full-time student. But there are no car loans specifically designed for students with an Absa Student Loan.

Many students have to move out to a different city in order to attend college and many others have to travel several miles to get there. For this reason, owning a car would be super convenient. What happens if you don’t have a car and don’t have enough money to buy one? Well, a car loan might be just what you need.

If you want to find out about car loans in South Africa, read our articles about car loans in South Africa. There you will find where you can find the best car loans and with the best rates in the market.

In this article we’ve discussed Absa Study Loans in depth. Are they convenient? What are the maximum quote amounts? How to apply? All these questions and more have been answered. But again, if you need more info or have any question. Drop us a line. We’re here for you.