Calculate Students Loans Instalments at FNB | Requirements
In South Africa there are several options to finance higher education. Nevertheless, nothing can beat a student loan provided by one of the oldest banks of the country: First National Bank. Continue reading, and learn how to apply for an FNB student loan, how to calculate its repayments, and what the requirements are.
Does FNB have Student Loans?
This bank was created in 1838. A long time ago, right? Being in the credit market for so long has made them have know-how not many banks can say they have acquired. Within the many financial products they offer like mortgage credits or loans for buy a business, we can find student loans.
With FNB, you can ask for loans from R4 000 to R80 000 each study-year. While you are studying you only have to pay for fees, interest, and expenses, and when you finish your studies you start repaying for the loan. Another important characteristic of this loan is that it comes with insurance if something happens to you and you are unable to pay. This will give you peace of mind since you will know what your expenses will be covered for you in the event of a misfortune.
If you decide FNB student loan is the way to go, you should know that your loan will cover your reading materials, the tuition fees from the university or education institutions you choose, accommodation if you have to move out from your parent’s house and equipment such as computers or other related apparatus you need for your studies.
What are the Requirements for Obtaining a Student Loan at FNB?
You should apply for a student loan at ABSA annually. So, if your course of study lasts 4 years, you will have to apply for FNB student loan four times. You will be able to study at any tertiary institution or University of South Africa; there might be some exceptions, though.
FNB will perform an affordability check on you to know your credit history and find out if you will be able to repay your installments. So, the first thing you need to ask for their loan is having a steady job and earning more than R6 000 each month. If you, the student, don’t have a job, you can have one of your parents as the principal of the debt. Of course, they also have to be permanently employed.
Now you know the basic qualifying criteria: having a permanent job and a clear credit history. Next, we can start reviewing the specific documentation required by FNB for you to take out their student loan.
If you are a client of FNB you will need to bring them:
- Your South African ID (a copy)
- A certificate saying you enrolled in a tertiary institution or university
If you are not an FNB client you will have to bring them the above documents and the following ones:
- A certificate proving your residence
- Your latest three bank statements (need to be stamped) where the last three salary payments are shown.
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How do I Apply for a Student Loan at FNB?
Once you’re certain you meet the qualifying criteria and that you have all the documents FNB requests, you’re ready to start your application. But first, a word of caution: many times we’re asked if you can apply for a loan now and use it at another time. The answer is no. When you apply for a student loan and your request is approved you have to use that money to pay for your expenses of that same year.
To apply for a student loan with FNB you can either have them call you, call them, or go to the nearest FNB branch.
Are Online Loan Calculators useful to Simulate my FNB Student Loan?
Knowing how your loan will be structured is always useful. This is so because these tools allow you to visualize the approximate figures in your loan. Why approximate? Before approving your loan, the bank will make a thorough investigation of your financial situation. What is your monthly salary? Do you have other debts? Do you pay your bills on time? Do you have many credit cards from different banks?
All these factors will make an impact on the structure of your loan. Depending on your financial health, you will get more or less money, a higher or lower interest rate. That’s why the numbers the calculator will provide you are only “an estimated figure”. But they will really help you understand how your loan works. We actually have an online loan calculator that works incredibly well. Feel free to check it out.
Does FNB have Positive Student Loan Reviews?
There are all sorts of comments regarding FNB in general. They’re mostly positive comments, but there are also negative ones. This happens with all financial institutions and with everything nowadays. Thanks to the Internet we are able to cast our opinions openly. The good thing is that there is more transparency, but the bad thing is sometimes people make comments out of a lapse of anger. The anger wears off, but comments are there on the web for everyone to read.
FNB is a bank with an enormous background in the credit market. Over a hundred years of doing business and serving our country surely provided them the expertise in their market. Many people can be unsatisfied about a specific service delivered by FNB, or mad at a certain staff member, but everyone will agree that the bank has an unrivaled reputation. Mistakes can be made, however, FNB will surely do their best to amend them. A company that listens to its clients and learns from its mistakes is a company that can be trusted.
You’re reading this because you are either a student or a parent studying options to finance your or your child’s education. We tried to introduce you to this product brought by FNB. For this reason, we told you how to apply for FNB student loans, how to calculate your repayments and your interest rates, and we also told you what other people say about it. There are many companies offering student loans in South Africa, FNB can give you the added reassurance of their expertise in the business.
Questions and answers
How long does it take to be approved?
Usually, if you comply with all the requirements to apply for a student loan with First National Bank, you need to gather all the necessary documentation and start the application process. There is an online form you can fill out with all the information and then answer a quick questionnaire. Within 3 working days, after all the paperwork has been analysed, an FNB advisor will get in touch with you to ask for further details. Generally, the entire process is fast.
My son is applying for a student loan, and I’m going to be his surety. The total amount is R80000 how much will I pay for interest?
When you and your son apply for an education loan of R80,000 at First National Bank, you will be asked information about your economic situation since you will act as surety. With that data, FNB will determine the percentage you will have to pay in interests. The amount of the loan is one of the factors impacting on this rate; but you should also consider the term, your income and your credit record.
Can my parents apply for an insurance loan for me?
Of course they can.
Do I need to insurance the student loans?
Yes, you do.