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How does Fundi Student Loan work? | Estimate Payments

How exciting it is to start planning for your future or your children’s future. Isn’t it? However, this excitement may be overshadowed by not knowing how to afford the long list of things you or your child need to pursue an education. In this article, we want to talk about a solution to that question: Fundi Student Loans. Here you will learn about this loan, how it works, how and what you need to apply for it, you will learn about how to calculate repayments and much more information.

What is Fundi Student Loan?

This company started in 1996 as Eduloan and then expanded and became Fundi. Their mission is to allow people to make their dreams come true. They do this by funding your education experience. The good thing about their loans is that they cover from undergraduate studies to postgraduate courses and MBAs. With this loan, you can also fund one or two small courses that may help you advance your career or studies. Fundi student loans will enable you to cover all the expenses related to your studies.

How does Fundi Student Loan Work?

Since its establishment as a private student loan provider, Fundi has assisted over 800 000 families in South Africa in their quest for a career. We were actually able to find many positive comments from students who finished their studies thanks to Fundi.

To apply for a Fundi student loan you need to fill in an online application. In this form, you will have to enter your name, your e-mail address, your cellphone number and write a short message informing Fundi what type of loan you want to apply for. After Fundi has processed your information, they will get back to you and you will have to provide them with certain documents for them to decide if they accept your request or not.

But how do their loans work? Their loans are unsecured, that is you don’t need to provide anything as collateral. After you’ve been accepted to their loans, your education-related expenses will be paid by Fundi directly to the institutions. Your repayments may be deducted from your salary or paid through debit orders.

How to Use a Loan Calculator to Make Sure a Fundi Student Loan is Good for me?

Requesting a student loan is a serious matter that needs careful consideration. Yes, you’re investing in your future or your child’s future, but you should do it wisely. Can I afford it? Will I able to pay for the repayments? Does this company offer competitive interest rates? If you are asking yourself these questions, then you are on the right path.

A word on interest rates must be said. This figure will depend on your financial situation. Things like how much money you earn each month if you already have other loans taken out, if you have unpaid card bills, and the like, will have an impact on the interest rate Fundi might be able to give you.

That said we can go on to tell you where to find a calculator to simulate your loan. This will be useful for you because you will have an approximate idea of how much money you would pay each month, over what term-period, and with what interest rate. To help you out with this, we’ve developed a loan calculator. Enter the amount of money you’d need to borrow and the time period you think you might be able to repay it. Next, you will find a list of options from different credit providers. In this way, you will both get to know the amount you’d have to pay and which company offers the best interest rate.

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What kind of Coverage can I get with a Fundi Loan and what are its Requirements?

Before we talk about what you can cover with a Fundi Loan, you need to know the requirements you need to meet to apply for it. Since this company has as its core value to make education finance affordable for South Africans, their requirements are a little less stringent than those requested by banks.

All they want is for you to advance in your career while being able to pay back for your loan. For this reason, they will require you (the student) or one of your parents to have a permanent job. Also, you cannot be under credit review; thus, you have to be in good standing as regards your credit history. You will be asked to provide a copy (certified) of your South African ID; a letter from your employee confirming you work for them; your last receipt of salary; your latest bank statements (last 3).

Now that you know you qualify for their loan, you may want to know what you can cover with a Fundi Student Loan. With Fundi, you can rest assured that everything in your studying experience will be taken care of. We’re talking about tuition fees, accommodation expenses, books, reading material, computers, uniforms, and stationery.

What are Fundi Student Loan Contact Details?

Many people keep telling us that they have trouble finding student loan applications for Eduloan. The reason they cannot find them is that as of October 2016 Eduloan was rebranded: it is now called Fundi.

Once again, we want to emphasize that Fundi has accessible student loans and also very positive testimonials from people who were able to study with the support of their loans. If you’d like to give Fundi a try you can contact them through these channels:

  •            Online through the online form
  •            Over the phone on 0860 55 55 44
  •            Through e-mail at 

Applying for a student loan is an important business. You must weigh your options to make the better call. This was our aim here, to show you one option to finance your education. Fundi is a reputable company that offers student loans in South Africa and that aims to make them accessible and affordable. Now you know how these loans work, what you need to qualify for them, where to apply, and how to contact them. In Fundi, you can find a partner to help you achieve your goals.

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Questions and answers

I want to study software engineer for only 3 months and need a loan for R30 000 please.

If you need a student Loan at Fundi to study software engineer for 3 months, you should contact Fundi to check if they have agreements with the institution with which you wish to attend. You or your parents or guardians should have a permanent work in order to qualify for this loan. 

I want to study for a course that is 3 years long, at a private Institution. Will Fundi loans be able to accept my application for a loan ? The school fees are R102K per year and the Accommodation R4K, will Fundi help me in this case ?

Fundi may be able to provide you with a loan for you to study this course as long as you or a sponsorship prove that you will be able to pay back the loan. You should also make sure if Fundi has an agreement with the private institution you wish to attend.

If your surname is not the same as of your parent, can your application be taken into consideration?

It will not be a problem for you if your parents do not have your surname, as long as they are your legal tutors. Also, you should bear in mind that if they are the ones who are going to pay back for your loan, they must be permanently employed and have clear credit records.

If I apply for a loan of R550 000 to study at Plymouth university, how much is the monthly installment?

When you apply for Fundi Student Loan of R550,000 to study at Plymouth University, your tutor will be asked to provide information about his or her financial situation. With this, Fundi will be able to establish which interest rate will be applicable to the loan. Also, you should decide on the term of the loan.

I want to know do u fund only for education or other course like hospitality or culinary arts?

Fundi does not only fund for university courses and programs. You can also study short courses on hospitality or the culinary arts. All you have to do is check with Fundi if they have an agreement with the institution you have in mind. Or you can ask them which institutions they work with that have that kind of programs.

How much would I pay for R50000 36 months?

If you need a student loan at Fundi you willl need to either work or have a parent or guardian ask for the loan on your behalf. This said, after Fundi studies your situation, they will be able to tell you which interest rate they can set to your loan. Let's suppose that for a R50,000 loan to be paid in 36 months you get a 24% interest rate. If this were the case, you would have to pay around $1,700.

Hi, do I personally have to have a job in order to be approved for a student loan?

You do not need to have a job in order to be approved for a student loan at Fundi. If you do not work, you can have your parents or a sponsor to request the loan on your behalf. This person should have a regular income and the installments of the loan will be debited from his or her bank account.

If your parent don't pay, can you pay after you have graduated?

No, your parents or your sponsor will pay every month for your Fundi Student Loan. You will not be able to wait until you graduate in order to repay for your loan at Fundi. This is the reason the loan must be requested by an individual with regular income and job.

Does Fundi approve to fund a student in health science courses?

The student loans offered by Fundi are meant for you to study whatever you want, including Health Science courses. What you should check out is if the institution where you want to go to has some sort of agreement with Fundi. Contact Fundi to ask if the institution you want to enroll in is an option or not.

How does one repay back the money of the student loan? Do my sponsor only pay the interest rate given or the whole amount plus interest monthly? How does it work?

Your sponsor will have to pay the amount you borrow plus the interest each month. Fundi student loans are not one of those that you repay after you graduate. On the contrary, your sponsor will have to pay the loan while you are studying. How will the sponsor pay? The sponsor should have his or her employer issue a stop order so that the money can be debited from there.

Who pays back the student loan, I have asked a family friend to be a representative since my parents are not employed under government.

The person who acts as your representative will be the one asked to pay back the student loan at Fundi. Fundi loans are to be paid while you are studying, this is the reason this company has the requirement that the person who asks for the loan must have a regular source of income.

Estimation for a short course that cost R15000 and I am paying for other loans, how much can I pay back monthly?

If you want to fund a short course with a Fundi Loan, you might be able to do so if you meet the requirements. How much you will pay each month is subjected to the repayment period and interest rate. For example, if you ask for R15,000 over 12 months you would pay R1,485 with a rate of 7% and R1,600 with an interest rate of 24%.

Can I get a loan to fund for my daughter's fees at Boston city campus?

You should contact Fundi to see if Boston City Campus has an agreement with them. However, what we can tell you is that Fundi does cover an enormous range of Universities and programs around South Africa and the world. This means that if you want, you might be able to study abroad with a Fundi loan.

Good day, I wanted to find out how much can I pay for 50000 student loan over 2yrs?

For us to be able to show you a more precise idea of how much you would pay in instalments for your study loan at Fundi, we would need more information about you. For instance, your income and the interest rate that Fundi can offer you. For example, if the interest rate was set at 17%, you would have to pay 24 instalments of around R4,600.

Can I apply if I'm unemployed? Or can my parent apply on my behalf?

At Fundi, you can apply if you are unemployed so long as you have a sponsor to back you up. This means that if your parents are employed, they will be able to act as your sponsors or guarantors, and you will be able to apply for the student loan at Fundi.

I am an international student with a South African sponsor who wants to take out a loan on my behalf. Is this a possibility?

If you are an international student, but you want to study at an institution at South Africa and your sponsor who is South African has a permanent job with a regular income, then you might be able to get the loan. Contact Fundi in order to start your application today.

My dad is South African, and he is not working but my mom who is Zimbabwean is working. Am I able to get the Fundi loan?

If your mother is not of South African origin, but she is a South African resident you will have no issues asking for an education loan at Fundi to study. However, if this is not the case, and she is working and living abroad, then you might not be able to ask for a loan at Fundi.

Can Fundi loans fund me if my parent earns R5000 a month.

If your parents are under permanent employment and earn R5000 a month, you might be able to be funded by Fundi to pursue your studies. You should check if you fulfil all other requirements, and you are all set. If you do, contact Fundi and start your education loan application.

Does Fundi also offer student loans to people who are in aviation?

Yes, at Fundy you might be able to apply for institutions related to the aviation industry. However, it is important that you should first contact Fundi to find out which institutions they have agreements with and to see if the one you want to go to is within that list.

Can fundi fund for my tuition and accommodation at the same time?

Yes, with Fundi you will be able to ask for finance so you can take care of the tuition of the college or education institution you choose as well as accommodation. Fundi also has a platform in which you can find accommodation lodgings in the community where you are studying.

Can students who are studying at a private institution apply for fundi?

If you or your child are studying at a private institution you can ask for education funding at Fundi. However, you should check with Fundi if that specific institution you are considering is within their list of accepted education centers. Also bear in mind that wit Fundi you can finance every step of the way in your child's education.

My daughter want to study at ISA Carstens Academy for 3 years. Will she be funded for the whole period, or will we have to apply each year for funds. Where can we check to see for the bursary opportunities. Is there a calculator to see my repayments?

If you apply for a study loan at Fundi for your daughter to go to ISA Carstens Academy for three years, then you would be applying for the whole duration of her degree. Up to this moment there are no calculators available at Fundi. For you to find out about bursary opportunities, you should contact Fundi.

Does it cover school fees?

With Fundi Loans you can finance everything in your education experience. This includes school fees, accommodation and textbooks. Also, if the school you want to attend requires you to, you can finance your uniform and stationary. In a way, Fundi Loans is there to help you every step of the way.

Can a person going to Ekuhruleni West College qualify to get a Fundi loan?

Fundi finances studies at every accredited education institution of South Africa, so you would not have any problems with asking for a loan to study at Ekuhruleni West College. Of course, you should meet the requirements of being over 18 and having a regular income. In the event you do not have a job, you can have someone as your sponsors (such as your parents).

My mother lost her job during this lockdown and now I'm worried about my future that will be squashed ... All I want to know chances of getting fundi loan if your parent not working now because of this lockdown.

If your mother is not working, you could consider asking someone else to be your sponsor. This person should be in permanent employment. If you have nobody to act as your sponsor, then, unfortunately, you will not be able to apply for a loan at Fundi since no changes have been made to this requirement on the face of the pandemic.

Does Fundi grant student loan for students who want to do culinary?

Of course, you can be financed by Fundi no matter what you want to study. All that you need to check is if the institution where you study is accepted by Fundi Loans. In any case, Fundi works with all accredited institutions of the country and foreign countries as well.

Do I qualify for the loan if I got no parent working and am also not working still a student?

No, unfortunately you will not be able to qualify for a Fundi loan to finance your studies if you do not work or you don't have a sponsor who works. In your case you should check out our webpage to find articles about scholarships and bursaries that might be an option for you.

Is there an age limit to qualify for this? At what type of institutions must I study? Can I do a short course?

With Fundi, you can opt to study at any private institutions that are accredited both in South Africa and abroad. You can also apply for a Fundi loan to do a short course if you want. The only age restriction is that you are over 18 years old when you enter the Fundi loan.

How can I apply?

You can apply for a Fundi Student loan online. If you are an employee of the Government you can qualify to special rates. With this financial institution you can study at various universities in South Africa and you can even study online. You can pay back this month monthly or have the money deducted from your bank account.

Can I be funded by fundi even though I am not working?

You will be able to be funded by Fundy to pay for your studies if one of your parents or a tutor has a way of proving that they have a regular salary from a permanent job. If you do not have someone to account for you and act as your guarantor, then you will not be able to ask for a loan at Fundi.

Do I qualify if my parents don't work?

You will not be able to ask for a Fundi Student Loan if your parents do not have any kind of income to pay back the loan. If you have a job and can account for a certain amount of income, you might be able to qualify for Fundi loan to study.

How to apply Fundi Loan?

Once you've checked that you fulfill all requirements to ask for a Fundi Loan, you are ready to apply! To do this you can simply fill in a simple application form online where you will be prompted to upload all documents. If you need further assistance, you can contact Fundi over the phone or e-mail.

So do I pay back the loan after the completion of my study or they debit monthly during my studying?

While you are studying Fundi Loans will only debit from your bank account the portion of the loan corresponding to interest rates. Then, after you finish your studies and you graduate, you will begin to pay the loan itself in the time period you have chosen and agreed upon with Fundi.

How do I qualify?

To qualify for the loans offered by Fundi and finance your studies you will need to comply with certain requirements. The most important ones are being a South African resident (you will have to prove this with your ID and proof of residence), and having a regular source of income (from you or your parents, for instance).

Can Fundi accept a pension parent to get a student loan for her son?

Fundi needs to have some kind of reassurance that you will be able to pay off your loan. This is why Fundi asks applicants to prove their income with payslips and bank statements. You could try applying with your pension slips and wait for Fundi to determine if they can accept your application.

How much and how long will be my repayment for a R30000 study loan?

Repayments at Fundi loans are tied to interest rates such as any other kind of loan. With this we mean that in order for you to know how much you will pay each month, you will need to know what interest rate can Fundi offer you. And this will be related to your income and credit record.

Hello... I wanted to ask if both my parents are not working &1 of them receives a social grant I don't qualify for your student loan??

In order to ask for a student loan at Fundi you need to prove that you will be able to fully repay the amount of money you borrow from this institution. For this reason, Fundi asks for payslips and bank statements so as to check your affordability. If you cannot provide these documents, you could read our articles about bursaries.

Can a student apply for Fundi Loans even though they are not working?

If you want to ask for a Fundi Loan but you are not working, you could have your parents as your guarantors. If one of your parents or your guardians has a permanent job, you can have them request the loan in your name. If you have nobody to act as your guarantor and you don't work, then, unfortunately, you will not be able to request this loan.

Does Fund loan a student studying at a Private college e.g Berea Technical college? Does Fundi pay for accommodation if you study part-time?

With Fundi loans you can have access to many types of loans. One of these loans are accommodation loans, so it might not be a problem for you to request it if you will be a part-time student. Fundi partners with many private institutions, and luckily Berea Technical College is one of them.

I'm a student and I need 15 000 rand for my studies. How much is your interest rate for me and when do I have to pay you back?

If you request a loan at Fundi you will be asked to provide information of your financial situation (or of your parents). Thus, Fundi will assess what interest rate they can offer you. If you are granted the loan, you will have to pay for the interest portion while you are studying and the rest when you graduate.

Good Day. Can I apply for Boston Media House study loan?

Hi, you can absolutely request a Fundi loan to study at Boston Media House. If you want to apply, you will have to provide Fundi with a completed application, the quote from Boston Media House, a copy of your ID (certified), payslips and bank statements from your parents or guardians.

Can I get a Fundi loan if my insurer has a surplus of R3500 after every deduction?

If by insurer you mean your guarantor, then yes, you might be able to ask for a Fundi loan. With Fundi, you can ask for five types of loans: a student loan, a loan for books or notebook, a loan for accommodation, and for an MBA. The loan you can ask will depend on your guarantors employer and income.

Estimation of 28500 for a course to repay in 2 years. How much would installments be?

When you apply for a student loant at Fundi, you will have to provide all financial information from your guarantors (your parents or tutors). With that information, Fundi will start a credit check to see what kind of interest rate can be offered. Only then will Fundi be able to establish the installments you would have to pay for that amount of money.

Does Fundi study loan only deduct the interest while you are studying?

Fundi offers unsecured school loans and has over 20 years of experience in the South African loan market. When you take out a student loan with Fundi, you will only pay for the interest portion while you are studying. Once you graduate, you will have to start repaying the loan.

If I am a namibian and been accepted to South African college or institution and need a loan can I be applied to funding to give me the study loan?

Unfortunately, for you to be able to qualify for Fundi Loans you need to be a South African Resident and prove it with a South African bar-coded ID. You will also need to provide Fundi a proof of residence along with all documents of your enrollment to this institution you are talking about.

To apply for Fundi student loan, do I have to enroll in a university? What if I want to study at a TVET?

Most students that apply for Fundi loans use them to attend well know Universities. However, with Fundi you can apply to both types of institutions (universities, tertiary schools or TVET), you only have to check with them if the specific institution you want to register in is accepted by Fundi.

Most banks give you the money to pay for your expenses. Fundi makes the payment directly to the university, for instance. How do I know my fees are being paid?

Knowing whether or not Fundi is paying for expenses, such as your school tuition, is very easy. You will know because Fundi has an application called FundiCard where you will be able to see where the money is going. If you check the application and no payment has been made, you should contact Fundi.

Does Fundi offer bursary opportunities?

Some families may be experiencing critical financial situations, and to them, student loans are not within their possibilities. Luckily, Fundi is partnered with hundreds of institutions in South Africa to help in the selection of candidates for bursaries. If you are looking for bursary opportunities, you should deffinitely check if you qualify for them.

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