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 firstname.lastname@example.org
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.
Questions and answers
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.
This is so great. I thought the only way I could get finance for my child’s education was through banks. I like that this company has so straightforward requirements.
I studied at the University of Pretoria with a Fundi loan. My parents didn’t have much money and I always thought I wasn’t gonna make it.
I was able to get my MBA thanks to Fundi. I’m so grateful! Everything was so simple, from applying to making the repayments.