Nedbank Student Loan – Get your Quote in 3 simple steps

Nedbank Student Loan – Get your Quote in 3 simple steps

Do you dream of being a scientist? Or, perhaps, you dream of building tall and modern skyscrapers. Whatever you plan to be in your future, you probably need a financial hand to give you a lift right now, at present. It’s of common knowledge how expensive paying for higher education can be, and how that’s an impediment for some South Africans. Trying to be at your side when taking this step, I’ll mention student loans at Nedbank to tell you how can they help you finance your education.

Does Nedbank offer Student Loans?

Nedbank is a well-known bank in South Africa and, the reason why is so popular is clear. They have a whole package of financial solutions to offer including secured and an unsecured loans. Among those services, you can take out a student loan. As they perfectly know about the perils of financing education, and the importance of getting academic education, they have prepared the best solution for you. Following, you will know every detail you need to understand everything about student loans with Nedbank, which will guide you to get the student loan you look for.

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Before I completely explore Nedbank loans for students, you should know how they work. In general, these loans differ from personal loans in terms of repayment periods because student loans interest rates are cancelled first, while the applicant is attending classes. Later, once he or she gets the degree, they start paying the capital. Clearly, it’s a good way to focus on your studies while having your financial duties under control.

What requirements should South Africans meet to get a student loan at Nedbank?

There are two aspects that I should delve into in order to expand on Nedbank student loan requirements. They refer to the type of student You might be:

·         Full-time student.

·         Part-time student.

Full-time students must have a guarantor to get an educational loan with Nedbank. This is so because, as you’re studying full-time, you don’t have a job, hence, you need someone else to back up the loan.

Now, as regards you, as the student, whether your work or not, you ought to:

·         Show Nedbank the last exam results you have.

·         Present proof of you being registered at a tertiary institution accredited by SAQA.

·         Have a document that shows your university fees, accommodation and textbooks. In addition, if you need added equipment related to your course of study, you have to present a letter of necessity in which that is explained.

How to apply for a student loan at Nedbank. Can it be done online?

Although nowadays most of our errands can be processed online, student loans are a little behind on this topic. At Nedbank, for example, you have to approach one of their office to apply for a student loan. However, there’re some tips you can keep an eye on to fasten the process:

·         be sure you are within the applicants meeting Nedbank requirements for student loans.

·         be sure you have what you need to apply before going to Nedbank’s branch. I mean, get all your paper and documents right in order. Also, pay attention to your guarantor, as he or she must have their principal transactional bank account at Nedbank.

3 easy steps to go over a student loan calculator with Nedbank

Any loan applicant is interested in knowing the cost of the loan before taking it. This is a responsible way of thinking, as it’s imperative to know if you count with enough funds to cancel the payments. An easy method is to use a loan simulator to prove different quotes, for example, and to know what options are available. This way, you might do the following:

Let’s imagine you need to ask Nedbank around R50000 to pay for your studies. You can try that amount with different terms – a long and short term, a high and low rate- to have an idea of how much money you must count on.

Follow these 3 steps, and you’ll get your loan estimate right:

1. Enter the sum of money you need.

2. Enter your ideal repayment term.

3. Receive your estimate student loan quote.

Then, you can repeat this procedure changing the terms to compare loan quotes.

How’s interest rate for Nedbank student loans?

I also need to make clear, the interest rate will entirely depend on how risky Nedbank thinks giving you money, as the borrower, is for them. I mean, if they look at you as someone that has great chances of paying the instalments, they will lower your rate, on the contrary, if you have had problems repaying any financial study, chances are you get a higher rate. It’ll help you if you have all your debts cancelled when you apply.

Special factors to consider when analysing a study loan at Nedbank

All I have said so far is great, right? Well, now, I want to state some special points you ought to know:

·         As your studies will take you few years, you need to go over a loan application for each year of study. So, you need to prove Nedbank you’re allowed by the institution where you study to continue attending your classes. There’ll also be credit affordability checks taken over each time you apply.

·         For second year onward, you need to present your past years exams results.

·         If you have a guarantor because you’re not working, he or she will take responsibility for the payments of interest while you go through your course of studies.

·         Whether you get your academic degree or you decide to abandon your studies on the way, you will have to pay the full student loan back.

Getting ready to start planning your future involves a lot of details to pay attention to. Financial issue is one of the most important one, so I recommend you take this stage serious and dedicate thinking time to consider your options. A fine strategy is to get all your student loans offer together and compare them. For instance, read about Fundi student loans and FNB student loans, and you’ll be ready to compare them to Nedbank student loan, and then pick up on the best loan to pay for your studies.


Preguntas Frecuentes

How long does online application take?

Just 4 minutes.

Are phone lines available every day?

Yes! The number 860 555 111 is always open.

Can I change the length of the financing period while repaying?

There are many flexible options for repayment.

Can I qualify for the loan if my past exam results are not good?

If you are applying for a student loan with Nedbank for the first time, it is important to carry out a new application. Nedbank will evaluate your affordability and credit. If this is your second academic year, then the bank will ask for academic results as a proof to make sure that you have been allowed to continue studying.

Can I qualify for the loan if my past exam results are not good?

Nedbank offers education loans that can help you finance your studies. The bank will take into account the results from your latest exam, so you may have to be careful with grades. You will also have to provide a letter of necessity for equipment, a student account, proof of registration at the institution, etc.

Can I qualify for the loan if my past exam results are not good?

As long as you are registered as a full-time student at University or another institution, such as a tertiary school, you will be able to request for a student loan at Nedbank. Your guarantor will need to open a transactional account at Nedbank and you will have to provide the bank with all the information they request you.

Do I qualify for a student loan if I do not work and do not have payslip?

Unfortunately, this is not possible. In order to be eligible for a student loan with NedBank, you need to provide proof of income by showing your recent payslips and also your last bank statements. The company will need this documentation to analyse your credit profile and determine whether you have enough money to afford the instalments. 

Who qualifies for the loan?

In order to qualify for a student loan with NedBank, it is important that you have a guarantor who works or that you have a permanent job to demonstrate proof of income. Whether you are a full-time student or a part-time student, you will need to show the last exam results you have, a certificate registered that your tertiary institution accredited by SAQA.

Can a person receiving a monthly income of 8,000 rand stand as a guarantor?

There is not a specification as regards the minimum amount of money a guarantor needs to earn in order for a student to receive a loan with NedBank. So if you receive a monthly income of 8,000 rand, you may stand as a guarantor and be responsible to pay the loan until the student finishes their studies. 

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