Does Standard Bank offer Student Loans in South Africa?

Does Standard Bank offer Student Loans in South Africa?

If you are here is because you are willing to work hard to achieve your goals. So, congratulations! Now, not everybody has the possibility of paying for their education. Don’t worry, in this article we will show you a way to conquer your dreams: if you live in South Africa and need a student loan, Standard Bank may be just what you need.

Can I apply online for a Student Loan in Standard Bank?

Yes, we know. Youngsters love doing everything online and applying for a loan is not different, is it? Or maybe you are a caring parent who is about to send their beloved child to School, but work during business hours and are pressed for time. Standard Bank seems to be aware of these possibilities and allows you to start your application online.

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In this registration form you’ll be requested to fill out information such as:

  • Personal information

  • Student status

  • Giving consent for credit checks, among others

  • Accepting to their terms and conditions

  • Information about your guarantor

After you finish completing this online registration, Standard Bank will process your request and let you know if you are eligible and if they accept it. If it’s all ok, you’ll be requested to take certain documents to the bank to finish up the process.

It is a simple application and really user-friendly. You’ll know what to do as you go through the process.

Is there Only One Type of Student Loan in Standard Bank and what are the Requirements?

Standard Bank knows that there are different kinds of students, and for this reason they offer two different types of Student Loans. One of them is for students who want to study full-time. This loan pays for everything you need for studying at College or University. That is, the institution tuition, accommodation (if you don’t live at your parent’s home), books, materials, and the like. The other type of loan is for those young undergraduates who for some reason decide to study part-time. This loan pays for your tuition, books and supplies.

Every loan is a commitment you take with a bank, and they need to be sure that you are going to pay for it. In this case, the requirements are as follows:

  • Residing in South Africa

  • Providing certification that you are enrolled in a tertiary education institution

  • If you’re underage, parent’s ID

  • Documentation proving the costs you will incur such as, accommodation, food, among others

  • Evidence of income.

Are Standard Bank Student Loans Rates Convenient?

Remember that the rate the financial institution may offer you will be determined by your specific situation. How much you or your guarantor earn every month, your credit history, so forth. But if you use our Personal Loans Calculator you will find if Standard Bank’s personal loans rates are within the lowest in the market. This might be a clear suggestion that their Student Loans rates are reasonable.

Is the Student Loan Calculator of Standard Bank Reliable?

Standard Bank does not have this specific type of calculator. Fortunately, we do have a loan calculator which you may use to get an idea of how much your repayment will be and that sort of information. As regards to reliability, what we can say is that Standard Bank is a banking institution with over a hundred years history and presence in 39 countries over the world. To us that’s an impressive resume. A bank that has been able to remain in the market for so long can be expected to provide a trustworthy loan calculator.

What is the Maximum amount I can Get for a Student Loan in Standard Bank?

Every family is unique. They have different backgrounds, different jobs, and different income. What one family is able to afford may not be what another can. Maybe the school program of your dreams is at University of Cape Town. A bank which has a student loan with maximum amount may limit you: what if you want to go to that prestigious university with high tuition fees? Luckily, Standard Bank student loans have no maximum amounts! To our minds, this is awesome.

3 Things you Need to Know about your Student Loan Repayment at Standard Bank

  • We already told you that Standard Bank offers two types of Student Loans. With the full-time student loan you’ll have to pay your repayments once you finish your studies. However, don’t forget that while you are studying you need to pay for the monthly interests. In the case of the part-time student loan, you start paying for your repayments when you start your studies.

  • As with any loan, it is essential that you understand how they work. Ask as many questions as you have to your account official. And bear in mind that although your parents or guardians were your guarantors, the debt is under your name. You are responsible and liable for it.

  • If you do not finish your studies you have to pay for your loan in full. If this should happen, you will end up with great debt and no degree.

As these 3 items prove, taking out a student loan is a great responsibility and you should give the matter careful thought.

Does Standard Bank have an Aviation Student Loan?

Becoming a pilot is for many people an unattainable dream. The costs for this career are extremely high, and no wonder why a pilot student loan would be of great help. Unfortunately, one of Standard Bank’s requirements for student loans is to be enrolled in a tertiary institution. Most aviation courses are offered by institutions which do not meet this requirement. However, you may want to consider asking for a personal loan in order to pay for your aviation-related expenses.

Does Standard Bank Student Loan have Positive Reviews?

It’s always a good idea to double check what other people say about the products you are about to acquire. With your student loan should be no different. We have taken the trouble of checking reviews about Standard Bank of South Africa. As we were able to notice, there are many varied comments: some are negative and some are positive. The comments are not restricted to student loans, but are related to all the services the bank provides. What we can objectively say is that the bank does respond to negative comments, urging their unhappy clients to contact a specific department or requesting further information.

However, sometimes reviews from people you don’t even know may not be useful at all. Why not contacting a friend of yours who has requested his or her loan with Standard Bank? If you don’t personally know anybody who has done it, ask around in your neighborhood, your school. You may find someone who has gone through what you are about to and who can tell you all about it.

In this article we told you all you need to know about requesting a student loan at Standard Bank: the different types of loans they offer, how you can request it and which are their requirements, their rates, repayments, and so forth.

Preguntas Frecuentes

Should education be financed only with student loans?

No. There are many options available.

Is there any restriction regarding age?

Yes. Applicants should be older than 18.

Can I finance complete offices for business?

No, only the 80%.

Is Potchefstroom Academy College one of the institutions that Standard Bank offers a student loan?

Yes, indeed. Standard Bank offers financial help for those students who wish to study at recognized tertiary institutions, including Potchefstroom Academy College. The bank can also provide applicants with coverage for a laptop as a part of the required supplies. Finally, the interest rate can be as low as 7% onwards. 

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