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Absa Bank helps students finance their full tertiary experience with the tuition fees, accommodation, study books, and technical equipment they need for their studies.
How to Submit An Absa Student Loan Application
To qualify for the loan, you must be a South African citizen or person living in South Africa permanently and earn more than R3,000 a month.
SEE ALSO: ⇒ Absa Online Loan Application | How to Apply
The study loan can be taken out in the name of:
- A parent, who has proof of income.
- A sponsor or guardian, who has proof of income.
- A part-time student, who is full-time employed and has proof of income.
Applications for the student loan can be done in either of the following ways:
- At any Absa branch, where a consultant will assist you in completing the application.
- On the Absa student bureau.
- By calling Absa on 086 010 0372, a consultant will assist you telephonically.
Documents needed to complete the application:
- A valid South African ID document or Smart card
- Proof of residential address such as a municipal or rates bill
- Your last three months’ payslips or bank statements
- Proof of study in the form of a final letter of acceptance or proof of registration
- Proof of course costs for the year of study (invoices/statements); for tuition fees, textbooks, accommodation for full-time students not living with parents or relatives, and any other study-related devices.
- For second and subsequent years of study, proof of the previous years’ academic results to ensure the student is permitted to continue studies.
When repaying the loan students can opt to make capital and interest repayments or pay interest only for the first 12 months and only start repaying from month 13.
Should you have any further questions or queries you can visit the nearest Absa branch.
FAQs
What are the eligibility requirements for an Absa student loan?
To be eligible for an Absa student loan, you must:
- Be a South African citizen or permanent resident.
- Be enrolled in a full-time undergraduate or postgraduate degree program at a recognized South African university or college.
- Have a good academic record.
- Be able to demonstrate financial need.
How do I apply for an Absa student loan?
You can apply for an Absa student loan online or by mail. To apply online, you will need to create an account on the Absa website and complete the online application form. To apply by mail, you will need to download the application form from the Absa website and mail it to the address provided.
Once you have submitted your application, Absa will review your application and contact you if you are approved. If you are approved, you will be required to sign a loan agreement and provide collateral.
What are the terms and conditions of an Absa student loan?
The terms and conditions of an Absa student loan will vary depending on your individual circumstances. However, some of the terms and conditions that you may be subject to include:
- The loan amount will be limited to the cost of your tuition and living expenses.
- The interest rate on the loan will be fixed for the duration of the loan.
- You will be required to make monthly repayments on the loan.
- The loan will be due in full after you have graduated.
Where can I get more information about Absa student loans?
You can get more information about Absa student loans on the Absa website⇑. You can also contact Absa customer service for assistance.
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