Capitec Bank Student Loan Full Guide
For those who are looking for other tertiary finance, you can apply for Capitec Bank student loans.
Student loans are offered by Capitec Bank to people beginning their post-secondary education.
The institution offering the tertiary program has to be accredited in South Africa.
Anyone pursuing a higher degree can easily get funding because undergraduate and postgraduate degrees are readily available.
For its student loans, Capitec Bank provides a flexible repayment option.
Owners of loan accounts may choose to repay the principal balance plus interest over an 84-month period.
Account holders might therefore pay less than the typical 60-month repayment term.
The four-year term of the Capitec Bank student loan is intended.
One to four-year degree candidates could be qualified for financial help during their education.
The loan will pay for all of the student's expenses from the beginning to the conclusion, subject to the student's academic progress.
All income earners are eligible for the Capitec student loan.
The applicant can pick a guarantor to guarantee the loan, therefore they are not need to be working.
Capitec Bank Student Loan Requirements
Please note a list of the requirements for you to apply for the Capitec student loans.
| What you need for successful application. |
|---|
| Produce proof of registration with partned university. |
| Have 3 months payslips |
| Have 3 months bank statements. |
| South African ID document |
| Applicants must be over 18 years of age. |
Capitec Bank Student Loan Brift Overview
For students seeking post-secondary education, there is the Capitec student loan.
The highest loan amount available is R250,000.00, and it must be paid back over a period of 6 to 84 months.
The borrower will choose a repayment schedule that suits them for the loan.
The interest rate offered by Capitec Bank is unique since it is determined by credit screening.
Positive interest rates are more likely to be provided to people who have a good credit history and rating.
The interest rate on the loan might be anything Capitec Bank chooses, from the prime rate to a certain percentage.
To provide student loans, Capitec Bank has partnered with a variety of academic institutions.
The Capitec Bank student loan is available to students attending Curro Academy as well as tertiary institutions.
The maximum loan amount for Curro students is R250,000.00.
Holders of loan accounts can benefit from reduced interest rates and a longer payback period of up to 24 months.
Legal action might be taken if a loan account is not repaid, but Capitec Bank has made it a priority to help account holders deal with non-payment in a variety of situations through the Capitec credit protection plan.
You are covered by the insurance policy from a number of hazards, including loss of income, long-term disability, and temporary incapacity.
How does the Capitec Bank Student Loan work?
On the Capitec Bank website, you may apply for the Capitec Bank Student Loan in a few easy steps, or you can get a recommendation through the website of a partner institution or school.
The applicant must have all required data before submitting an application.
It will be necessary to disclose tuition and registration charges in a visible location.
Information regarding fees must be supplied at the time of submission in order to complete the application.
The loan will be authorized if all the necessary documentation is submitted and the main applicant satisfies the eligibility standards.
Two of the qualifications include a credit review and proof of income.
One has to be employed and have a reliable income source in order to be approved for the loan.
After approving your application, Capitec Bank will let you know how much you may borrow.
One's registered school will get the funds for which they are entitled.
The funds will be fully deposited at the registered institution; no money will be provided to the applicant.
Pros of the Capitec Bank Student Loan
- The entire loaned amount may be repaid over 84 months with interest.
- 7.75 percent annualized is the decreased interest rate for the loan.
- R250,000.00 is the maximum loan amount that can be approved.
- It may be possible in some circumstances to extend loan repayment by up to 24 months.
- Students enrolled in undergraduate and graduate programs at accredited colleges and universities are eligible for the loan.
- Any South African academic institution of Capitec Bank's choosing may accept the student loan as payment for tuition for undergraduate study.
- The primary and secondary tuition fees at Curro Academy may be covered by the student loan.
- The application is totally online, so there is no need to go to a Capitec Bank office.
- Funds are quickly provided to the recipient after approval.