How to Get a Standard Bank Student Loan

How to Get Standard Bank Student Loan.

You’re ready for the next step. Apply for a Student Loan to start your journey towards becoming a 10% millionaire.

How to Get Standard Bank Student Loan

Get an online quote by completing the form after clicking on Do I Qualify?

Once the online application is pre-approved, do the following:

Get documents ready

These are the original documents you’ll need to take with you to your nearest Standard Bank branch.

Course-related documents

  • Registration letter from Institution. Should client require registration funds, an acceptance letter will be required, however, full funds will only be paid out once registration letter in place.
  • Proof of costs for tuition, accommodation and textbooks and/or equipment
  • Proof of latest academic results

If you are in matric, we require your final National Senior Certificate results to complete your application.

Personal (FICA) documents

  • ID documents (student & surety)
  • Proof of residence not older than 3 months (student & surety)
  • 3 months’ payslips (surety)
  • 3 months’ bank statements for non-Standard Bank clients (surety)

Visit nearest branch
A consultant will assist you with the final stage of your application.

Get funds
All payments will be made to the institution and relevant parties.

* To finalise the process, you should visit your nearest branch within 7 days if you applied via “Do I Qualify?”

Benefits of Getting a Standard Bank Student Loan

Low-interest rates

Get your student loan today at an interest rate of 10.75%*. *T&Cs apply

Laptops covered

Get the study equipment you need to join your online lectures

Online quote

Get an instant quote before finalising your student loan application

Easy payouts

Funds are paid directly to relevant parties

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Standard Bank South Africa Student Loans are given at the beginning of studies or just when you are about to graduate. The Bank made it easier for applicants to get access to study equipment such as laptops/tablets with the new offering for e-Learning.

Note:

  • No Maximum: AS PER TUITION FEES
  • MAXIMUM ACCOMMODATION: R 60 000
  • TEXTBOOKS & EQUIPMENT: R 20 000

Standard Bank Student Loan Coverage

  • Registration fees
  • Tuition fees:

There is no maximum limit for tuition fees; the amount granted, however, is based on what you’re able to afford

  • Accommodation:

Up to R60 000 per year (must have lease agreement)

  • Textbooks and study equipment, i.e. laptops, tablets and any other course-related equipment:

Up to R20 000 (with proof of costs)
Up to R6 000 (if no proof of costs) 

  • Minimum loan amount

A minimum loan amount of R5 000 is applied regardless of what category you apply for
This means, that if you apply for money to purchase only equipment or textbooks, you must apply for at least R5 000, or if you apply for tuition alone, your tuition costs must be at least R5 000

  • The chosen course duration needs to be a minimum of 3 months
  • You need to study at, or be accepted into, an accredited institution, i.e. SAQA; SETA; DHE; Umalusi and SACAA approved Flight Schools
  • Your student loan can be insured with our Personal Protection Plan, so that your debt could be covered in the event of disability, dread disease or death
  • We now fund PPL (Private Pilot’s License). The Institution must be accredited with SACAA (South African Civil Aviation Authority)
  • Free access to the Microsoft Digital Literacy course
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How Funds are Paid

  • Tuition will be paid directly to the institution
  • Accommodation fees will be paid directly into the landlord’s account
  • Textbooks and equipment will be paid directly into the surety’s transactional account or into the account of the student if they are self-assured

Cost of Applying to Get a Standard Bank Student Loan

Full-time students:

  • You’ll need someone to co-sign your student loan as surety if you’re a full-time student
  • Your surety is the person responsible for servicing the interest and fees while you study, or if you default on your repayments
  • Both you and your surety must be present at the branch to sign for your student financing
  • There can only be one surety on a student loan and your surety must earn at least R3 000 per month
  • You will be granted a grace period of 6 months after completing your studies before taking over the loan repayments
  • Your surety, however, will continue to pay the interest and fees until you are able to take full responsibility

Part-time students:

    • If you’re a part-time student, you must earn a minimum income of R5 000 per month to qualify
    • As a part-time student, you will be required to pay the loan while you study

Who Can Apply For Standard Bank Student Loan

  • Only South African citizens can apply
  • Standard Bank and non-Standard Bank account holders can apply for full-time and part-time student finance
  • Your surety does not have to be a Standard Bank* account holder
  • If, however, you apply to study overseas, your surety must bank with Standard Bank South Africa
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Matriculants please note: We need your final National Senior Certificate results before we can complete your Student Loan application. Until then, simply click on  DO I QUALIFY?  to quickly find out how much funding you could get towards your studies.

You can apply for a minimum loan amount of R5 000. The maximum loan amount is based on affordability and the ability to repay the loan.

Our monthly service fee is R69 and our once-off initiation fee ranges from R649.75 up to a maximum of R1 207.50 (VAT inclusive).

If you are a full-time student while studying, your surety will be required to pay interest and fees only.

Our loan repayment term ranges from a minimum of 12 months to a maximum of 120 months.

Our interest rates are personalised ranging from a minimum of 10,75%* (prime interest rate) to a maximum of 16,75%*

Some examples:

Full-time student (who is still studying): The estimated repayment for a R50 000 loan at an interest rate of 10,75%* per annum will be *R577,73 per month.

Full-time student (who is working): The estimated repayment for a R50 000 loan at an interest rate of 10,75 %* per annum over 72 months will be *R1 014 per month.

Part-time student: The estimated repayment for a R50 000 loan at an interest rate of 10,75%* over 44 months would be * R1 484,32 per month.

Standard Bank Contact Details for Student Loans

Customer care line

Operating hours are:

  • Monday-Friday: 8:00 to 21:00
  • Sat-Sun & Public Holidays:  8:00 to 16:00

South Africa: 0860 123 000

International: 010 249 0423

Email: information@standardbank.co.za

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