{"id":148705,"date":"2023-01-28T23:23:10","date_gmt":"2023-01-28T23:23:10","guid":{"rendered":"https:\/\/southafricaportal.com\/?p=148705"},"modified":"2023-01-29T06:56:46","modified_gmt":"2023-01-29T06:56:46","slug":"nedbank-student-loan-application-faqs","status":"publish","type":"post","link":"https:\/\/southafricaportal.com\/nedbank-student-loan-application-faqs\/","title":{"rendered":"Nedbank Student Loan Application FAQs 2023-2024"},"content":{"rendered":"
Nedbank Student Loan Application Faqs 2023-2024… Here are the answers to what most people ask us about Nedbank loans.<\/strong><\/p>\n This article contains answers to the frequently asked questions (Faqs) on Nedbank Student Loan Application.<\/p>\n With Nedbank, you can know that your fees, books, accommodation, and other costs are covered while you focus on your studies.<\/p>\n You must submit the following:<\/p>\n Yes and no. Yes, if you want to study part-time, have an income, and can make monthly payments towards your student loan. But if you plan to study full-time and cannot make the repayments yourself, you will need someone who will pay for your loan. That person is called a guarantor.<\/span><\/p>\n We offer fixed and variable interest rates based on whether you are applying as a full-time or part-time student.<\/p>\n For full-time students, interest on student loans is linked to your academic performance. If you earn and maintain high grades, we will reward you with lower interest rates. Part-time students will already be making monthly repayments, which will have been fixed in agreement with us during the application.<\/p>\n A great advantage of a student loan is that a much lower interest rate is charged than for a traditional loan. The interest rate on a normal personal loan can range from 10% to 24%, with most towards the higher end of the scale.<\/p>\n Interest on a student loan, by contrast, is prime plus 1% or 2%. Prime is the base interest rate used by all local banks, which they in turn base on the lending rate<\/a>\u00a0set by the South African Reserve Bank. With prime at 7% in 2021, this means the interest rate on a student loan could be as low as 8%.<\/p>\n The person who signs as your loan guarantor will pay the interest on your loan every month until you can take over.<\/span><\/p>\n As a practice, student loans are granted for courses geared at NQF level 5 or higher and presented by a SAQA-registered institution.<\/span><\/p>\nWhat documents do I need to submit for my student loan application?<\/span><\/strong><\/h3>\n
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Can I apply for a student loan without someone standing in for me (guarantor)?<\/span><\/strong><\/h3>\n
How is the monthly interest calculated?<\/span><\/strong><\/h3>\n
What if I don\u2019t find a job after I have become qualified and cannot pay my loan?<\/span><\/strong><\/h3>\n
Can I apply for a loan if I am not studying towards a degree?<\/span><\/strong><\/h3>\n
What if I don\u2019t have my latest exam results?<\/span><\/strong><\/h3>\n