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What Are Student Loan Requirements at Standard Bank?

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If you are looking to pursue further studies at University or College this coming year, a student loan at Standard Bank may be worth considering. Here is what you need in order to qualify for their student loan.

If you’re looking for a way to fund your studies, a student loan might be a great option for you. Standard Bank is one of the South African banks which offer this service and you don’t have to have an account at Standard Bank to get one.

Student loans are available for both full-time and part-time studies.

For prospective students looking for financial assistance from Standard Bank, they have student loans with a minimum amount of R5000 with the maximum loan amount dependent on affordability and your ability to repay the loan.

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

If you are a full-time student, the person responsible for paying your student loan will be required to pay interest and fees only. The loan repayment terms range from a minimum of 12 months to a maximum of 72 months.

Their interest rates are personalised ranging from a minimum of 7.25%* (prime interest rate) to a maximum of 13.25%.

These are the requirements you must meet in order to be eligible to apply for a Standard Bank student:

  • Be a South African citizens
  • 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.

You will also be required to submit the following documents in order for your student loan to be processed:

  • Acceptance letter or proof of registration from institution
  • Proof of costs for tuition, accommodation and textbooks and/or equipment
  • Proof of latest academic results
  • 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)

This is what that the student loan will cover:

  • 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)

How much will it cost to pay it back?

For 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

For 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

To know more about Standard Bank student loans, click here.

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