Over 20% of all students in South Africa have no access to a student loan. Why? Because they haven’t supposed to. That’s because historically, if you didn’t attend an institution listed on the National Student Financial Aid Scheme (NSFAS) then you weren’t eligible for a loan. But now, that is changing. The Absa loans scheme allows students to get loans even if they do not qualify under NSFAS.
Absa’s student loan is intended to supports parents, guardians and individuals at various levels of education to settle school fees. It is available to existing and new salaried customers who have been banking with Absa for at least a month.
What are the benefits of Absa Student Loan?
Absa’s student loan comes with a whole lots of goodies, below are few things that you get with Absa:(
- Employees can borrow up 465,182.22 South African Rand (GHS220,000)
- Monthly repayments over a period 6 – 60 months.
- Competitive pricing of 23.5% per annum.
- Flexible repayments.
- Short and medium-term fee payments for your dependants or yourself, of up to 5 years.
- Maximum of 72-hour turnaround time to avoid undue delays.
- Free credit life insurance cover against retrenchment, death and permanent disability.
- Exciting gifts like caps, school sets, Android tablets, etc. for children on the School Plan.
As usual, there is a *Terms and conditions applies.
What does one need to qualify for Absa’s Student loan?
To qquality for Student loan with Absa, the applicant must have the following:-
- You need to have an Absa account to qualify.
- Account should have at least one month’s salary credit.
- Available to salaried workers.
How to apply for Absa Student Loan?
You can apply for Absa’s Student loan online through their website (Click Here).
Once you are on this page, click on “Let us contact you to apply” then fill out the application forms provided.
- Product (Select student plan)
- Name (Type your full name)
- Phone Number (enter your active number)
- Email address
- Any additional information you would like to add:
- Region (In my case I will select region 1)
- Town (Accra)
- Branch (Select the nearest branch)
- Exiting Customer (Yes or No – If no, they might help you create an account for which you will have to wait to receive one month pay through your Absa account before you can qualify for this loan)
- CAPTCHA* (Type in the number you see there)
When done, click on Submit to proceed.
After a successful online application, you would have to visit the nearest branch you selected during the online forms filling with a certain requirements to proceed with the loan application.
What to bring to the branch?
To proceed with the loan application process, you must visit the nearest branch with the followings:-
Absa account holders
- National photo ID card (or passport for non-Ghanaians)
- Completed loan application form
- Latest payslip
Non-Absa account holders
- National ID card (or passport for non-Ghanaians)
- A completed loan application form
- Most recent bank statements for the last 6 months (certified)
We hope you enjoyed our blog about what you need to know before you Apply for a student loan. We know that applying for a student loan can be daunting and confusing. We wanted to provide this helpful blog post to help answer some of the questions that you may have about how to apply for a student loan with Absa bank.
If you are still looking for more answers, please reach out to us anytime by asking your question in the comment section below. Thank you for reading, we would love for you to continue to share this with your friends and family!