Capitec Student Loans
Education is the gateway to a successful future which is why many South African’s, both young and old know the benefits of investing in an education. We all want our futures to be nothing but bright so that we can contribute to the economy, live a good standard of life and be well knowledgeable people in a country that leaves us questioning so many things on a daily basis. Education is a great weapon for self discovery and self actualization to bring forth a better world. It is unfortunate that a large number of people cannot afford a higher education however; if they are lucky they can be awarded with a bursary or a scholarship. For those who are not awarded with a bursary or scholarship and do not have the financial means to cover their tuition; there is hope yet.
Capitec bank has 15 years experience in the banking industry and offers South Africans wide variety of competitive banking solutions for anyone looking for financial assistance. Capitec student loans are not yet available however; we at Capitec offer personal loans which can be used to cover a student’s tuition fees. With a personal loan from Capitec you can get a loan amount of up to R250 000 in cash which can be repaid over a period of 84 months. We know that a good education can be expensive which is why we have made it easy to finance your education or that of your child’s. We offer unsecured loans to those who are looking to further their or their child’s education through a fairly simple application process.
In order to qualify for an unsecured loan from Capitec you will need to have the following:
- Valid SA ID of the parent, sponsor or yourself.
- Proof of permanent employment.
- Latest 3 months bank statement.
- Latest 3 months payslips.
- The quote from the University of your Choice.
Our instalments are fixed so that you know how much is expected of you on a monthly basis. Once their studies are completed, we give our students a 6 months grace period before they have to start repaying the loan so that they can study in peace with the knowledge that the interest part of the loan is being paid off which means that only the capital portion of the loan will be the one remaining.
The loan interest rate that you or your sponsor/parent would have to pay is deduced from the payer’s individual credit profile. We charge the personal loan interest rate according to the National Credit Act policies. Our interest rates are as follows:
- R4 000 loan amount=21%
- R25 000 loan amount=10%-28%
- R50 000 loan amount=80%-28%
- R100 000 loan amount=40%-27.40%
- R250 000 loan amount=65%-22.40%
In order to lower the student loan interest fees one can pay a little bit more than the amount that is due each month to make sure you are out of debt faster. Make sure that you pay the student loan via debit so that you won’t miss any of your payments.
At Capitec we are serious about education and want you to succeed, we are ready and waiting to assist you on your path to Graduation.