Nedbank Student Loan – Criteria, How to Apply and more
Nedbank is one of South Africa’s leading financial service providers, offering many services such as insurance, wholesale retail banking, wealth management, and asset management. The Nedbank Student loan offers funds to individuals, allowing them peace of mind knowing that their tertiary studies are covered.
Who can apply for a Nedbank Student Loan?
The Nedbank Student Loan offers funding to both part-time and full-time students for qualifications of level NQF-5 or higher (any qualification after Matric/ NSC/ NVC) at a registered and recognised SAQA institution. Students are also offered the option of taking out credit life insurance on their Nedbank Student Loan, ensuring further financial security.
Full-time students who are still studying/ in an internship will require a sponsor/ surety (i.e. someone who will guarantee the loan will be re-paid) to pay the monthly instalments on their student loan. The student will then only be required to start repaying the loan amount once they have graduated from their studies.
Part-time students will not require a sponsor, however, they will need to be employed and make immediate monthly repayments on the loan amount and its interest rate.
What expenses will the Nedbank Student Loan cover?
The Nedbank Student Loan will cover the following tertiary-related expenses:
- Accommodation (on-campus)
- Accredited online study programmes
- Books and other supplies related to your field of study
- Costs for study abroad programmes
- Fees and tuition
- Groceries
- Miscellaneous personal supplies, this includes toiletries and medication
- Professional testing, certificates, and licensing fees
- Transportation (should you live at home)
- University–accredited off-campus housing
What are the interest rates on the Nedbank Student Loan?
Nedbank offers both fixed and variable interest rates to students considering they are part-time and full-time students.
For full-time students, the interest on the Student Loan will relate to their academic performance. If full-time students achieve excellent grades, Nedbank rewards them with a lower interest rate on the loan.
Part-time students, however, will have a fixed interest rate which will be discussed with Nedbank during the initial application.
Nedbank’s Student Loans also offer a much lower interest rate than traditional loans, being prime plus 1% or 2%.
Find out about Student Loans offered by other banks here
What are the requirements for the Nedbank Student Loan?
- You must apply for the loan at the beginning of the academic year
- You must be studying a course that is an NQF-5 or higher (read our article about National Qualification Framework (NQF) Levels Explained here)
- You must qualify/ be studying at a recognized SAQA tertiary institution
- You must have a sponsor (applicable to full-time students)
- You must be employed (applicable to part-time students)
- You must agree to use the student loan for educational purposes only
- You must NOT be in debt to any other student loan or grant
- You must NOT be imprisoned or convicted of a drug offence
- You must have a respectable credit score
How do I apply for the Nedbank Student Loan?
Step 1: Apply for the loan by downloading and completing the Nedbank Student Loan Application Form (.pdf). Drop it off at your nearest Nedbank branch, with your document (see list of documents required below)
Step 2: Once you have submitted your application, the Nedbank assessors will review your application as well as the relevant supporting documents
Step 3: If you have qualified for the offer, Nedbank will then approve your loan and transfer the money into the relevant account
See which bursaries are open for application here
What documents do you require for the Nedbank Student Loan?
- Matric Certificate (applicable to students entering their first year of studies)
- Proof of your previous year’s academic results (applicable to students already in university/ college)
- Proof of registration into a SAQA-accredited institution
- Invoice of statements/ university fees for necessary expenses. If you require specific study-related equipment, you must get a letter from your tertiary institution confirming this
Is there anything else I should know about the Nedbank Student Loan?
Students interested in applying for a student loan through Nedbank, should read the following:
Terms and Conditions of the Nedbank Student Loan
Questions and Answers regarding the Nedbank Student Loan
How to Guides for the Nedbank Student Loan
Read our other tips and articles here:
Read our top tips on submitting your bursary application for the best chance of success.
Read our tips on how to write a bursary motivational letter here.
Read about how to prepare for a bursary interview here here.
Read about the various ways to get free education in South Africa.
Read about the National Benchmark Test (NBT) for University Entrance.
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This post was last updated in October 2022.
SA Bursaries wishes you the best of luck with your application! Please remember to SHARE this page with anyone you know who may be in need of bursary funding.