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FNB Study Loans normally amount to between R4 000 and R50 000 and they are granted annually. Once the funds have been deposited into the parent or guardian’s account, it can be used to cover the cost of tuition fees and books.
The student’s parent or guardian must earn more than R6 000 per month and meet the National Credit Act criteria in order to qualify for a student loan. Interest rates are linked to prime and will be based on each individual’s credit profile.
Parents only need to service the interest portion of the loan while the student is studying. FNB will also provide an additional six month grace period after the student completes their studies before converting the loan to include capital reduction,”
The amount of repayments you will have to make depends on your risk profile and monthly income.
The FNB student loan will:
- Cover tuition fees, paid directly to the university/educational institution,
- Give you the ability to service only the interest portion while completing your studies and start repaying interest plus capital after graduation,
- Consider your no obligations quote, which is valid for 10 days.