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How does an ABSA Student loan works

Don’t let finances hold you back. Invest in your future with an Absa Student Loan, getting finance for your educational tuition can be hurdle and frustrating, Absa Student Loan has a solution to help you realize your future. Lets explore what Absa Student Loan has to offer.

Is the Absa Student Loan affordable

The Absa Student loan is for any one who is looking at furthering their studies, the funds are at a competitive interest rate making your education more manageable. The loan amount is awarded based on your financial situation and affordability.

Important Factors About Absa Student Loan

  • Competitive Interest Rates: Absa offers the best loan rates in South Africa, since this is a Student loan the rates here are even lower compared to normal loans to cover any student who is interested in applying for the Absa Student Loan
  • Cover your complete study experience: With the Student Loan you do not just pay for your tuition only but you can pay for accommodation, text books and study-related technological devices such as laptop, internet etc
  • Minimum Loan Amount: The Student loan starts from R15 000 up to any amount that you need based on that study year, the study loan will only cover one year’s tuition fees and associated costs. You will need to re-apply the following year if you proceed with your studies
  • Pay interest only for the year of study: Pay interest only for the 12 months and only start repaying from month 13.
  • Loan Uses: The loan covers various expenses, including tuition fees, registration costs, prescribed textbooks, and even accommodation (for full-time students living away from family)

How can I apply for the Student loan

Be fore you apply for the loan you can you the online calculator which will estimate potential loan amounts, interest rates, and repayments. To apply for the Student loan you must be a South African citizen, there are two ways to apply:

  • You can apply online
  • Apply at any ABSA branch in South Africa

How can you pay off the Student loan

Absa provide two options for the repayments of the loan:

  • Capital and Interest Repayments: This is the usual way where you pay the monthly amount that cover the loan amount (which is the amount borrowed) and the interest accrued This will steadily reduces your debt and minimizes the total interest paid.
  • Interest Only Repayments (for the first 12 months): ABSA allows an initial grace period where you only pay the interest on the loan. This can be helpful if you’re still in school and have limited income. However, remember that the principal amount won’t decrease during this time, and interest will continue to accrue on the total amount borrowed.

Contact Details

Call ABSA Student Burau: Call us on 0860 100 372

How does ab ABSA Student loan works

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