Frequently asked questions
These FAQ’s cover questions that we receive most often. If we have not answered your question, you can send it through to us online or call us on 0860 55 55 44.
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Can I cancel my loan with Eduloan?
A study loan can only be cancelled if it has not yet been approved. Where the loan has been approved and Eduloan has already made the payment to the institution in terms of the loan agreement, termination can only occur by arranging a refund from the institution back to Eduloan or by paying the agreed settlement amount. Please note, when you terminate the loan agreement you will still be held liable for the initiation fee, a portion of the interest and service fee.
How will my employee know at any given time how much they still owe Eduloan?
Your employee can contact Eduloan at any time to request a loan statement, which will set out the payments that Eduloan has received from them thus far, and reflect how much they still owe. They can also request a settlement balance should they wish to repay their full outstanding balance at any time.
Your employee can also register on www.myeduloan.co.za and view their statement online at any time.
What happens if my employee becomes over-indebted? What must he/she do?
If your employee falls into default, we recommend that they contact Eduloan to discuss alternative payment arrangements. Alternatively, Eduloan will notify them of their default, and refer your problem to a debt counselor, alternative dispute resolution agent or a consumer court. These agencies will help them develop a financial plan to bring their instalments up to date.
What happens if my employee can’t repay their instalment?
If your employee does not have enough money in their bank account, they must contact Eduloan to arrange a direct deposit into our bank account. If there is not enough money in their account to pay the debit order, their bank may charge them a return debit fee.
If your employee does not pay your account on time, the full amount at the time of their default could become payable and they could get charged a penalty fee and/or interest, based on the outstanding amount on their loan.
Eduloan will be obliged, in terms of the National Credit Act, to report any default to a Credit Bureau, which could have a negative impact on any new loan applications that your employee may want to make. Eduloan could further cancel their loan and implement legal action against them.
The negative consequences of a bad credit record can be very unpleasant and could influence access to credit for a long time. Therefore, it’s important to ensure that all instalments are paid in full and on time each month. This will guarantee a good credit record and all the positive consequences relating to such a good record.
Which of my employees can apply for finance from Eduloan?
Anybody in full time employment who wants to finance his/her studies or who wants to sponsor a student’s studies (e.g. employer). Applicants must be over the age of 18, and have a valid South African identity document and a South African bank account.