Student loans

Your study loan can include a loan for a whole lot of student related necessities such as books, accessories, laptops and accommodation for the duration of your studies, as well as your study tuition itself.

At Eduloan, there are fixed monthly instalments for your student loan, which allows you to budget more effectively. Your payments can include registration fees as well as outstanding fees and best of all, there are no hidden costs.

Anyone can apply for an educational loan on your behalf, as long as they are in fulltime employment and must earn a minimum of R2 000 before deductions once the instalment has been deducted.

To help you manage your money and ensure that you don’t over extend yourself financially, your monthly instalments should not exceed 25% (based on a one year loan) of you or your sponsor’s monthly gross salary.

You don’t need to put down a deposit and we pay the amount you owe for your studies directly to the institution and then deduct the instalments from your salary or bank account each month, which means no admin for you.

Finally, you can choose to pay your loan off over 6 to 22 months.

Some Great Benefits:

• You do not have to put down a deposit for any aspect of your educational loan.
• Payments include registration fees and outstanding fees.
• Fixed monthly instalments let you budget more effectively.
• We pay directly to the institution so there’s no admin for you.
• We are open and transparent which means that there no hidden costs.
• If you require, anyone can apply on your behalf (e.g. family or friends), as long as they are in full-time employment.
• You can also apply for a loan for books and accessories, including laptops.
• If the borrower of the loan passes away, Eduloan will write off the remainder of your balance, provided you supply us with a copy of the death certificate or a letter from the company in cases of retrenchment.
• There is no cutoff period for study loans! That’s right, we’re open 365 days a year.
• Approval is quick once we have received all your documentation.

How To Apply

In addition to the completed application form you must also submit the following:

• You or your sponsor’s latest original salary advice (or a certified copy thereof)
• A certified copy of your identification document.
• A study fee quotation from the institution you will be studying at (this is not required if you are applying for a book loan)
• If you are not a Persal (government) payroll employee, please include your latest month’s bank statement (or 3 month’s personal and business bank statements, if you are self-employed)
• Please keep a copy of your completed application form in a safe place for your future reference