Absa Bank Limited (Absa), previously known as “Amalgamated Banks of South Africa”, was founded in the year 1991 as is a wholly-owned subsidiary of the Barclays Africa Group. The bank currently serves customers throughout not only South Africa, but also Botswana; Zambia; Namibia; Mozambique; Mauritius; Seychelles; Kenya; Ghana; Uganda; Tanzania and Nigeria.
Headquartered in South Africa, the South African financial services provider offers a range of business; corporate; retail; investment and personal banking, including wealth and investment management and credit cards.
The banks core values include: Service (putting their clients and customers first and at the centre of what they do); Respect (valuing and respecting all the people they work with and their contributions); Excellence (utilising their best skills, energy and resources in order to deliver sustainable excellent results); Integrity (acting ethically and fairly at all times) and Stewardship (leaving things in a better state than which they found them).
ABOUT THE ABSA STUDENT LOAN
Absa offers student loans to individuals who may be concerned about how to cover the expenses of their studies and tuition. Absa’s student loans allow individuals to borrow funds with low-interest rates, supporting and benefiting their studies. The student loan will be awarded based on the individual’s risk and affordability.
The student loan can be taken out for every year of study where the student may apply for a minimum amount of R15 000. Students can make use of the Absa student loan calculator to see how much they qualify for, as well as the estimated loan repayments and interest rate.
WHAT EXPENSES WILL THE ABSA STUDENT LOAN COVER?
The programmes allow individuals to finance all aspects of their tertiary adventure, such as tuition fees (including their registration), textbooks, accommodation (only applicable for full-time students who are not living with their family), and any technical equipment they may require to aid in their studies.
ELIGIBILITY REQUIREMENTS FOR THE ABSA STUDENT LOAN
The student loan may be taken out in the name of:
1) A parent who is employed (and can provide proof of income)
2) A sponsor or guardian who is employed (and can provide proof of income)
3) A part-time student, who is employed on a full-time basis (and can provide proof of income)
Applicants must satisfy the following minimum entry criteria before applying (please note that failure to satisfy all the requirements will lead to your application not being considered):
- You must be a South African citizen OR be permanently residing in South Africa
- You must earn a minimum of R3 000 a month (the parent, guardian, sponsor or student whose name the student loan will be registered in)
- You must be an undergraduate or postgraduate student
- You must be studying full-time or part-time
- You must be studying at one of the institutes listed below
- You must be partaking in a course that is longer than 2 months
WHERE CAN I STUDY WITH THE ABSA STUDENT LOAN?
The ABSA student loan will cover studies at any of the following institutions:
- University
- University of Technology
- Technical Vocational Education and Training College (TVET)
- Agricultural College
- Aviation training by an Approved Training Organisation (ATO), approved by the SA Civil Aviation Authority (SACAA)
- Private institution which is registered at a Sector Education and Training Authority (SETA) and is accredited by the South African Qualifications Authority (SAQA)
- Online study courses which are accredited by the United States Department of Education or the UK Government of Higher Education Quality Assurance Agency (QAA) (where the borrower is located in South Africa)
HOW TO APPLY FOR THE ABSA STUDENT LOAN
Applications for the student loan can be done in either of the following ways:
1) At any Absa branch, https://www.absa.co.za/find-us/
2) On the Absa student bureau
3) By calling Absa on 086 010 0372
Note: The Absa student loan only covers 1 year of tuition fees at a time – it is the responsibility of the individual to then re-apply for the following year of their studies.
DOCUMENTS REQUIRED FOR THE ABSA STUDENT LOAN
Submit clear copies of the following supporting documentation along with your completed application form:
- South African ID document or Smart Card
- 3 months latest payslips or 3 months latest bank statements
- Proof of residential address (rates account/ municipal bill/ lease agreement etc)
- Proof of enrollment in your studies (letter of acceptance or proof of registration)
- Previous year’s academic results to ensure that you are eligible to complete further studies (if applying for 2nd or later years of study)
- Invoice/ statements proving the course costs for the year (including tuition fees, accommodation, textbooks, and study-related devices)
PAYING BACK THE STUDENT LOAN
Individuals who take out the loan will also only have to pay interest for the first 12-months and then begin repayments from the 13th month. Should the candidate take out another student loan that has a lower interest rate than Absa’s, Absa will try their utmost to beat it!
The individual may pay off the loan by making capital or interest payments, or they can repay interest for the duration of 12 months. Should the candidate “top up” an existing loan, they may then repay interest for another 12-months only.
It is mandatory that all student loan applicants take out a credit plan, should the applicant not be able to pay back the loan due to unforeseen circumstances. Absa offers a Credit Protection Plan that will cover the unexpected (including disability, death, critical illness, or retrenchment).
CONTACT THE PROGRAMME PROVIDER
For any queries related to this bursary programme, please contact Absa directly by visiting your nearest branch or via telephone on: 086 010 0372.