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FNB Student Loan and How to Apply

By Oluchukwu Ikemefuna

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Education is the passport to the future, but for many students, the journey to academic success can be hindered by financial barriers.

That’s where First National Bank in South Africa steps in, offering a lifeline to aspiring scholars seeking to unlock their academic potential.

Photo Source: FNB Instagram.

FNB provides affordable and accesible loans designed specially for students to cover tuition fees, accommodation expenses, textbooks and among others.

Their mission is simple: to empower students with the financial support they need to pursue their dreams and build a brighter tomorrow.

In this article, we will take you through the FNB Student Loan requirement, its application proceedures, and other ways to apply for the student loan.

FNB Student Loan

Firstly, the loan application does not run for a long time, as the application can be processed within 24 hours. This depends on the documents provided by the student.

Then, according to FNB, the student loan can be used for tuition fees, accommodation, equipment, and other study materials and devices. 

FNB also indicated that an individual has to earn up to R3000 to qualify for a student loan. 

Features of the Student Loan App

From the FNB student loan app, you can get up to R360 000 to pay for your studies with a personalized interest rate as low as 0.05%. 

Also, the loan offers flexible payment options where, for a period of 12 months, you pay only interest and fees, and then after that time elapses, you go on to start repaying interest, fees, capital, and charges.

Additionally, the cash lending company ensures that their student clients are covered by their credit life insurance. This is one of the requirements for applying for the student loan. 

Overall, as a student, you can apply for more loans on an annual basis if you are studying for more than a year.

Criteria for Applying for the FNB Student Loan

A person who applies for the student loan is called the principal debtor.

First National Bank asserts that in most cases, the principal debtor is a parent or sponsor applying for students’ loans. In order to apply for the loan, a principal debtor must meet the following requirements:

  1. Have a minimum income of R3000
  2. Be self-employed as an entrepreneur or be an employee.
  3. The principal debtor and the student on whose behalf the loan is collected must possess South African IDs.
  4. The student must be a student of a registered tertiary institution.

FNB Student Loan Requirement

According to the First National Bank, there are different requirements for you to apply for the loan and these requirements depend on the bank of the principal debtor.

For customers that bank with First National Bank, the documents required for the student loan include:

  • First, a copy of the student’s or applicant’s South African green bar-coded ID or smart card ID
  • Then, a receipt or proof of enrolment or registration from the student’s school of study. That’s all.

Then, for customers who do not bank with First National Bank, the documents required for the loan include:

  • A copy of the student or applicant’s South African green bar-coded ID or smart card.
  • Receipt or proof of enrolment or registration from the student’s school of study.
  • Document containing a residential address not more than three months old.
  • The applicant’s latest bank statements, not more than three months old, depicting a three-month salary deposit.
  • As an applicant, if you are self-employed, then you have to provide your latest 6-month stamped bank statement and a copy of your personal tax assessment.

How to Apply for the FNB Student Loan

The first step in the process of applying for the FNB student loan is to go to the First National Bank’s website here, click on the icon that indicates “Borrow,” then click on “Student Loans.”

After that, click on “apply now,” then insert your personal details, which include your RSA ID number and your cellphone number, then click on “Continue” and follow the necessary prompts on your screen.

Then, note that a one-time password will be sent to your cellphone number, and your cellphone number will be linked to your account. 

Other Ways to Apply for the FNB Student Loan

Apart from applying directly on the FNB website, there are other ways you can apply for the FNB student loan, which include the following:

  • You can apply for the loan from any location at anytime using the FNB student loan app, which you can download from the App Store, Google Play, or AppGallery.  
  • You can also contact the FNB company’s helpdesk on this number,  087 730 5596, to make inquiries concerning ways to apply for the loan.
  • Additionally, you can contact their call center at 087 736 4800 to make inquiries concerning loan application steps.
  • Lastly, but not restricted to this, you can get information from the student’s loan faq pdf file here

Conclusion

In conclusion, First National Bank is dedicated to making higher education dreams a reality for students from all walks of life.

Also, with flexible student loan options and personalized support, they strive to ease the financial burden of education and pave the way for academic success.

FAQs

1. Who is a principal debtor?

A principal debtor is one who applies for the FNB student loan and is responsible for repaying the loan.

2. What is the FNB students’ loan used for?

The FNB student loan can be used for students’ tuition fees, accommodation fees, books, and study materials, among others.

3. What is the maximum loan amount one can qualify for?

One can qualify for a loan up to R3000.

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Peremoboere Numa
Peremoboere Numa

Pere is a versatile SEO writer with a Master's degree in English, who is dedicated to creating engaging and impactful content.

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