Fundi Student Loan and How to Apply

You are one step closer to becoming the woman of your dreams. You can taste it, feel it, and daydream about your graduation day—when you will fly that hat in the air and proudly declare that you are now an engineer and you feel exhilarated already. 

But there’s one thought you can’t seem to shake off your mind: that you lack the financial requirements to attain your dreams. You know that thought is true. That’s why it casts your hopes aside and weighs you down, snapping you back to reality. 

But what if your dreams could be attuned to reality? What if you could attain those hopes, those goals? What if you could get that degree without having to worry about finances? 

Your ears must be tingling now, eager to know what we are talking about. We’ll tell you, but only if you promise one thing: you must share our secret. Yes, this secret is to be shared, not hidden. Deal? Okay, here it is, the Fundi student loan. 

Before you turn back in dismay because you don’t like loans, you may want to settle down and read up on the uniqueness of this particular loan option. You may want to know how it will meet your needs with no stress at all. We promise it’ll be worth it.

What is a Fundi Student Loan?

Fundi student loan is an educational funding option provided by Fundi, South Africa’s top Education Finance specialist. 

17,000 students like you have applied for the Fundi student loan, with over 830,000 advanced loans since inception. From postgraduate studies to undergraduate studies, MBA, and even short courses, the loan supports students on all levels of education. You can apply for the loan to cover any or all of the following: 

• Registration fees
• Tuition
• Study materials and devices such as laptops or mobile phones 
• Accommodation 

Also read: How to Apply for UIF in South Africa 2024

Why Fundi?

Fundi is committed to partnering with South African students on their journey to gaining knowledge. It goes beyond a loan agency; it’s a journey. They understand a student’s needs, the challenges, and the setbacks, and tailor their solutions accordingly. 

Did you know that aside from their loan options, Fundi also provides other student support programmes and initiatives? Such include:

• Study advice 
• Career guidance 
• Student tutoring 
• CV builder
• Bursary fund management, and more.

Fundi’s holistic approach ensures that even your tiniest student challenge, such as having the right device to work with, or getting tutorials on a difficult course, are catered to.  

Fundi also boasts of a transparent process. The terms of engagement are laid out without hidden fees or unstipulated terms. They also have a robust privacy policy to protect any information they collect from you.

How to Apply for a Fundi Student Loan

Applying for a Fundi student loan is 100% digital. The process is quick and easy to go through. Without any procedural or technical delays, you’ll have your loan ready in a few business days. 

To make this journey even easier and more interesting for you, we are here to guide you through each step. But before we proceed, note that you have a legal right, and free access to Debt Counselling. If you’re confused about whether to take the loan, this counselling is a good place to start. Simply visit the National Credit Regulator’s (NCR) website. You can also contact NCR directly at 0860 627 627.

Have you made your decision? Now, let’s go get that dream degree. Here are the steps to take for a seamless application process:

Also read: Smart ID Online Application South Africa 2024

Step 1: Determine Your Qualification

As beneficial as the Fundi student loan is, it isn’t open to just any student. You must meet the following requirements before you can start the Fundi application process: 

• You must be a citizen of South Africa
• You must be above 18 years of age 
• You must be free of any other debt 
• You must be legally employed by the South African government
• Your monthly income must not be less than R2,500 after the Fundi has made its deductions. This ensures that you have enough to cater for your other academic and personal needs after deductions, as Fundi does not offer a monthly allowance. 

Have you checked all the boxes above? Or are you still unsure about certain details? Well, to support this process, Fundi provides a tool that allows users to auto-check their eligibility for a Fundi Student Loan. Simply input your basic details, and your eligibility will be assessed. Done? Congratulations! You are ready to proceed to step two. 

Step 2: Prepare Relevant Documents

Like we always say, it would be frustrating to start an online application, only to be forced to pause because one of your documents hasn’t been processed, or perhaps you can’t remember where you kept it. This would delay your application process. In the end, you may get discouraged and abandon the application.  

You don’t want that to happen, do you? So here’s what we advise: prepare your documents beforehand. What documents, you may ask? Here are the Fundi student loan requirements:

• Matric certificate or other proof of legal admission into an accredited university 
• Proof of monthly income, i.e. Bank statement or Payslip 
• Proof of South African citizenship (preferably a valid ID)
• Proof of employment 
• Proof of age 
• Guarantor’s details.

Have you gathered these documents? Great. Now, you’re just minutes away from starting your dream course. How excited are you? Before you get too excited, though, let’s complete the third and final step.

Also read: CES 2024: a Rare Glimpse into Our AI-powered Future

Step 3: Go Digital 

Next, take that application to the net. Once you are successfully logged onto the Fundi website, take the following steps: 

1. Open the “Solutions” page.
2. Click “Educational Loans.”
3. Click “Know More.”
4. At this point, the page will display the various educational loans available under Fundi. Click “Know more” under your preferred option. Here are the available categories: 

• Study loans 
• Student accommodation loans 
• Study device loans 
• MBA loans 
• Executive loans 
• Short-course loans 

5. Next, you will be redirected to fill out a short form: name, surname, email and mobile number. Input all the details and hit the “call me” button.
6. Upload relevant documents.
7. Await the verification call from a Fundi agent.

What Happens During and After the Call? 

The “Call Me” button is a prompt to the Fundi team, alerting them that a fresh application has been entered. They will review your basic information and documentation. This refers to the above-listed documents, which you can upload easily to the portal.

The Fundi team will review the submitted documents. Then they will make a call to verify your identity, qualifications and other necessities. If your information ticks all their boxes, you will receive a loan offer. You can accept if you are satisfied with the offer and the terms of repayment.

If you encounter any challenges during your application, you can call the Fundi support centre on 0860555544. Alternatively, you can send an email to support@fundi.co.za. If you haven’t heard from an agent within 24 hours, for instance, contacting their support centre is a good step to take. 

Click here to start your Fundi student loan application. 

Frequently Asked Questions 

When Am I Expected to Start Repaying the Fundi Student Loan?

One month after your loan has been approved and disbursed. Although it’s not a lot of time, it’s achievable. This is why one of the key qualifications for the Fundi student loan is that you’re earning a substantial amount of money. Fundi would not want you stuck on a path that you cannot handle, as they promote a reasonable lending culture. 

Does Fundi Provide a Monthly Allowance?

No. Fundi does not provide a monthly allowance. However, aside from your registration and tuition fees, Fundi can cater to one or more of your other basic needs in school. They offer loan options for your student accommodation, study devices and short courses. So during your application process, you may need to include these needs.

Is the Fundi Student Loan Credited to My Account?

No. For accountability purposes, Fundi will send the funds directly to your institution. If you applied for a device or accommodation loan, the same process applies: Fundi will credit the loaned amount to your service provider’s account. These details will be requested upon approval of your loan. 

Are there Restrictions to the Institution I Can Select with a Fundi Student Loan?

No. There are no limits to the institution you can select. It could be a private institution, a public university, or even a Technical Vocational Education and Training (TVET). The only criteria is that the institution must be within South Africa, it must be accredited, and you must provide proof of admission.

What is the Fundi Student Loan Interest Rate? 

The Fundi student loan interest rate is not fixed. Your loan amount and repayment period will determine it. You can, however, use the Fundi Loan Calculator to quote your personalised interest rate before you begin the application process. 

Turn All Your Dreams to Reality with Our Other Financial Solutions 

Don’t put down your dreams. They’re valid. Every single one of them. Don’t allow financial restraints to keep you from reaching those heights you’ve always dreamed of. 

Just as we helped you solve your educational financing challenge, we can bring other financial solutions to you.

Simply stay on our page consistently and you’ll be certain to consume financial tips and tricks from our team of experts. 

But for now, submit your Fundi student loan application, and go bag that degree. We believe in you! 

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