How to Apply for Capitec Student Loan

Capitec Bank has been providing loans to students in South Africa, and you want to join the train. You want to take the bold step to attain your dreams without fear of financial constraints. It’s a commendable move, and the Capitec student loan is a wise choice.

With every loan, there are things to keep in mind before you start your application. It’s always best to be prepared so nothing takes you off guard, and you make wise financial decisions all the way.

So today, we will discuss how to apply for a Capitec Student loan and the requirements for the application process. We will also touch on the loan’s interest rate, among other important details relevant to your application.

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Why Capitec Student Loan?

Capitec Student loan, also known as Capitec Education Funds, comes with many advantages, making it one of the leading Education Finance Specialists in South Africa. 

Capitec student loan can advance as much as R500,000 for your schooling expenses, with up to an 84-month repayment term. The loan covers not just tuition fees but also the cost of textbooks, learning devices, accommodation, and other costs that may appear on your institution’s invoice.

The Capitec student loan interest rate starts at prime and is always discounted. You can determine your preferred repayment term and fund the repayment yourself, or nominate someone to repay on your behalf. If the latter is the case, then your sponsor will also be involved in your application process, as some details will be requested of him/her. 

Another benefit of this loan is that it allows you to explore in advance. You don’t need to have gained entrance into a South African institution before you start the Capitec student loan application process; you can start in advance. 

Finally, Capitec student loan requirements are not overbearing, rather simplified so everyone can get a chance to apply.

How to Apply for Capitec Student Loan

You can apply for a Capitec Student Loan on your smartphone or in a Capitec Bank branch. The majority of applicants prefer the online application because it is quick, simple, and convenient. Without procedural or technical delays, you’ll have your loan advanced within 24 hours max. Here are the steps to take for a seamless Capitec student loan application:

Step 1: Ensure You Meet the Capitec Student Loan Requirements

You wouldn’t like to get your hopes raised and then dashed in the middle of your application process, would you? To avoid the disappointment that comes with rejection, take time to double-check that you meet the Capitec student loan requirements before you dive in. Here are the major requirements: 

• You must be a citizen of South Africa with a valid South African ID number
• You must be 18 years of age or older
• You must be free of any other debt 
• The South African government must legally employ you.
• Your monthly income must be sufficient to cater to your basic needs even after Capitec Bank 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. 

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If you are not charging the loan repayment to your account, but to the account of a sponsor, you will not need to meet the financial requirements contained above. However, you must still meet the age and citizenship requirements, and so must your sponsor. 

Step 2: Gather Relevant Documents

Delays might arise as a result of unprocessed documents, missing documents, or such. To avoid this, put all the relevant documentation together. Below are the loan requirements as regards paperwork:

• Matric certificate or other proof of legal admission into an accredited university (for students who have already gained admission).
• Proof of monthly income, i.e., the past three months’ payslips.
• The school invoice generated not longer than thirty (30) days back.
• Proof of South African citizenship (preferably a valid ID).
• Proof of employment.
• Guarantor’s details.
• Proof of age.

Note that the proof of employment and proof of monthly income apply only to your sponsor if you aren’t repaying the loan yourself. Now, let’s move to the third and final step.

Step 3: Apply Online

Next, log onto the Capitec student loan website and take the following steps: 

1. Click “Get Estimate.”
2. Capitec will ask if you are already a registered student, or just browsing ahead. Click the suitable option. 
3. Fill in the details on the educational information form and submit it. 
4. Your estimate will be provided based on the amount you requested. If you are yet to start schooling, get an estimated breakdown for your chosen course, from your chosen institution. This way, you’ll know exactly how much to request, and you’ll be able to see the estimate of such an amount.
5. If you are satisfied with the estimate, click “accept,” and Capitec will reach out to you within 48 hours to collect relevant documents such as proof of income, identification card, proof of admission, etc.
6. Capitec will verify the information and documents provided. If there are no issues, they will approve your loan, inform you of monthly repayments, interest rates, etc and send a final offer for you to sign.
7. Wait for disbursement 

If you encounter challenges during your Captec loan application, call or text Capitec customer support on 067 418 9565 (WhatsApp, operational from Monday – Friday, by 8am – 5pm), or 0860888840. Alternatively, you can send an email to ClientCare@Capitecbank.co.za. 

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Frequently Asked Questions 

What is the Capitec Student Loan Interest Rate? 

The Capitec student loan interest rate is not fixed. Your loan amount and repayment period will determine it. However, it is always discounted. 

What is the Difference Between Capitec Credit for Education and Capitec Student Loan? 

Credit for Education and Capitec Student Loan are both initiatives of Capitec Bank, established to cater for students’ educational needs. The major difference is that Capitec Student Loan is offered directly by Capitec Bank, while Credit for Education is offered through Capitec’s partners on their website.

When Am I Expected to Start Repaying Capitec Student Loan? 

Capitec grants up to an 84-month repayment term. The exact time frame will depend on your creditworthiness and will be estimated before you dive fully into your application. 

Is Capitec Student Loan Credited to My Account?

No. For accountability purposes, Capitec will send the funds directly to your institution.

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

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

Must I Own a Bank Account with Capitec to Apply for a Capitec Student Loan?

Applicants do not have to bank with Capitec to apply.

Finance Your Future with One of South Africa’s Most Trusted 

We know how scared, sceptical, eager, and excited you are. In seasons like this, it’s normal for all your emotions to muddle up. But it’s fine. With this loan, be assured that your academic future is in the hands of one of South Africa’s most trusted Banks. 

It is noteworthy that you have legal rights and free access to debt counseling in South Africa. So if you’re confused about whether to take the Capitec student loan, this counseling is a good place to start. Simply visit the National Credit Regulator’s (NCR) website here. You can also contact NCR directly at 0860 627 627.

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