ABSA South Africa Student Loan, Requirements, Application

ABSA Bank offers a study loan product to Students across South Africa wishing to continue their studies at universities, TVETs, and other recognized tertiary colleges. The loan will finance the full cost of your studies, including tuition fees, accommodation, study books, and technical equipment you need.

When you apply for the ABSA Bank student loan, you’ll have the option to pay interest only for the first 12 months and only start repaying the principal amount from the 13th month.

ABSA Bank Study Loan Requirements

You need to avail the following documents when applying for the study loan:

• A valid South African ID document or Smart card.
• Proof of residential address such as a municipal or rates bill.
• Your last three months’ payslips or bank statements.
• Proof of study in the form of a final letter of acceptance or proof of registration.
• Proof of course costs for the year of study (invoices/statements) for tuition fees, accommodation for full-time students not living with parents or relatives, textbooks, and study-related technological devices.
• For second and subsequent years of study, proof of the previous years’ academic results to ensure you are permitted to continue with your studies.

Read: ABSA Instant Loan: How to Apply in South Africa.

Qualification for ABSA Student Loan

To qualify for the loan, you must be a South African citizen or living in South Africa permanently and earning more than R3 000 a month. However, the loan can be in the name of:

• A parent, who has proof of income.
• A sponsor or guardian, who has proof of income.
• A part-time student, who is full-time employed and has proof of income.

The Study Loan is available to students studying full-time or part-time at any of the following institutions:

• University, agricultural college, or a TVET institution.
• Any private study institution registered at a Sector Education and Training Authority (SETA) and accredited by the South African Qualifications Authority (SAQA).
• An Online study course accredited by the United States Department of Education or the UK Government of Higher Education Quality Assurance Agency (QAA). The person borrowing should be based in South Africa.
• Aviation training from an approved training organization accredited by the SA Civil Aviation Authority (SACAA).

The duration of the course must be more than two months.

Other Points to Note about the Study Loan

The loan can be applied for each year of study.

• ABSA finances both undergraduate and postgraduate studies.
• The minimum amount you can apply is R15 000.
• The study loan only covers one year’s tuition fees and associated costs. You will need to re-apply the following year if you proceed with your studies.
• A study loan is awarded based on your risk profile and ability to repay.
• When applying you may include the following where applicable:
  • Prescribed textbooks.
  • Tuition fees including your registration.
  • Accommodation for full-time students not living with family.
  • Computer equipment required for your studies.

Where to Apply the Loan

You can apply for a student loan using any of the following means:

• You can apply by visiting any ABSA branch.
• Visiting and ABSA Student Bureau.
• Call ABSA on 0860 100 372.