Important disclosure

Education Loans

Our loan calculator will give you a good idea of how much financing you can afford to fund your education loan by giving you the best idea of what your monthly payment will be.

All you have to do is input the loan amount and change the loan duration to a payment that is affordable for you. It will help you better compare loan options among South African lenders. Go ahead and try it.

Calculate repayments

A cash loan from R2 000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Free monthly statement via email or SMS. Customer Protection Insurance. Interest from as low as 15%.

Overview

Minimum loan amountR2,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R796

Total repayments (approx)R28,656

Total interest repayments (approx)R8,656

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

Minimum monthly incomeR2,000

GO TO RCS

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 729 727

Data accurate as of18.01.2020

GO TO RCS

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Get up to R250 000 over 1 – 84 months. Choose between the amount you want, the monthly installment that suits your pocket, or the option that gives you the lowest interest rate. Credit is approved in minutes and the money is available immediately. Pay fixed monthly repayments.

Overview

Minimum loan amountR50,000

Maximum loan amountR100,000

Minimum term (months)1 month

Maximum term (months)84 months

Personal loan interest rates (base)14.20%

Personal loan APR14.20%

Monthly repayments (approx)R797

Total repayments (approx)R28,692

Total interest repayments (approx)R8,692

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Capitec Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 66 77 89

Data accurate as of12.07.2020

GO TO Capitec Bank

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Loans up to R250,000. Terms between 7 months and 72 months.

Overview

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)7 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 111 011

Data accurate as of18.01.2020

GO TO African Bank

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Tired of those expensive repayments? Then switch your personal loans to Absa. It’s easy and with our guaranteed lowest interest rate, you will start saving money immediately. We can switch your personal loans of up to R350 000 and pay your creditors directly.

Overview

Minimum loan amountR15,000

Maximum loan amountR350,000

Minimum term (months)12 months

Maximum term (months)84 months

Personal loan interest rates (base)18.82%

Personal loan APR18.82%

Monthly repayments (approx)R845

Total repayments (approx)R30,420

Total interest repayments (approx)R10,420

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feen/a

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 100 372

Data accurate as of12.06.2020

GO TO Absa

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Get up to R250 000 over 1 – 84 months. Choose between the amount you want, the monthly installment that suits your pocket, or the option that gives you the lowest interest rate. Credit is approved in minutes and the money is available immediately. Pay fixed monthly repayments.

Overview

Minimum loan amountR10,000

Maximum loan amountR25,000

Minimum term (months)1 month

Maximum term (months)84 months

Personal loan interest rates (base)12.90%

Personal loan APR12.90%

Monthly repayments (approx)R783

Total repayments (approx)R28,188

Total interest repayments (approx)R8,188

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Capitec Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 66 77 89

Data accurate as of12.07.2020

GO TO Capitec Bank

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Loans up to R250,000. Terms between 7 months and 72 months.

Overview

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)7 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 111 011

Data accurate as of18.01.2020

GO TO African Bank

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A personal loan from R1000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Fixed monthly repayments. Free monthly statement via email or SMS. Optional Customer Protection Insurance. Interest from as low as 15%

Overview

Minimum loan amountR1,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO DirectAxis

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 02 03 04

Data accurate as of18.01.2020

GO TO DirectAxis

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No matter what your plans are, we’ve got a personal loan that suits your needs. We offer the widest range of personal loans of up to R350 000 with a loan repayment term of up to 84 months. If you take out an Absa Personal Loan and you’re offered a lower interest rate elsewhere, we guarantee to beat it.

Overview

Minimum loan amountR3,000

Maximum loan amountR350,000

Minimum term (months)12 months

Maximum term (months)84 months

Personal loan interest rates (base)21.00%

Personal loan APR21.00%

Monthly repayments (approx)R869

Total repayments (approx)R31,284

Total interest repayments (approx)R11,284

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feen/a

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 100 372

Data accurate as of12.06.2020

GO TO Absa

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Get a Personal Loan of up to R300 000 for planned or unplanned expenses. Whether you need extra money to help turn your house into your dream home, walk down the aisle or go on that well-deserved holiday, FNB has the right credit solution for your every need.

Overview

Minimum loan amountR1,000

Maximum loan amountR300,000

Minimum term (months)1 month

Maximum term (months)60 months

Personal loan interest rates (base)13.00%

Personal loan APR13.00%

Monthly repayments (approx)R784

Total repayments (approx)R28,224

Total interest repayments (approx)R8,224

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR6,000

GO TO First National Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 113 010

Data accurate as of18.01.2020

GO TO First National Bank

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A cash loan from R2 000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Free monthly statement via email or SMS. Customer Protection Insurance. Interest from as low as 15%.

Overview

Minimum loan amountR2,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R796

Total repayments (approx)R28,656

Total interest repayments (approx)R8,656

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

Minimum monthly incomeR2,000

GO TO RCS

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 729 727

Data accurate as of18.01.2020

GO TO RCS

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It is easy to apply for a Bayport personal loan of up to R250,000 with our simple online loan application process and personalised service. Once you have registered, all it takes is a minute, to find out if you qualify for a Bayport personal loan.

Overview

Minimum loan amountR20,000

Maximum loan amountR250,000

Minimum term (months)6 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO BayPort

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone087 287 4001

Data accurate as of18.01.2020

GO TO BayPort

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A Student Loan from FNB gives students and parents a sense of comfort knowing that funds are available for further studies. Personalised interest rate. Access to loans from R4000 to R80 000 for each year of study. Only pay interest, fees and charges while the student is studying and start repaying interest, fees, charges and capital on completion of their studies. Credit life insurance. You could boost your ebucks reward level.

Overview

Minimum loan amountR4,000

Maximum loan amountR80,000

Minimum term (months)12 months

Maximum term (months)36 months

Personal loan interest rates (base)17.00%

Personal loan APR17.00%

Monthly repayments (approx)R826

Total repayments (approx)R29,736

Total interest repayments (approx)R9,736

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR6,000

GO TO First National Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 113 010

Data accurate as of18.01.2020

GO TO First National Bank

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We'll help you get it, fast. Quick Online Loans from R100 to R250,000. 100% Free to apply. Instant Online Loans - Cash paid into your bank account today. Low repayments, over 2 to 60 monthsHigh approval rate. Use for any purpose. Bad credit history-no problem.

Overview

Minimum loan amountR8,000

Maximum loan amountR20,000

Minimum term (months)2 months

Maximum term (months)60 months

Personal loan interest rates (base)19.50%

Personal loan APR19.50%

Monthly repayments (approx)R853

Total repayments (approx)R30,708

Total interest repayments (approx)R10,708

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO Hoopla Loans

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone087 724 6110

Data accurate as of18.01.2020

GO TO Hoopla Loans

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We'll help you get it, fast. Quick Online Loans from R100 to R250,000. 100% Free to apply. Instant Online Loans - Cash paid into your bank account today. Low repayments, over 2 to 60 monthsHigh approval rate. Use for any purpose. Bad credit history-no problem.

Overview

Minimum loan amountR20,000

Maximum loan amountR250,000

Minimum term (months)2 months

Maximum term (months)60 months

Personal loan interest rates (base)20.00%

Personal loan APR20.00%

Monthly repayments (approx)R858

Total repayments (approx)R30,888

Total interest repayments (approx)R10,888

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO Hoopla Loans

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone087 724 6110

Data accurate as of18.01.2020

GO TO Hoopla Loans

Hide info -

Bigger dreams, bigger loan! Dream big with a ubank loan of up to R180 000 payable over 72 months.

Overview

Minimum loan amountR10,000

Maximum loan amountR180,000

Minimum term (months)12 months

Maximum term (months)72 months

Personal loan interest rates (base)21.00%

Personal loan APR21.00%

Monthly repayments (approx)R869

Total repayments (approx)R31,284

Total interest repayments (approx)R11,284

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Ubank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 008 322

Data accurate as of18.01.2020

GO TO Ubank

Hide info -

Whether you need money for unexpected expenses, a medical emergency, or to fund a specific project, Sanlam can offer you a fixed-rate personal loan according to your needs and circumstances. You can apply for any amount, from R5,000 to R200,000. You can tailor your repayment term to suit your budget (from 24 months to 6 years). Repayments are fixed for your full loan term, so that you can budget ahead easily. Sanlam will always take your current financial circumstances into consideration and never lend you more than you can comfortably afford to repay

Overview

Minimum loan amountR5,000

Maximum loan amountR200,000

Minimum term (months)24 months

Maximum term (months)72 months

Personal loan interest rates (base)21.90%

Personal loan APR21.90%

Monthly repayments (approx)R879

Total repayments (approx)R31,644

Total interest repayments (approx)R11,644

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO Sanlam

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 440 044

Data accurate as of18.01.2020

GO TO Sanlam

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Loans available from R2 000 to R300 000*. Flexible repayment periods from 6 up to 72 months. Monthly repayments debited from your bank account. The best possible interest rate that we can offer you. Easy online loan application process.

Overview

Minimum loan amountR2,000

Maximum loan amountR350,000

Minimum term (months)6 months

Maximum term (months)72 months

Personal loan interest rates (base)24.75%

Personal loan APR24.75%

Monthly repayments (approx)R910

Total repayments (approx)R32,760

Total interest repayments (approx)R12,760

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,500

GO TO Nedbank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 103 582

Data accurate as of12.07.2020

GO TO Nedbank

Hide info -

Apply for a personal loan from R5000 up to R200 000 and get an instant answer! Apply for your loan over a term of anywhere between 2 and 6 years. A guaranteed fixed interest rate means your monthly repayment will never change. Cover your vehicle finance or personal loan debt, in the event of unforeseen circumstances such as dread disease, death, disability or retrenchment.

Overview

Minimum loan amountR5,000

Maximum loan amountR200,000

Minimum term (months)24 months

Maximum term (months)72 months

Personal loan interest rates (base)25.00%

Personal loan APR25.00%

Monthly repayments (approx)R913

Total repayments (approx)R32,868

Total interest repayments (approx)R12,868

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Wesbank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 238 252

Data accurate as of18.01.2020

GO TO Wesbank

Hide info -

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CompareLoans.co.za provides factual information in relation to financial products. While CompareLoans.co.za attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on CompareLoans.co.za is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with CompareLoans.co.za. CompareLoans.co.za recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see CompareLoans.co.za's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of loan are you looking for?

Secure a bright future with an education loan in South Africa

Getting some form of higher education is always encouraged, especially if you want a better job and a better life. However, it’s not always easy to afford all the costs of going to college or university.

As a result, many South African students are using education loans to continue with their studies. If you wish to be part of this team, and before you get started on your education loan application, we give you the important education loan details you should know.

How does an education loan work in South Africa?

Basically, an education loan is a lump sum of money that you borrow to cover any education-related expenses. The money can cover costs for tuition, accommodation, textbooks, plus more. After borrowing, the next step involves paying back the loan plus interest. Student loans also have the following features:

  • The loan can either be in your name or your parent/sponsor’s name;
  • In most cases, you only pay interest on the loan while studying. However, when you start working, you repay the rest of the loan.
  • If you fail to repay the loan, your co-signer or sponsor will be responsible for these payments.

Can you afford an education loan?

First and foremost, an education loan is not “free” money. Many students graduate only to find out that their loans have become a financial burden. While an education loan might be for a good cause, always make sure you or your sponsor can afford it.

You can apply for a bigger study loan and get approved, but that doesn’t mean you can afford it. To get a better estimate of what’s affordable, look at your monthly repayments and the total cost of the loan. This way, you enter into the loan agreement knowing exactly what you’re getting into.

Comparing education loans with other types of loans

When it comes to paying for your tertiary qualification, education loans are usually the best option. Compared to other common types of loans such as credit cards and personal loans, an education loan offers the following advantages if you’re a student:

  • Flexible repayment plan

As long as you’re dealing with school, lenders will only ask you to make monthly payments on your interest. Depending on how much you borrow, this amount is usually an affordable payment. In addition, after graduation, you’ll also get a grace period of up to 1 year so you can look for a job without making any repayments. After this, you start repaying the rest of the loan.

  • Lower interest rates

An education loan offers relatively lower interest rates that can start from as low as 10.5%. On average, personal loans usually start at 15%. However, keep in mind that education loans usually have longer loan terms so you might end up paying more in interest. The easiest way to get a cheap education loan is to pay it off as quickly as possible.

  • Security

Student loans are unsecured. Some parents use home equity loans or secured personal loans to pay for their children’s education. That means if the study loan is not repaid, there is a risk of losing the house or asset. This makes student loans safer and easier to apply for since no security is required.

7 questions to ask yourself before starting the education loan process

  • How much do I owe? – It’s usually necessary to apply for an education loan for every year of study. If you already have debt, calculate the total amount you owe. This helps you to choose a loan amount you can afford since you don’t want to have too much debt.
  • What is the interest rate? – While education loans have lower interest rates, do your research and find a lender with the lowest rates. If you check our comparison tables above, this information is available for each lender.
  • Are there any extra fees? – While comparing our featured lenders, you can click “View fees and additional info.” This information shows you any extra fees and charges that are added to the loan besides interest.
  • What are the monthly payments? – This depends on the loan amount and the loan term. Use this education loan repayment calculator to find the estimated monthly repayment amount for various loans.
  • What is the total cost of the loan? – This is easy to figure out once you know the monthly repayment amount and the loan term. Multiply the two and add any upfront fees to get a good idea of how much the loan will cost you.
  • Which loan has the best features overall? – Compare different education loans and find the best one by looking at any extra features. These include the available repayment plans, loan amounts, loan terms, and whether you can make early repayments at no extra cost.
  • How much can you afford? – It helps to look at your expected salary after graduating. This way you can decide if the loan you’re currently applying for is something you can afford.

What do you need to apply?

  • Valid South African ID;
  • Minimum of 18 years;
  • You must provide proof of registration from a South African tertiary institution;
  • Examination results from the South African Department of Education (in some cases);
  • An invoice that shows tuition fees and accommodation and textbook costs; and
  • Proof of income (if the loan is in your sponsor’s name).

How to apply for an education loan

The education loan process for online applications at CompareLoans involves scrolling to the comparison tables above. Next, press the“Go to Site” button that matches the lender you want. This link takes you to their website where you can begin the online application process. You might have to open a student loan account and provide important information such as whether you’re studying part-time or full-time and the number of study years you’re applying for.

Avoid these mistakes when taking out an education loan

  • Don’t take out a loan without verifying your ability to pay it back. Use the information outlined in this article and the repayment calculator to borrow responsibly.
  • The study loan should not be used for any cost that is not related to your education.
  • If you’re not in desperate need of this type of loan, it might be best to avoid applying for one.
  • Never rush to take out the loan without making some comparisons. A lot of South African lenders offer affordable and authorised financial services. You need to find as many education loan details as possible to get the best loan.

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