How to apply for an Eduloan
Obtaining study finance can easily become a complicated process. This is especially true if you do not know which loan providers are ideal to approach. Although traditional lending institutions like banks make provisions for such needs, there are institutions that specifically specialise with educational finance needs.
One of the leading educational loan providers in South Africa, Eduloan, provides cover for tuition, accommodation, study material like books, laptops etc.
The institution does this at the lowest possible interest rates. If you are a student with no form of consistent income, the loan must be taken out in the name of your guardian or sponsor.
With Eduloan, study finance is also provided to corporate employees and a salary deduction can be arranged. The loan can be repaid between 6 and 22 months.
To qualify for an Eduloan, instalments should not exceed more than 25% (based on a one year loan) of their monthly gross salary. One must also not earn less than R2000 after deductions.
What are the requirements?
A fully completed application form
A copy of your valid South African I.D.
A quotation with your name, student number, study program and amount due from an educational institution
Sponsor’s payslip (not older than 3 months) and latest 3 months’ bank statements
If your sponsor is self-employed, he or she will be required to bring proof of business ownership and 6 months’ bank statements
How can you apply?
Simply visit www.eduloan.co.za or visit any of the on-campus Eduloan offices.
You can also call 0860 55 55 44 or SMS “edu” to 32150 and a consultant will call you back.