• FNB has added the ability to easily apply for a Student Loan in its app.
• Applicants will need to earn at least R3 000 per month and will be subject to an affordability assessment as well as a credit check.
• FNB urges students to consider alternatives before taking on the debt of a Student Loan.

Last year FNB announced a new brand and a more unified experience across its digital platforms.

Today the financial institution announced that it had added the ability to apply for a Student Loan of up to R300 000 through the FNB App.

“Education is an important enabler of success, but many families in our society do not always have the financial means to pay for the cost of their loved ones’ education. As a result, student loans could be extremely beneficial to families seeking to better their lives. Therefore, we are making it much easier for our customers to access student loans through the FNB App to be able to apply anytime, anywhere and receive immediate feedback,” Product Head of FNB Loans, Gavyn Letley said in a press statement.

FNB says that students can apply for the loan or alternatively a parent, guardian, family member or other sponsor can apply on the student’s behalf.

The principal debtor (the person who applies for the loan) should earn at least R3 000 per month and will be subject to an affordability assessment. Those applying will also be subject to a credit check.

The bank does encourage students to explore alternatives before applying for a Student Loan. This includes the National Student Financial Aid Scheme although that ship has sailed for the 2023 academic year as applications are closed. For those who have applied, you can read more about checking your application status below.

Furthermore, students may want to consider bursaries and if that doesn’t yield results, then a Student Loan may be worth considering.

Student Loans from FNB can be used to cover the cost of tuition, accommodation, textbooks and other expenses.

“It’s important to also choose the right loan amount, and applicants must also keep in mind that interest on the student loan is relatively lower when compared to a personal loan or credit cards,” Letley advises.

“In addition, a student loan must be used for its intended purpose and proof of registration will be required. Where possible, customers can also pay in extra money to further save on interest and fees and decrease the total cost of credit. There are zero penalty fees for paying off the loan early, and if additional funding is required for the next year of study, a new application needs to be submitted. It is important to only apply for the amount that you need and keep expenses low to ensure a healthy credit profile for the future,” the Product HEad concludes.

FNB customers can download the official app for free for Android and Apple iOS.