[South Africa] Standard Bank enables online studying with student loan offering
In an effort to aid online learning, Standard Bank is now providing students with a Student Loan facility which allows access to funding for equipment such as laptops/tablets and software, without having to apply for tuition as the primary reason for the loan. The move comes in response to the ongoing national lockdown and is available to both full-time and part-time students who are currently studying from home.
''The COVID-19 epidemic has seismically shifted the South African educational system. Students are at home adhering to social distancing regulations, and this has changed the way they access their learning,'' said Magdeline Thidiela from Standard Bank. ''While universities have encouraged online learning, many students do not have access to the right equipment to do this, which is why we have decided to design an offering that helps students continue their studies whilst providing them with affordable interest rates. Students can now apply for funding for equipment, such as laptops or tablets, as well as any software they might need at a low interest rate from 7.75%.''
South African citizens, both existing Standard Bank customers as well as those who do not bank with Standard Bank can apply online using the Standard Bank Student Loan portal, whereby applications will be assessed using the Bank’s normal Student Loan process. The minimum loan amount is R5 000 while the maximum is R20 000 per annum for equipment.
If approved online, the full-time student, and their surety, or the self-assured student will need to visit a Standard Bank branch within 15 days of approval to take up the offer. They will need to provide all supporting documents, including a registration letter from their university or institution showing that they are currently studying, as well as proof of costs for textbooks and equipment should they require an amount greater than R6 000.
Students with an existing Standard Bank Student Loan can access funding for equipment if they qualify for a limit increase and have not already used the R20 000 maximum available for books and equipment.
''Standard Bank is invested in driving growth in Africa,'' said Magdeline Thidiela. ''And education is critical to this growth. While the COVID-19 pandemic has impacted our lives dramatically, we believe that this initiative will help restore some normality, empowering students to continue attending classes from the safety of their homes,'' she added.