In order to gain approval for a student loan, you'd need to meet certain requirements first. While different banks have different requirements, here is a list of what is generally needed and asked for when applying for a student loan.
To apply for a student loan, you will need a few documents ready. These documents prove to the financial institutes that you will be attending a university or a college.
Acceptance Letter
You will need to have the original copy of your acceptance letter from your college or university of choice. Alternatively, you can also present the proof of registration / proof of enrolment you receive from the institution once you've gained acceptance.
Proof of academic results
If you’re still in matric, you will need to send the bank your National Senior Certificate (NSC), which usually comes out in January after your final exams. This is generally the last step of the process, as you need to wait for your results.
However, if you’re a current student and would like to further your studies, you can apply again. You will need to present your current university/college academic results to the bank.
Proof of costs
Before the bank approves your student loan they will need to see proof of costs. Students can compile a list of all study material (textbooks, laptops, etc.) and present these costs.
Additionally, tuition fees and accommodation costs must be included with the application.
ID Documents
The financial institution will require identification documents from the student applying and the person standing surety. The documents required are as follows:
- Proof of residence no older than 3 months (student and surety)
- ID documents (for both student and surety; a valid passport for foreign/international students)
- 3 Months pay slip (surety)
- 3 Months bank statement (surety)
Keep in mind that depending on which bank you decide to apply from, these requirements may differ. Do some research before selecting which bank to go with to find one that is most suitable to you and your needs.
