Applying for a study loan


Where can you apply for a study loan?

  • Most banks offer study loans. Go into a branch or search their website to find out what they can offer you.
  • If you have an education savings policy that doesn’t covers all your cost, find out from your policy holder if they have a product that could help you with the rest of the costs. 

Who can apply for a study loan?
The criteria will differ from bank to bank, but the most general ones are:

  • You have to be at least 18 years old.
  • There should be a principal debtor or sponsor that will apply for the student loan with the student. 
  • The principal debtor or sponsor will have to provide an income statement and there will be a minimum amount that they must earn per month in order to qualify. 
  • The student has to be registered part-time or full-time at a tertiary institution. These can include a university, university of technology, agricultural college, technical vocational education training college (TVET) or private institution that is registered at a Sector Education and Training Authority (SETA) and accredited by the South African Qualifications Authority (SAQA).

What will a student loan cover?


Depending on the specific bank or institution’s conditions, the loan could cover or give discounts on:
  • Tuition fees.
  • Text books and stationery.
  • Campus or private accommodation

The most general documents needed when you apply:

  • A copy of the sponsor and student’s South African green bar-coded ID or Smart Card ID.
  • Latest payslip of sponsor and/or 3 month’s bank statements. 
  • Proof of residence not older than 3 months.
  • Proof of registration or letter of acceptance from the educational institution that indicates the year in which your studies will start.
  • Proof of how much the course will cost and of any outstanding fees owed to the tertiary institution. 
  • An invoice of other applicable costs like stationery, accommodation etc.
  • The student’s matric or last academic results. 


How do I pay a study loan off? 

  • You or your sponsor usually only pay the interest while you study and the rest after graduation. These will be monthly instalments. 
  • You can already make capital and interest repayments as soon as your application for a study loan is approved.

You might want to read about ways to make education more affordable.