Requirements For Student Loan At Capitec?

Getting a tertiary education is not cheap. Sometimes looking externally for financial aid is necessary. Here are the requirements to apply for a student loan at Capitec Bank.

Pursuing higher education qualifications is not always affordable. Luckily, students in need of some financial assistance can turn to Capitec Bank to fund their studies.

It’s important to note that Capitec only offers student loans to students at certain institutions it has partnered with, namely:

1. AFDA (the South African School of Motion Picture Medium and Live Performance).
2. Boston City Campus
3. Stadio
4. Milpark Education

Unlike other loans, Capitec offers “need-based credit”, which means that the terms of the loan differ to a traditional personal loan. Students also get discounts on interest rates, along with an extended term and up to 84 months (seven years) to repay the loan.

This student loan is for up to R250 000.

Qualifying Requirements:

In order to apply for a student loan with Capitec Bank, you will need to meet the following requirements:

1. The applicant will need to have a good credit history, existing credit score
2. Students need to be 18 years or older to apply (with identification document)
3. The applicant or sponsor (paying for the loan) must be permanently employed and have three consecutive salary slips
4. Proof of quote or invoice from the partner

Meeting the above listed criteria allows for a higher chance of your loan application getting approved.

How To Apply

Students can apply for loans directly on the website of their chosen university’s campus. To determine whether they qualify, the student will need to complete a four-step online form. Once they have qualified, a Capitec consultant will get in contact with the student. Keep in mind that this process could take up to 48 hours.

Students can also look out for a QR code, which can be scanned and will begin the application process. This QR code can be found in-store at the partner campuses.

Once a student has applied and been approved, the funds will be available and transferred to their institutions’ bank accounts.

This service is limited to online applications only; students will not be able to apply in-person at a Capitec branch.

During the application process, documents to have on hand include:

1. A standard invoice or quote from the partnered institution, not older than 30 days.
2. A valid South African ID document/smart ID card (must be 18 years or older)
3. Your latest 3 consecutive salary slips
4. Bank statement showing your latest 3 consecutive salary deposits (only if the salary is not paid into your Capitec account)
5. No proof of residential address is needed; but you may be asked to provide supporting documents to complete the application

For more information and to apply, check out Capitec’s website.