Standard Bank Student Loan Without Surety – Criteria, How to Apply and more
Many students look for means to fund their studies with Student Loans. Financial Institutions, such as Standard Bank, will often grant student loans to allow individuals to pursue their tertiary studies. But what if you are a student who does not have someone to stand surety for you?
Standard Bank Group is one of the country’s leading financial institutions, offering many banking and financial services to businesses, individuals, corporations, and institutions across the African continent. This article will show you how you can fund your studies through a Standard Bank Student Loan without requiring a surer.
What is surety?
Surety is someone (usually a parent or guardian) that is liable for paying back your student loan should you not be able to make the monthly payments.
How can I apply for a Standard Bank loan if I do not have someone to stand surety?
If you find yourself in this dilemma, Standard Bank has introduced its ‘Student Loan Without Surety’. This specific Student Loan option is available to students who are studying or plan to study at one of Standard Bank’s pilot institutions (see below the list of institutions). The loan allows students to pursue studies without the need for a surer and the opportunity to only start repaying the loan once they have graduated.
What does the Student Loan Without Surety cover?
- A maximum loan of up to R120 000 for each year of studies
- Accommodation
- Tuition
- Educational Equipment
- Textbooks
- Any existing tuition debt
** Read about Student Loans for major banks in South Africa here. **
What are some of the benefits of the Student Loan Without Surety?
- You are not required to have someone sign surety
- You will not need to make any repayments while you study
- You will only start paying back the loan once you have graduated or you have successfully secured employment
- You get an interest rate that is competitive
- You get the opportunity to finance your studies at a rate starting from 9.75% (terms and conditions apply)
- Your historical student debt will be covered
- Your existing university student debt will be covered which may aid you in completing your studies (terms and conditions apply)
How does the Student Loan Without Surety work?
- When applying for the Student Loan, you do not need surety or income to qualify
- You can use your Student Loan to pay for any school-related necessities and expenses
- The money from the Student Loan will be deposited directly into the universities account and Standard Bank will use your details as its reference
- There is a monthly interest rate as well as service fees, which will be added to the outstanding balance of your loan
- Competitive interest rates will be applied
- The loan can also be used to pay for any current outstanding fees that are linked to your course and university
- You will NOT be pressured to repay the loan (or interest on the loan) whilst you are still studying
- You also have the option to settle your loan earlier than the designated term. If you choose to do this, you will not be penalized
- You will only need to start repaying your loan after 6 months of completing your studies
- You will be offered flexible repayment options based on your affordability
- The maximum term for the repayment period is 120 months, however, Standard Bank also takes into consideration what you can afford to pay
- Standard Bank evaluates the student’s gross household income (of those the student is financially dependent on)
- Credit and fraud checks are conducted to ensure that the applicant is eligible for the credit facility
Who qualifies for the Student Loan Without Surety?
- You must be a South African citizen
- You must be a full-time student
- You must be studying at participating universities (i.e. Standard Bank’s pilot institutions) (see the list below)
- You must be studying towards a course that is approved by participating universities (the selected courses are aligned to graduate skills that are in high demand within the country)
- You must be have a gross household income of less than R600 000 per annum
- You must have a Standard Bank transactional account
What are the pilot universities approved for the Student Loan Without Surety?
The pilot universities for the ‘Student Loan Without Surety’ are:
- North West University
- Sefako Makgatho Health Sciences University
- Stellenbosch University
- University of Free State
- University of Cape Town
- University of KwaZulu-Natal
- University of Limpopo
- University of Pretoria
Standard Bank aims to expand the student loan offering to all institutions in SA, as well as expand the approved course list after successful evaluation of the pilot.
Which courses are covered by the Standard Bank Student Loan Without Surety?
Check which courses are covered by visiting the List of Universities and course list on the Standard Bank website – click on the University name for the full list.
How much funding will I qualify for with the Student Loan Without Surety?
Applicants may use the Standard Bank Student Loan Calculator to check how much they qualify for. The calculator will also allow students to get estimate on monthly repayments and see how changes in term and interest rates will affect the repayment.
** See which bursaries are open for application here **
How do I apply for the Standard Bank Student Loan Without Surety?
To apply for this Student Loan, do so on the Standard Bank Student Loan without surety page
What documents do I need for my application?
Be sure to attach the following documents to your application:
- South African Identity Document
- Proof of residence (must be no older than 3 months)
- Proof of gross household income
- Proof of latest academic results
- A university registration letter
- Proof of costs (this is applicable for books and education equipment exceeding R6 000: if necessary)
- A lease agreement stipulating the cost of accommodation (if necessary)
- A university statement for tuition/ residence cost (if necessary)
Do you have any questions about the Standard Bank Student Loan Without Surety?
Read the list of frequently asked questions and answers
Read our other tips and articles here:
Read our top tips on submitting your bursary application for the best chance of success.
Read our tips on how to write a bursary motivational letter here.
Read about how to prepare for a bursary interview here here.
Read about the various ways to get free education in South Africa.
Read about the National Benchmark Test (NBT) for University Entrance.
Are you following us on social media? We post our latest bursary opportunities and reminders of bursaries closing soon on Facebook, Twitter and Instagram.
This post was last updated in October 2022.
SA Bursaries wishes you the best of luck with your application! Please remember to SHARE this page with anyone you know who may be in need of bursary funding.