Absa Student Loan
Who can apply for a Absa Student Loan?
Absa offers student loans to individuals who may be concerned about how to cover the expenses of their studies and tuition. Absa’s student loans allow individuals to borrow funds with low-interest rates, supporting and benefiting their studies. The student loan will be awarded based on the individual’s risk and affordability.
Absa offers the best interest rates in terms of student loans – if you take out the Absa study loan and you’re offered a lower interest rate elsewhere, they will beat it.
How much Student Loan can I apply for through Absa?
The student loan can be taken out for every year of study where the student may apply for a minimum amount of R15 000. Students can make use of the Absa student loan calculator to see how much they qualify for, as well as the estimated loan repayments and interest rate.
What expenses will the Absa Student Loan cover?
The programmes allow individuals to finance all aspects of their tertiary adventure, such as:
- Tuition fees
- Registration fees
- Textbooks
- Accommodation (only applicable for full-time students who are not living with their family)
- Technical equipment they may require to aid in their studies
Find out about Student Loans offered by other banks here
What are the requirements for the Absa Student Loan?
The student loan may be taken out in the name of:
1) A parent who is employed (and can provide proof of income)
2) A sponsor or guardian who is employed (and can provide proof of income)
3) A part-time student, who is employed on a full-time basis (and can provide proof of income)
Applicants must satisfy the following minimum entry criteria before applying (please note that failure to satisfy all the requirements will lead to your application not being considered):
- You must be a South African citizen OR be permanently residing in South Africa
- You must earn a minimum of R3 000 a month (the parent, guardian, sponsor or student whose name the student loan will be registered in)
- You must be an undergraduate or postgraduate student
- You must be studying full-time or part-time
- You must be studying at one of the institutes listed below
- You must be partaking in a course that is longer than 2 months
Where can I study using an Absa Student Loan?
The ABSA student loan will cover studies at any of the following institutions:
- University
- University of Technology
- Technical Vocational Education and Training College (TVET)
- Agricultural College
- Aviation training by an Approved Training Organisation (ATO), approved by the SA Civil Aviation Authority (SACAA)
- Private institution which is registered at a Sector Education and Training Authority (SETA) and is accredited by the South African Qualifications Authority (SAQA)
- Online study courses which are accredited by the United States Department of Education or the UK Government of Higher Education Quality Assurance Agency (QAA) (where the borrower is located in South Africa)
How do I apply for the Absa Student Loan?
Applications for the student loan can be done in either of the following ways:
1) At any Absa branch, https://www.absa.co.za/find-us/
2) On the Absa student bureau
3) By calling Absa on 086 010 0372
Note: The Absa student loan only covers 1 year of tuition fees at a time – it is the responsibility of the individual to then re-apply for the following year of their studies.
What documents do you require for the Absa Student Loan?
Submit clear copies of the following supporting documentation along with your completed application form:
- South African ID document or Smart Card
- 3 months latest payslips or 3 months latest bank statements
- Proof of residential address (rates account/ municipal bill/ lease agreement etc)
- Proof of enrollment in your studies (letter of acceptance or proof of registration)
- Previous year’s academic results to ensure that you are eligible to complete further studies (if applying for 2nd or later years of study)
- Invoice/ statements proving the course costs for the year (including tuition fees, accommodation, textbooks, and study-related devices)
When will I be required to pay back the Absa Student Loan?
Individuals who take out the loan will also only have to pay interest for the first 12-months and then begin repayments from the 13th month. Should the candidate take out another student loan that has a lower interest rate than Absa’s, Absa will try their utmost to beat it!
The individual may pay off the loan by making capital or interest payments, or they can repay interest for the duration of 12 months. Should the candidate “top up” an existing loan, they may then repay interest for another 12-months only.
It is mandatory that all student loan applicants take out a credit plan, should the applicant not be able to pay back the loan due to unforeseen circumstances. Absa offers a Credit Protection Plan that will cover the unexpected (including disability, death, critical illness, or retrenchment).
Is there anything else I should know about the Absa Student Loan?
As it says above, Absa promises to provide a better interest rate than any other study loan provider, here are some documents that will provide more information:
Students interested in applying for a student loan through Absa, should read the following:
Price Guarantee Terms and Conditions of the Absa Student Loan
Price Guarantee of the Absa Student Loan
Price Guarantee Claim Form for the Nedbank Student Loan
About Absa
Absa Bank Limited (Absa), previously known as “Amalgamated Banks of South Africa”, was founded in the year 1991 as is a wholly-owned subsidiary of the Barclays Africa Group. The bank currently serves customers throughout not only South Africa, but also Botswana; Zambia; Namibia; Mozambique; Mauritius; Seychelles; Kenya; Ghana; Uganda; Tanzania and Nigeria.
Headquartered in South Africa, the South African financial services provider offers a range of business; corporate; retail; investment and personal banking, including wealth and investment management and credit cards.
The banks core values include: Service (putting their clients and customers first and at the centre of what they do); Respect (valuing and respecting all the people they work with and their contributions); Excellence (utilising their best skills, energy and resources in order to deliver sustainable excellent results); Integrity (acting ethically and fairly at all times) and Stewardship (leaving things in a better state than which they found them).
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 November 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.