Education

Eduloan Student Loans All You Need To Know

Many people continue to ask about Eduloan throughout South Africa today, even after several major changes that have taken place within the company. That is probably what happens when a company really touches lives like Eduloan has done over the years.

Are you looking for a loan to further your education? That could probably be one of the wisest think you have ever decided in your life. That is because education is worth the trouble. It will open doors, and help one to climb higher than his station or circumstances. When many of your mates are busy going into debt to fund their fake lifestyles, you are thinking about taking a loan to go to school.

In this post we will explain what Eduloan is, how it works, how to get a loan from them, and how to repay the loan.

Eduloan Student Loans All You Need To Know

What is Eduloan?

Eduloan has changed its name and brand identity to Fundi. You must have heard of Eduloan as a company that provides student loans to help needy South African students realize their dreams of getting higher education. Yes, this is the same company started in 1996, but changed its name to Fundi, even expanded its scope of business, and continues to be a top provider of financial assistance to students.

The goal of Fundi is to provide loans to students to help them study successfully. Fundi is a provate company, and so charges a small interest on their loans. The company also provides loans for those intending to study for their postgraduate degrees, MBAs, and for professional short courses.

How does Fundi Student Loan Work?

You are right to be interested in getting funding from FUNDI; this company has already helped more than Fundi 800 000 people, and their families, and there is no reason why you cannot benefit as well. Fundi receives applications, reviews them and funds the studies by paying directly to the institution.

The company covers all expenses directly related to your education. Everything that will help make the learning process successful.

The application process is designed to be as straightforward and without stress as possible. You register and apply online at the company website.

The loans from Fundi are unsecured. Unsecured loans do not require that you provide collateral. This is because the company’ target audience are not rich property owners, but those who actually need the financial assistance.

However, the company requires fulltime students to be backed by a guardian who earns a regular income. That almost certainly means that the loan will be approved. But yes, the company will first review the application to be sure that the applicant is a good fit for a Fundi loan. If the loan is approved then the student will get the payments made directly to the institution in order to ensure optimum security of funds.

What does the Fundi Loan Cover?

Fundi takes care of all your educational needs. That means your tuition fees, accommodation, recommended books, reading material, devices such as computers, as well as uniforms. 

How can I apply For Eduloan?

The first step is to go to Fundi (formerly Eduloan) website: www.fundi.co.za and click on apply.

You register your details to get a profile with the company; just follow the instructions.

You will need some documents to prove your identity and also to prove that you fall into the demographic for which the loan scheme was created.

If you experience any issues while trying to apply for the loan, just contact the company using the following information.

Telephone Contact: 0860 55 55 44

Email Contact:  [email protected]

Requirements To Apply For Eduloan

First and foremost you need to provide your proof of identity; a certified copy of your South African ID will be needed. 

For full-time students, the company requires that you or one of your parents should have a permanent job. The company will require a letter from their employer just to confirm that your parents work for them.

Then the company will require your parent/guardians to provide their last receipt of salary, as well as their latest bank statements.

 In the case of part time students the requirements are more personalized; you will upload a letter from your employer showing that you work for them.

Then you need to provide your last receipt of salary, and the latest statement of account from your bank.

It is required that you should have a positive credit history. Neither you nor your parents should be have a history of unpaid debts.

How about Repayment of the EduLoan?  

After you have successfully received a loan from Fundi, your parents will have to pay back the loan and interest in small installments every month. Many people ask if they can pay the loan after they graduate, and start earning. The answer is no. that is why the company only required that at least one of your parents be earning a regular income so that the money can be paid back in small installments without constituting a problem for your family’s monthly expenses.

Your parents will pay back the money while you are still studying, but the installments are usually designed to be very small. Sometimes, the sponsor can make an arrangement with his employer so that the money deducted right from the source before ever entering into his bank account. other times a debt order can be made so that at a certain date every month the money is deducted from his bank account and paid back to Fundi.

Of course as soon as the debt is cleared up, no further payments are required. You can call 0860 55 55 44 for additional information on how to go about this.

Conclusion:

Eduloan is now Fundi, and is very legit. This is one of the biggest opportunities in South Africa for you to get the funding that you need in order to successfully realize your dream of getting a higher education. The interest rates are low, and the installments are small. This loan should be easy to pay off.

 However, all loans are dangerous, and must be taken with great caution. All it takes is to miss a payment or two, and one is already in trouble. A negative credit review can do a whole lot of damage to one’s finances, and even when genuine opportunities come along, when one could urgently need funds in order to use them for tangible investments, one may be denied the opportunity.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published.

More in:Education