EduLoan (now known as Fundi,) is South Africa’s leading education finance and education-driven fund management institution.
Established in 1996, the institution focuses primarily on providing funds for education and has assisted over 850 000 students.
The institution has administered over R3 billion in bursary funds and offers educational loans for all levels of tuition. It covers outstanding balances ad registration fees and helps to pay for all study-related items.
Eduloan provides cover for tuition, accommodation, study material like books, laptops etc.
The institution does this at the lowest possible interest rates. If you are a student with no form of consistent income, the loan must be taken out in the name of your guardian or sponsor.
You get to benefit from affordable monthly repayments, which are also fixed, which allows you to budget better. There is no admin because EduLoan pays the school loans directly to the schools. There is no deposit required and there are no long repayment terms.
EduLoan Requirements:
- Be permanently employed
- Not be under debt review, sequestration, liquidation or administration
- Provide a quotation from the educational education at which you’re registered
- Provide a certified ID copy
- Provide your or your sponsor’s payslip
- Provide your or your sponsor’s bank statement
With Eduloan, study finance is also provided to corporate employees and a salary deduction can be arranged. The loan can be repaid between 6 and 22 months.
To qualify for an Eduloan, instalments should not exceed more than 25% (based on a one year loan) of their monthly gross salary. One must also not earn less than R2000 after deductions.
If your sponsor is self-employed, he or she will be required to bring proof of business ownership and 6 months’ bank statements
How can you apply?
Simply visit www.eduloan.co.za or visit any of the on-campus Eduloan offices.
You can also call 0860 55 55 44 or SMS “edu” to 32150 and a consultant will call you back.
Send an email to support@fundi.co.za for more information about EduLoan requirements.
