Capitec Bank Student Loans (2023) Calculator

There is plenty of money in banks, not only in South Africa but all over the world. The problem is that providing loans to students has over the years proven to be both unprofitable and risky, which is why most banks choose to avoid it entirely. However, there are a few banks that are bolder and more forward-thinking; one of such is Capitec Bank student loans by Capitec Bank.

Capitec bank has not just dived in arbitrarily and started providing unsecured loans to people just because they are students, however; the bank has partnered with private higher education group Stadio to offer unsecured student loans.

Stadio has more than 34,000 students enrolled at various campuses. It has indicated that about 80 percent of its student population is studying online, while the remainder is studying via the traditional method of face-to-face learning.

How Does Capitec Bank Student Loan Work?

The Capitec Student loan South Africa is different because while most other loans from other banks require the students to provide a guardian or parent to stand as a primary debtor often using his home as collateral, the Capitec Bank Student loan is an unsecured loan, and does not. 

Capitec states that the loan only attracts an interest ranging from 9-to-10 percent. The loan has a usual tenure of about 12 months during which the loan should be paid off. The bank has stated that the loans are tailored in such a way to help improve the borrower’s ability to earn and repay debt. That means borrowers are given smaller sums at first asking, and the money gradually increases over time.

Capitec Student Loans Calculator

If you want an R10,000 loan for a 2-year term you get an interest rate of between 14.20 and 24.75%, and your monthly repayments should be about R1,105.06 per month. If you apply for a loan of R25,000 at the same tenure of 2 years then you also get interest rates starting at 14.2 percent, your monthly repayments should be R1397.74.

Capitec Student Loan Requirements for your application:

 Applicants must be over the age of 18 years to apply.

Applicants must be registered as students with a tertiary institution in South Africa.

Applicants must have their South African green-bar coded Identity document or Smart Card ID.

Applicants must have their guarantor’s South African green-bar coded ID or Smart Card ID.

Applicants must have their proof of residence not older than 3 months.

Applicants must have their guarantor’s proof of residence, also not older than 3 months.

Applicants must have their 3 months of bank statements, and if they are self-employed they must provide 6 months of bank statements.

How To Apply For Capitec Student Loans South Africa

To apply for a Capitec bank loan you can just go over to the bank page and apply: https://www.capitecbank.co.za/global-one/credit/

You can also contact: 0860102043

For more information contact Capitec Bank:

Telephone Contact: (021) 809 4599

Fax Number: (021) 880 1840

Other Loan Facilities from Capitec Bank are:

Capitec Bank Term Loan

The Capitec Bank Term Loan is a product that promises to provide credit without any hassles. With this offer, the bank provides tailor-made credit facilities that will help fund whatever need the customer has. The term loan can be as high as R250 000. 

For more information please visit: 

Website://www.capitecbank.co.za › global-one › term-loan

Capitec Bank Home Loan 

Capitec Bank Home Loan is the loan facility from Capitec Bank which is designed to help customers purchase their own homes. Therefore the bank is helping its customers gain the peace of mind and sense of stability that comes with having your own home. This product is brought to you with the partnership of SA Home Loans.

Apart from the chance to buy your own home, this loan gives you the opportunity to swap your house for a bigger one.

The loan can be completed really quickly. You just apply online.

 Because SA home loans help you with some of the processes, you can get up to 50% off bond attorney fees.    

Capitec Bank Global One Personalised Credit

Capitec Bank offers personalised credit which means that they give you an offer matching what the bank believes is best for you based on your profile. The loan can be used to pay for your education, particularly if you are studying part-time while working at the same time. You get lower fees and also get one of the best possible interest rates in South Africa. Apart from your education, you can also get this credit facility if you need money for your home improvements, to buy a car, and so on.

Benefits include quick payouts of the loan (some loans are approved within 24 hours), Fixed monthly repayments, Low-interest rates starting at 12.9%, the opportunity to consolidate all your existing loans for easier monthly repayments, and affordable credit insurance.

Related:

• Cheapest Student Loans In South Africa
• How To Get A No Credit Check Loans Guaranteed Approval In South Africa

Conclusion:

The student loans from Capitec bank are not yet a popular option because the bank is still working to perfect the product offering. However, Capitec Bank is one of the South African banks that has been consistent in providing loan facilities to South Africans in general, and entry-level customers in particular. That is why there have been a lot of inquiries about whether or not Capitec bank offers a student loan. One can rightly say that the Capitec Student loan is a product designed in response to the many inquiries from students about a student loan facility from the bank.

A word of caution to readers is in order at this time; loans can be a very dangerous way of getting funds especially for your education. This is because loans can quickly escalate into a deep hole of debt. Therefore, one must be very careful when choosing a loan. The interest rate must be low, and the repayment options must be flexible. 

Please be careful with the thing called debt consolidation; many have gone down that road, and have ended up so far in debt that it will take several years to clear it up. It is never a good idea to take on more debt in order to pay off existing ones, and even if banks push this as an option out of the goodness of their hearts, it is up to everyone to ensure that his finances are in order.