Representative example: a R50 000 loan at an interest rate of 24.5% per annum plus a once-off initiation fee of R1 207.50 (added to the loan amount in this example) and a monthly admin fee of R69.00, over 72 months would have a total cost of R 103 155.57.
The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months.
MyLoan is an online loan broker and not a lender. Our service is free and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants’ credit score and other factors at the lenders’ discretion.
Access to quality higher education is crucial in unlocking opportunities and building a prosperous future. However, the rising tuition and related expenses pose significant challenges for many students and their families. Therefore a student loan can be the perfect option to focus on your educational aspirations - let’s begin this empowering journey together today!
Who is Fundi?
Fundi is a prominent financial institution that specialises in student loans. With a solid commitment to supporting education and empowering students, Fundi quotes loans that cover tuition fees, study materials, and accommodation expenses. They have established partnerships with accredited institutions nationwide, ensuring that students can utilise their loans at recognised universities, colleges, and vocational training centres.
What are Fundi Student Loans?
Fundi student loans feature competitive interest rates, flexible repayment options, and a streamlined application process, making them accessible to many students. Fundi plays a crucial role in promoting academic success and fostering a brighter future for individuals in South Africa by facilitating access to higher education.
What are Fundi Bursaries?
Fundi bursaries are financial grants awarded by Fundi to deserving students who demonstrate academic excellence, leadership potential, or financial need. These bursaries provide financial assistance for tuition fees, study materials, accommodation, and other educational expenses. Fundi bursaries are highly competitive and often require applicants to meet specific eligibility criteria, such as academic achievement or enrollment in particular fields of study. Successful recipients of Fundi bursaries benefit from the financial support that enables them to focus on their studies and unlock their full potential.
The Difference Between Bursaries and Student Loans
Understanding the difference between bursaries and student loans is essential when considering financial assistance for higher education. While both options aim to provide support, they differ significantly regarding repayment and eligibility.
A bursary is a form of financial aid that does not require repayment. Instead, it is typically awarded based on various criteria, such as academic performance, financial need, or specific demographic factors. Institutions, organisations, or government bodies often provide bursaries to help students overcome financial barriers. For example, they can cover tuition fees, textbooks, accommodation, or other educational expenses. By alleviating the financial burden, bursaries quote students the opportunity to pursue their education without worrying about future debt obligations.
On the other hand, a student loan is a borrowed sum of money that must be repaid with interest after completing studies, or the lender defers capital repayments for 12 months or until the student graduates. Unlike bursaries, loans involve a contractual agreement and require regular payments over a specified period. Student loans are available from lending institutions, government agencies, or educational institutions. The loan can cover tuition fees, living expenses, accommodation and other educational costs. While loans provide immediate financial support, they can also create a long-term financial responsibility that borrowers must manage after graduation. But it allows investing in your education while building a solid foundation for your future - which MyLoan can help you with.
Who is MyLoan?
MyLoan is a reputable online lending platform that quotes convenient and accessible personal loan solutions to individuals in South Africa. MyLoan prioritises efficiency, transparency, and customer satisfaction as a trusted financial service provider.
MyLoan quotes online loans that are convenient and straightforward, as you only need an internet connection, a cell phone, or a computer to apply for a loan amount that suits your needs. That’s why online loans don’t make you wait and make life easy when needed. There are many different online loan options, including personal loans that can be used for almost everything, payday loans and short term loans.
The Application Process With MyLoan
Many registered credit providers quote instant loans in South Africa. MyLoan partners with only NCR-certified lenders and has done the work on your behalf. We have integrated and automated the process of receiving personalised loan quotes from many lenders. Filling out our online loan form corresponds to going into a physical bank, talking to thirteen lenders and filling out an application for each lender. Therefore it is time-saving, extra convenient, secure and way more flexible.
Fill in the Loan Application
Fill in the loan application. The form only takes a few minutes to complete, and once you submit it, we will forward it to multiple lenders that are most inclined to lend to you.
See Loan Quotes
Credit providers that see your application and are willing to provide the cash you need will instantly provide you with a preliminary loan quote. You will see the details of your loan, such as how much you qualify for and your expected interest rate. After you accept a quote, the lender will contact you directly to finalise the process.
Get the Money
Once you choose and accept one of the quotes, you finalise the application by submitting additional details and required documents like proof of residence. The lender then deposits the funds in your bank account.