How Does Fundi Loan Work?
Fundi is one of the biggest providers of student loans in South Africa. The service is essential, as far as growing the country’s economy is concerned. Having an educated workforce is one way through which South Africa can remain competitive on the global stage. When it comes to education loans, there are many options. Most people are familiar with the government funded NSFAS. In this post we are focusing on Fundi. So, how does a Fundi loan work?
How does a fundi student loan work?
The following is information that you need to know about how Fundi loans work;
- Fundi loans are meant for South Africans who need help while studying at the country’s tertiary institutions
- The loans are for people who are permanently and formally employed. You can also apply if your parent or guardian is employed
- Fundi loans are unsecured, meaning you can get one without having to back it up with assets. The only requirement is that you or your guardian need to be formally employed.
- You can begin the application process by filling in the required information online. The Fundi team will get back to you to proceed with the process.
- Repayment for Fundi loans starts immediately after the loan has been released. Learn more about how to repay your Fundi loan. Basically, money is deducted from your account either directly or via debit order. It’s the reason why they demand that you or your guardian be employed.
- In this regard, Fundi loans are different from NSFAS loans, as an example. With NSFAS, repayments are only expected after you have completed your studies and have gotten employed.
- When you get a Fundi loan, most of the money is paid to your institution. If you needed the money for tuition as an example, you will need to provide receipts and they will pay the money to your school.
What types of loans does Fundi provide?
Fundi provides a number of loan types, all of which are designed to make your education journey simple and memorable. You can get loans for the following;
- Study
- For study gadgets, such as laptops or tablets
- Books
- Accomodation
- MBA
Summary
This article was dedicated to answering the question how does a Fundi loan work? It was noted that this loan is available to all South Africans. However, there is a requirement that the person applying or their guardian be formally employed. Repayment starts almost immediately after the loan is released.