Increase in FNB student loans

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WINDHOEK – First National Bank (FNB) Namibia says it is ready to start offering student loans for the coming year. The FNB student loan offers a six-month payment holiday on the capital portion of the loan from the date of graduation. Interest payments must be made from the date of taking the loan.

 

“Student loans are a sound investment and a convenient way to pay for student fees, computers, books and accommodation. These loans are easily accessible providing the student’s parent or guardian earns more than N$6 000/month and the application meets NCA criteria. A pre-requisite for an FNB Life Start Student Loan is proof of registration in an academic institution,” says Ester Kali, Executive of Retail and Business Banking at FNB Namibia.

For FNB customers, access to a Life Start Student Loan is easy as it can be completed via online banking, a FNB branch or the Call Centre. “We require an ID Book for the student and the guardian/parent and loan amounts start from N$4 000. We require additional documents from customers of other banks and for larger amounts. Students can re-apply for additional amounts at any time after the loan has been granted,” said Kali.

 

FNB is already noting strong demand for student loans, mostly from Grade 12’s who are starting to register at universities and technical colleges for 2014. The bank noted that demand for student loans increased by almost 5 percent last year, due largely to increased tuition fees and families placing a much greater emphasis on post-matric qualifications. Loan values have also increased by more than 13 percent.

 

“A tertiary education is critical to your child’s future employment and career opportunities. This is not limited to typical academic qualifications, but includes growing numbers of students seeking diplomas in high-demand areas such as trade skills and specialist computer skills. Very often these students and their families struggle to purchase laptop computers, specialist equipment and books. Loans can be used for any student requirements,” said Kali.

 

By Staff Reporter

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