Credit for education: frequently asked questions (FAQs)
What is credit for education?
|Credit offered at discounted interest rate over an extended term, that you can use to pay for education. You can only apply through one of our education partners from their website. If you qualify and your credit is approved, the money will be paid directly to the relevant partner for you.|
What are the benefits?
What is the maximum amount I could qualify for?
|The term and amount that you could qualify for is based on your personal credit profile, salary details and affordability:|
Who could qualify?
|To apply for credit, the applicant (you or your parent/s, guardian or sponsor applying on your behalf) must be permanently employed, 18 years or older and have a valid South African ID document/smart ID card. A quote or invoice, not older than 30 days is needed to process your application.The credit assessment will be based on our credit granting rules and your personal credit profile and affordability. You may also need to provide:|
For more information, visit capitecbank.co.za.
How would I know how much I could qualify for?
|Follow the link on the partner’s website and complete 4 easy steps to see how much you could qualify for.|
Do I need to be a Capitec client to apply?
|No, you do not have to be a Capitec client to apply.|
Can I move my existing loan to Capitec?
|You can’t use credit for education to settle an existing loan. But if the existing loan reflects on the credit bureau and you qualify for either a Capitec term loan or access facility, it can be settled with the proceeds.|
What documents do I need to apply?
|You will need:|
How is the interest rate calculated?
|The interest rate for which you qualify for is based on your personal credit profile, salary details and affordability. Credit for education is offered at a discounted interest rate, which means you’ll pay less interest compared to any of our other credit products. Once you’ve taken credit with us, you can view your interest rate on your statement or agreement.|
What are the most common reasons my application would be declined?
|There could be various reasons as to why your credit application was declined and it could vary from client to client.|
The most common decline reasons are:
Can I apply while I’m under debt review?
|We unfortunately cannot provide you with credit while you’re engaged in the debt review process. Only once you have fully paid up your accounts and the debt counsellor has issued you with a clearance certificate, will you be able to apply for credit again.|
Can I apply if I am blacklisted?
|No, you cannot apply for credit if you are blacklisted.|
How can I ensure I have a good credit score?
|Your credit score is determined by your credit profile. Below are some guidelines on how to build and maintain a good credit score:|
We encourage you to download our free Money Guide to get tips and learn more about how to manage your money.
How can I improve my credit score/record?
|A low credit score can be improved by:|
If I take credit for education and drop out of the course, will the money be refunded and will I incur any fees?
|The credit will have to be repaid in full according to the Capitec credit agreement signed.|
Can I use credit for education to pay for other fees like textbooks?
|If the textbooks are supplied by the same institution and can form part of the invoice payable for tuition fees, you could use the credit to pay for textbooks. However, if the textbooks are supplied by an alternative supplier and/or requires a separate payment, you cannot use the credit to pay for it.|
What is the difference between credit for education and a term loan/personal loan or a student loan?
|Credit for education is used specifically for an education need. You can only apply through one of our partners from their website. If you qualify and your credit is approved, the money will be paid directly to the relevant partner for you. It can be used as a student loan to pay for tuition fees. A term loan or personal loan can be used for various needs and the money is paid into the client’s bank account on approval, but you won’t receive a discounted interest rate or an extended term.|
Where can I apply? Can I visit a Capitec branch?
|You can apply online or get an estimate to see if you qualify directly from the relevant partner’s website. Complete 4 easy steps to see if you qualify. If you do, one of our consultants will contact you within 48 hours to complete your application. You can’t apply at a Capitec branch or through the credit estimate on the Capitec website.|
How soon will I get the money?
|Once your application has been approved, you just have to approve your DebiCheck debit order and then the money will be paid directly to the partner.|
Is the money paid directly to the partner?
|Yes, the money will be paid directly to the partner using the bank account details provided on the invoice.|
What is the cost (interest rate, monthly fee)?
|The interest rate for which you qualify for is based on your personal credit profile and affordability. Credit for education is offered at a discounted interest rate, which means you’ll pay less interest compared to any of our other credit products. Once you’ve taken credit with us, you can view your interest rate on your statement or agreement.|
How do I complete my application online after doing an estimate?
|Once you’ve completed the online estimate steps, you’ll have the option to choose I’m interested or Cancel. If you’d like to go ahead with the credit application, choose I’m interested and one of our consultants will contact you within 48 hours to complete your application.|
How do I finalise my application?
|Ensure that you send all of the required documents through to us so that we can pay out the proceeds of your loan. This includes the final standard invoice or quote from the partner, not older than 30 days which you can send to CreditDocuments@capitecbank.co.za. Please ensure the quote you send is the final one.|
Who can complete the application?
|The applicant must complete the application themselves through the relevant partner website. For your own safety and the protection of your personal information, nobody else should complete the application on your behalf.|
Where can I direct my queries to?
|You can call us on 0860 66 77 89, Monday – Friday 8am – 6pm or Saturdays 8am – 1pm.|