A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses.
This loan helps parents, guardians, and others with different levels of education pay for school expenses. Existing and new salaried customers who have banked with us for at least a month are eligible for it.
Benefits of ABSA school loan
- Employees can borrow up to GHS220,000 from ABSA
- Monthly repayments over a period 6 – 60 months
- Competitive pricing of 23.5% per annum
- Flexible repayments
- Short and medium-term fee payments for your dependants or yourself, of up to 5 years
- Maximum 72-hour turnaround time to avoid undue delays
- Free credit life insurance covers against retrenchment, death, and permanent disability
- Exciting gifts like caps, school sets, Android tablets, etc. for children on the School Plan
Requirements for ABSA school loan
- You need to have an Absa account to qualify
- Account should have at least one month’s salary credit
- Available to salaried workers
Absa account holders
- National photo ID card (or passport for non-Ghanaians)
- Completed loan application form
- Latest payslip
Non-Absa account holders
- National ID card (or passport for non-Ghanaians)
- A completed loan application form
- Most recent bank statements for the last 6 months (certified)
How does the Absa student loan work?
- To apply for the loan, you need to fill out an application form and attach all necessary documents and information. You can visit any Absa Bank and fill out your application or you could go to their website
- A full-time or part-time student has different requirements for applying for a loan.
- A full-time student applying for the loan should provide an acceptance letter into their various schools, and they should prove that their parents or guardians are earning a certain amount of income per month, if you are catering for yourself too you need to provide your bank statement or payslips from 3 previous months.
- A part-time student needs to prove that he/she is fully employed. Thus, must provide a bank statement or payslip of previous months. Also, should have been accepted into any higher learning institution, and earned a steady income.