Many South Africans have resolved to make 2024 their year of educational achievement. In a recent poll of 3 000 Capitec Bank clients, 17.5% expressed they’d likely need education financing in the next five years, with 64% hoping to pursue tertiary studies. Capitec confirmed that more than 23 000 individuals have expressed interest in taking up Educational Loans since they launched this revised product in October 2023.
Francois Viviers, Group Executive of Marketing and Communications at Capitec, says, “We recently funded an aspiring nurse to complete her nursing studies through Netcare. This is why we launched our education financing offering with SmartFunder in 2023.
We know talent abounds in this nation, and we want to give South Africans every opportunity to pursue their passions to change the course of our country. We’re determined to make education more accessible and offer financing for diverse learning institutions, so long as they are accredited by the Department of Basic- or Higher Education and Training.”
Capitec’s Education Loan empowers South Africans to fund their studies
Capitec’s Education Loan offers South Africans up to R500 000 towards their education, with reduced interest rates and extended loan terms of up to 84 months.
The loan is paid directly to the education institution, ensuring the funds are used for their intended purpose. Along with the Education Loan, Capitec allows clients to take up an Access Facility, a revolving credit product with limits of up to R500 000. Clients only pay for the facility when they use it, providing flexibility and control over their finances.
Capitec says it can finance studies at any public or private school, FET college or university registered with the Department of Basic Education or the Department of Further Education and Training. This gives clients the flexibility to choose from approximately 26 700 institutions at an affordable rate.
So, what are South Africans studying?
Viviers said that of the polled Capitec clients, a further 16% were seeking to fund primary or high school learning for a dependent, and 17% wanted to fund their own professional certifications or short courses. “There’s a hunger for learning opportunities across the spectrum, from primary and high school certifications to diplomas and undergraduate and postgraduate studies. We’ve provided funding across the state universities and for studies at many private institutions and FET colleges. We even had applications for certified diving courses and pilot’s licenses.”
Historically, financial gaps have been the biggest hindrance preventing South Africans from studying. The enormous interest in and quick uptake of Capitec’s education financing demonstrates that people are actively seeking ways to capitalise on learning opportunities. Viviers adds, “Our education financing has proven to be very popular since its launch. It’s still early days, but it’s evident South Africans are striving to better their lives through education. And we want to be their partner and biggest supporter on that journey.”
He adds that Capitec has partnered with various education institutions in the private and public sectors to meet clients wherever they are. “We want to enable better access to education and have created a product that serves a wide range of needs to assist our clients to better their lives.”
Capitec’s educational financing includes bespoke loan terms to match a student’s unique needs at discounted, fixed interest rates. This means the client knows exactly what they will pay over the full loan term to make an informed decision. Any fees due to a reputable education institution can be financed, whether to settle last year’s study fees, pay for new studies or do both simultaneously.
If you want to be one of the smart South Africans putting their studies first in 2024, then visit www.capiteceducationfinance.co.za or your nearest Capitec branch for more information or to apply.
Also see: Tips on how to juggle work and studies
