Izwe is a major loan provider in Africa, offering student loans, building loans, and debt consolidation loans. The company operates in four African countries, one of which is South Africa, which also has the most branches of all the countries in which it operates.
Izwe provides student loans to students pursuing higher education. Anyone who is enrolled at a post-secondary institution and makes a livelihood can apply for the loan. Student loans of up to R250,000.00 are available to cover educational costs.
Izwe is a member of the RCS group and has underwritten loans totalling more than $500 million ( R7.8bn) since its inception. Customers can be confident that they are banking with a respectable financial institution. The borrowed funds can be used to cover all of a student’s educational expenses, such as tuition, textbooks, and stationery.
Since the loan industry in South Africa is dominated by big banks, Izwe Student Loans are not very popular. Before visiting an Izwe branch, here is some more information to assist you to learn more about the Izwe Student Loan.
Izwe student loan is a financing solution for anyone pursuing tertiary courses and earning a monthly wage of R2,000.00 or more.
For tertiary education, the loan starts minimum loan is R1,000.00 and the maximum student loan is R250,000.00. The loan has a 12-month minimum repayment period and a maximum payback period of 60 months.
Izwe Student Loan charges a maximum interest rate of 27.75% per year, compounded monthly, with a minimum interest rate of 15%.
When applying for an Izwe Student loan, an initiation fee of R936.00 is required. Furthermore, the Izwe loan has a monthly account fee of R69.00 that must be paid as long as the loan account is active.
Izwe Student Loan has flexible repayment options and is willing to work with clients to make instalments based on their income level. Interest rates are also subject to credit vetting, so people with good credit are more likely to get lower rates.
Since its licensing in South Africa, Izwe has been able to fund over 150 000 students. The company is registered with the NCR (National Credit Regulator) and the FSCA (Financial Sector Conduct Authority), therefore it can be trusted to follow the lending guidelines set forth by these government agencies.
Izwe Student Loans can be applied for in-person or online at an Izwe branch near you. The application procedure is quick and simple. Within 30 minutes, one can receive feedback on the status of their application through the Izwe branch. This is after one’s information has been processed and all the required documents have been received.
Izwe’s loan amount will be determined by your earnings, as well as other underwriting variables. The money should be available for disbursement within 72 hours of approval.
The money you receive can subsequently be used to pay for tuition and other educational expenditures. To ensure that all educational and other related expenses are covered, items such as stationary, tuition fees, housing, and more can be purchased.
The borrowed funds must be repaid with an interest rate ranging from 15% to 27.75 %. The repayment term for the Izwe loan is 60 months; however, the borrower will decide the repayment period, which must still fall within the maximum repayment period.
As long as the loan account is active, a monthly account fee of R69.00 will be charged. Following your loan instalments, you will receive a letter of settlement acknowledging the full repayment of the debt.
The Izwe Student Loan is a good loan choice for anyone who needs to finance their studies quickly. Since the student loan has such a high-interest rate, applicants should ensure that they have a very good credit score when applying for it in order to secure the best interest rate possible.
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