A Fundi study loan requires proof of registration or acceptance at a recognised institution, a quotation for the study costs, and a creditworthy principal debtor whose income and credit record are assessed. Fundi specialises in education finance and pays funds to the institution rather than to the student.
Fundi administers both bursary funds and study loans, and these are entirely different products. A bursary does not require repayment; a loan is a credit agreement with interest and repayment obligations. Be clear about which you are applying for.
Eligibility Requirements at a Glance
Applications are generally assessed on the following.
- Proof of acceptance or registration at a recognised institution
- A quotation or invoice for the study costs to be funded
- A principal debtor with verifiable income, commonly a parent, guardian or sponsor
- That person credit record and existing obligations
- The affordability assessment required by law
- Identity documents for both the student and the principal debtor
Income and Affordability Requirements
The assessment centres on the principal debtor rather than the student, since students generally have no income. Their affordability determines the amount and the terms.
Credit providers in South Africa are required to complete an affordability assessment before granting credit. It looks at your actual income and expenditure rather than declared figures, and lending without it is reckless credit, which is unlawful.
Credit and Financial Requirements
Education finance providers commonly pay tuition directly to the institution and may fund accommodation, books, devices and other study costs on different terms. Confirm exactly what is covered before you rely on it.
Confirm how interest is treated during study and when capital repayment begins, since this determines what you pay each month while studying and the total cost over the life of the loan.
Documents and Verification Required
Applications normally require the following.
- Proof of acceptance or registration at the institution
- A quotation or invoice for the study costs
- Identity documents for the student and the principal debtor
- Proof of income for the principal debtor
- Bank statements for the principal debtor
- Proof of residential address
How to Apply and Improve Approval Readiness
Apply for NSFAS and bursaries first, including the bursary funds Fundi itself administers. A loan should follow only when grant funding is unavailable. See NSFAS requirements.
Compare the total cost of credit against other education lenders and against a general personal loan. Specialisation in education finance does not automatically make it the cheapest option.
Frequently Asked Questions
Is a Fundi loan the same as a Fundi bursary?
No. Fundi administers bursary funds on behalf of other funders and separately offers study loans, which are credit agreements with repayment obligations.
Who does Fundi assess?
The principal debtor, commonly a parent, guardian or sponsor, since students generally have no income.
Does the money come to me?
Education finance providers commonly pay tuition directly to the institution. Confirm how other costs are handled.
When do I start repaying?
Confirm how interest is treated during study and when capital repayment begins, since this determines the cost while you study.
This page is general information and not financial advice. Confirm current criteria, rates, fees and terms with the provider directly, and consider free debt counselling if you are struggling with repayments. See loan requirements and browse all finance and funding requirements.