To qualify for a Fundi study loan you must be permanently employed by the government, a corporate entity or a municipality, with a contract in place for salary deductions. You must also be 18 or older and under 65, and not be under debt review, sequestration or administration. These are the qualifying rules on the Fundi loans site.
The person who repays is the applicant, and the student is captured separately as the beneficiary. Fundi says it offers study loans only to government workers or employees of companies that have agreements with Fundi. A Fundi loan is a credit agreement, not a bursary.
Eligibility Requirements at a Glance
- Permanently employed by the government, a corporate entity or a municipality, with a salary-deduction contract in place
- Aged 18 or older and under 65
- Not under debt review, sequestration or administration
- A quotation or fee statement from the institution the student is registered with
- An institution that is accredited with Fundi; if it is not, the application tells you so
Fundi lists several loan types: short course loans, study loans (tuition, registration, laptops and study materials), student accommodation loans, executive and MBA loans, and study tools and devices loans. Fundi does not publish a list of employers with a salary-deduction agreement, so ask your employer or Fundi before you apply.
Income and Affordability Requirements
Fundi calculates the loan amount from your net salary, living expenses and debt repayments. The online estimate is indicative only, and final approval, rates and terms depend on assessment and verification.
Fundi does not publish a minimum salary. It also shows the interest rate only in your quotation during the application, so check it there before you accept.
Credit and Financial Requirements
Fundi Capital (Pty) Ltd is a registered credit provider under the National Credit Act (registration NCRCP158). Its loan terms list the costs that may be charged within National Credit Act limits: an initiation fee, a monthly service fee, default administration charges and collection costs, plus a credit life insurance premium where it applies. The initiation fee is payable on signing and can be paid upfront or added to the account without interest.
Repayment is by one monthly debit order, on or before your salary date, covering the instalment and the insurance premium. For government employees, the insurance premium is collected separately from a personal account.
You may make extra or early payments without penalty. Early settlement ends your credit life cover. Fundi’s terms also note your right to debt counselling; the National Credit Regulator is at ncr.org.za or 0860 627 627.
Documents and Verification Required
- A certified copy of your ID
- Your latest salary slip
- A quotation or fee statement from the institution, confirming the fees for the course
Fundi may ask for further documents, and approval is subject to affordability, credit and verification checks. You upload documents in the application as PDF, PNG, JPG or JPEG files. Fundi’s site does not list bank statements or proof of address as required, though it may request them.
How to Apply and Improve Approval Readiness
Apply online at loans.fundi.co.za. The steps shown are: provide your details as the applicant, add your banking and employment details, add the student’s details, calculate the loan amount and costs, review the offer, review and download the contract, and upload your supporting documents.
The loan is paid directly to the institution or service provider, may only be used for educational purposes and cannot be converted to cash. Compare the total cost of credit before you accept. If you may qualify for funding that need not be repaid, look at NSFAS requirements and bursaries first.
Frequently Asked Questions
Who qualifies for a Fundi loan?
A permanent employee of the government, a corporate entity or a municipality with a salary-deduction contract, aged 18 to 64, who is not under debt review, sequestration or administration.
Can a parent apply for a Fundi loan for a student?
Yes, if the parent meets the employment and other rules. The applicant is the person responsible for the instalments, and the student is added as the beneficiary. Fundi says it lends only to government workers or employees of companies with Fundi agreements, so a self-employed or unemployed parent will not qualify on that basis.
Is a Fundi loan the same as a Fundi bursary?
No. The loan is a credit agreement you repay. Fundi’s separate bursary portal lists bursaries from individual funders, each with its own criteria.
Does the money come to me?
No. The loan is paid directly to the institution or service provider and cannot be taken as cash.
Can I settle the loan early?
Yes, extra and early payments carry no penalty. Request a settlement quote from Fundi on 0860 55 55 44.
Confirm current criteria, rates and fees with Fundi before you apply, and see loan requirements and browse all finance and funding requirements.