FREQUENTLY ASKED QUESTIONS

 What is credit for education?

Credit offered at discounted interest rate over an extended term, that you can use to pay for studies at Stellenbosch Business School. You can only apply through the Stellenbosch Business School website. If you qualify and your credit is approved, the money will be paid directly to Stellenbosch Business School on your behalf.

What are the benefits?

• Enjoy a discounted, fixed interest rate for the term of your loan
• Get up to R250 000 over 84 months
• Save time, no need to visit a branch
• Apply online and get your offer within 5 minutes
• No long waiting periods, payout within 24 – 48 hours
• No further payments need to be made, the credit is paid directly to Stellenbosch Business School on your behalf

What is the maximum amount I could qualify for?

The term and amount that you could qualify for is based on your personal credit profile, salary details and affordability:

•  If you get paid monthly you could qualify for up to R250 000
• If you get paid weekly you could qualify for up to R50 000
• If you get paid fortnightly you could qualify for up to R12 000

Who could qualify?

To apply for credit, you must be permanently employed, 18 years or older and have a valid South African ID document/smart ID card. A provisional quote or admission letter is needed to process your application.

The credit assessment will be based on our credit granting rules and your personal credit profile and affordability. You may also need to provide:

• Your latest 3 consecutive salary slips
• A bank statement showing your latest 3 consecutive salary deposits (only if your salary is not paid into your Capitec account)
• No proof of residential address is needed; however, you may be asked to provide supporting documents to complete your application

For more information, visit capitecbank.co.za.

How would I know how much I could qualify for?

Application and pre-test fees (SHL, GMAT) are excluded from this credit solution. Follow the link here and complete 4 easy steps to see how much you could qualify for.

How will my information be shared?

The credit application process and any subsequent Credit Agreements will be between you and Capitec without any involvement from Stellenbosch Business School. No financial data will not be shared with Stellenbosch Business School and no academic information will be shared with Capitec.

Do I need to be a Capitec client to apply?

No, you do not have to be a Capitec client to apply.

Can I move my existing loan to Capitec?

You can’t use credit for education to settle an existing loan. But if the existing loan reflects on the credit bureau and you qualify for either a Capitec term loan or access facility, it can be settled with the proceeds.

What documents do I need to apply?

You will need:

• An admission letter or provisional quote from Stellenbosch Business School.
• Valid South African ID document/smart ID card (Must be 18 years or older. If your name and/or surname differs from your identification document, a marriage certificate, divorce court order or name change letter will be required.)
• Your latest 3 consecutive salary slips
• A bank statement showing your latest 3 consecutive salary deposits (only if your salary is not paid into your Capitec account)
• No proof of residential address is needed; however, you may be asked to provide supporting documents to complete your application

How is the interest rate calculated?

The interest rate for which you qualify for is based on your personal credit profile, salary details and affordability. Credit for education is offered at a discounted interest rate, which means you’ll pay less interest compared to any of our other credit products. Once you’ve taken credit with Capitec, you can view your interest rate on your statement or agreement.

What are the most common reasons my application would be declined?

There could be various reasons as to why your credit application was declined and it could vary from client to client.

The most common decline reasons are:

• Affordability – you do not meet the minimum affordability criteria
• Low credit score – when our standard credit scoring model indicates that the credit score for your application is below the minimum required
• You are under debt administration. Once you are under debt administration, Capitec is not allowed to enter into a credit agreement with you
• One or more of your Capitec accounts have been handed over to an external debt collector previously due to non-payment

Can I apply while I’m under debt review?

Capitec unfortunately cannot provide you with credit while you’re engaged in the debt review process. Only once you have fully paid up your accounts and the debt counsellor has issued you with a clearance certificate, will you be able to apply for credit again.

Can I apply if I am blacklisted?

No, you cannot apply for credit if you are blacklisted.

How can I ensure I have a good credit score?

Your credit score is determined by your credit profile. Below are some guidelines on how to build and maintain a good credit score:

• If you are used to paying for everything in cash, it would be a good idea to open some credit facilities in order to demonstrate good credit behaviour
• Make sure you pay your accounts on time, every time. Don’t skip payments – even if you pay double the next month, it will negatively affect your credit profile
• Don’t be tempted by easy credit. Avoid ‘loan sharks’ and ‘pay day’ loans
• Every credit check on your profile is tracked and too many checks will reduce your score – so be mindful of applying for credit everywhere you go
• Make sure you complete any credit application carefully so there are no errors on your credit profile
• If you think you may not be able to pay your loan or account, contact your credit provider to discuss repayment options. Don’t ignore the problem

Capitec encourages you to download their free Money Guide to get tips and learn more about how to manage your money.

How can I improve my credit score/record?

A low credit score can be improved by:

• Ensuring that any arrear accounts are brought up to date and that all defaulted accounts are settled in full. Contact each creditor, if need be, and try to arrange a suitable payment arrangement that would allow you to settle the accounts
• Ensuring that all your remaining accounts are paid on time each month and avoid new credit applications
• It is important to avoid quick, ‘pay day’ loans as this will reflect on your credit profile and contribute to a lower credit rating
• Once you have done the above, wait for at least 3 – 6 months, maintaining good payment behaviour – for your credit rating to improve before you apply for credit again

If I take credit for education and drop out of the course, will the money be refunded and will I incur any fees?

The credit will have to be repaid in full according to the Capitec credit agreement signed.

Can I use credit for education to pay for other fees like textbooks?

Textbooks are already included with the course from Stellenbosch Business School.

What is the difference between credit for education and a term loan/personal loan or a student loan?

Credit for education is used specifically for an education need. You can only apply through one of our partners from their website. If you qualify and your credit is approved, the money will be paid directly to the relevant partner for you. It can be used as a student loan to pay for tuition fees. A term loan or personal loan can be used for various needs and the money is paid into the client’s bank account on approval, but you won’t receive a discounted interest rate or an extended term.

Where can I apply? Can I visit a Capitec branch?

You can apply online or get an estimate to see if you qualify directly from by following this link to Capitec’s website. Complete 4 easy steps to see if you qualify. If you do, one Capitec’s consultants will contact you within 2 hours to complete your application. You can’t apply at a Capitec branch or through the credit estimate on Gaan the Capitec website.

How soon will I get the money?

Once your Capitec application has been approved, you just have to approve your DebiCheck debit order and then the money will be paid to Stellenbosch Business School after you have been admitted to a programme and have sent us your acceptance form with your credit approval from Capitec.

Is the money paid directly to Stellenbosch Business School?

Yes, the money will be paid directly to Stellenbosch Business School from Capitec.

What is the cost (interest rate, monthly fee)?

The interest rate for which you qualify for is based on your personal credit profile and affordability. Credit for education is offered at a discounted interest rate, which means you’ll pay less interest compared to any of our other credit products. Once you’ve taken credit with Capitec, you can view your interest rate on your statement or agreement.

How do I complete my application online after doing an estimate?

Once you’ve completed the online estimate steps, you’ll have the option to choose I’m interested or Cancel. If you’d like to go ahead with the credit application, choose I’m interested and one of Capitec’s consultants will contact you within 48 hours to complete your application.

How do I finalise my credit application?

Ensure that you send all of the required documents through to Capitec so that they can pay out the proceeds of your loan (this includes your admission letter and provisional quote from Stellenbosch Business School, not older than 30 days) Documents can be sent to CreditDocuments@capitecbank.co.za. Please ensure the provisional quote you send is the final one.

 Who can complete the application?

You must complete the application yourself through Stellenbosch Business School website or by scanning the QR code. For your own safety and the protection of your personal information, nobody else should complete the application on your behalf.

Where can I direct my queries to?

You can call Capitec on 0860 8888 40, Monday to Friday, 8am – 6pm and Saturday 8am – 1pm.