In your quest to find funding for your studies in 2024, you may have considered education finance and fund management specialist, Fundi, for your study loan needs. Before sending your application, you probably have a few unanswered questions about Fundi that you’d like to get to the bottom of.
That’s where we come in. In this article, we answer the top 10 FAQs about applying for funding at Fundi so that you can start your academic journey with confidence.
Table of Contents
1. What is Fundi?
Fundi is South Africa’s leading education finance and fund management specialist. Fundi student loans enable students to pursue their dreams by covering a comprehensive range of education costs, including tuition fees, study devices, textbooks and more.
Overall, Fundi has got all your educational needs covered under one roof, making it easier for you to focus on your academic journey.
2. How Does a Fundi Student Loan Work?
Getting a Fundi student loan is pretty straightforward. You start by filling out the application form online, where you’ll be asked for your name, email address and cellphone number.
Once you’ve hit that “Call Me” button, the Fundi team swings into action. They’ll review your information and get in touch with you. Then, you might need to hand over some documents they ask for to help them decide if they can give you the green light for a student loan.
Once you’re approved for a student loan, Fundi steps in to pay your education bills straight to your tertiary institution of choice. And when it’s time to pay them back, it’s easy-peasy. All you have to do is set up a deposit, which is deducted from your salary each month.
3. Who Qualifies for a Fundi Student Loan?
You’ve got your matric certificate ready and you’re ready to start your student loan application. But wait, you’re not sure if you qualify for a student loan! Don’t worry, we’ve got you covered. In order to qualify for a Fundi student loan, you have to ensure that you meet the following criteria listed below:
- You must be a South African citizen
- You must be a government employee with a persal number (e.g. nurse)
- You must be over the age of 18
- You must not be under debt review
- You must be earning a minimum of R2,500 after monthly deductions
4. How to Apply for a Fundi Loan
Getting a Fundi loan is a breeze! Here’s the step-by-step guide:
- Visit the Fundi website.
- Go to the ‘Solutions’ section.
- Click on ‘Educational Loans.’
- Choose Know More’ under ‘Study Loans.’
- Fill in your details.
- Sit back and wait for a call from one of Fundi’s friendly agents.
But hey, if you’re in a hurry and don’t want to wait, you can always reach out to Fundi directly. Just give them a ring at 086 055 5544 or drop them an email at support@fundi.co.za. They’ve got your back!
5. How Much is Fundi Loan Monthly Allowance?
Okay, so here’s the thing: Fundi doesn’t actually provide a traditional monthly allowance. Instead, Fundi offers financial support for specific items or expenses. When you apply for funding through Fundi and meet the necessary criteria, you’ll need to submit a quotation specifying the items for which you require funding.
For instance, let’s say you aspire to become a teacher and plan to enroll at the University of Johannesburg (UJ). If you require financial assistance for your tuition fees and accommodation, you would submit a quotation to Fundi that outlines the cost of these two specific items.
Your Fundi student loan application would be assessed for these particular expenses, and if approved, you would receive funding for those specific needs.
6. What Can a Fundi Student Loan Be Used For?
Fundi knows that the cost of studying can be expensive, which is why their student loans cover a range of educational costs, such as:
- Tuition fees
- Textbooks and other study material
- Technological devices such as laptops, tablets and mobile phones
- Accommodation
- Education related equipment
7. Who Does Fundi Pay the Student Loan To?
Fundi ensures that your student loan funds are sent directly to your tertiary institution or service provider. This means you won’t have to worry about handling the money yourself—it goes straight to where it’s needed.
8. When Are We Expected to Start Paying Back the Fundi Student Loan?
Repayment for your Fundi student loan kicks in one month after your loan has been approved. This gives you a little breathing room to focus on your studies before starting to pay it back.
9. If I Receive NSFAS Funds or Funds From a Funder, Can a Student Loan Be Settled Early?
Absolutely! If you receive funds from NSFAS or any other source and want to settle your Fundi student loan ahead of schedule, you can do so without any pesky penalties. Fundi encourages responsible financial management.
10. Can I Study at Any Institution of My Choice With a Fundi Student Loan?
Yes, you have the freedom to select any accredited educational institution that suits your academic goals. Fundi supports your pursuit of education at institutions recognised by national accreditation organisations. Whether you’re looking to study at a public university, private college or TVET, the choice is yours!
Fund Your Educational Journey with Fundi
Now that you’ve got the lowdown on what Fundi is and the awesome financial services it provides, you might be thinking about securing a student loan from Fundi in 2024. That’s fantastic news!
To check if you meet the requirements for a Fundi loan, you can give the Fundi Loan Calculator a spin. It’s a handy tool to help you get started on your path to educational success!
If you want to learn more about Fundi and all it has to offer, be sure to visit the Fundi website today. You can also contact Fundi on 086 055 5544 or email support@fundi.co.za.
