Can I cancel GIRO Transfer?

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Terminating OCBC GIRO Payment via Online Banking

Below is the tutorial to cancel your GIRO payment arrangement through internet banking:

  1. First off, go to the official website of OCBC Bank and log in to your account using your username and password.
  2. On the left side of the page, select the Payment and Transfer menu.
  3. Click on GIRO services and select the View GIRO Payments option.
  4. Go to the account you are using to apply for the GIRO arrangement.
  5. Click on GIRO arrangement and select the Terminate option. Now, your GIRO payment has been successfully terminated.

Via Mobile Banking

Here is the step-by-step on how to cancel GIRO payment OCBC through mobile banking:

  1. Keep in mind that this method is only applicable to those who already have OCBC mobile banking account. You simply need to launch the app and log in to your account using your user ID and password.
  2. Select the menu bar on the left side of the screen and tap on the Pay option.
  3. Tap on the GIRO services option and click on View or terminate GIRO.
  4. Follow the instructions to terminate your GIRO payment arrangement.

Alternatively, you can visit the nearest OCBC branch to cancel your GIRO arrangement or contact the customer service center at 1800 363 3333. In addition to this, you can file a request through email by submitting the GIRO termination form you are able to download at the bank’s official website.

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What to Know About OCBC GIRO Payment Termination

  • You will only be able to cancel GIRO payments that are still active.
  • The online cancelation service can be used every day between 5 a.m. up to 9.30 p.m. If you send your application between 9.30 p.m. up to 5 a.m., this application will not be accepted, and you are required to re-submit it.
  • If the bills of your OCBC credit card have the same exact registration number as your Passport, FIN, or NRIC, the arrangements of all those cards will also be canceled once one of your GIRO arrangements is canceled.
  • The GIRO arrangements that have been terminated will be shown on MB or INB for around 6 months. Then it will be automatically removed from the MB or INB.
  • The application for your GIRO payment termination will immediately take effect if you conduct this process through mobile or internet banking.
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Student Loans in South Africa: How to Apply and What to Expect

For many young South Africans, accessing higher education is a dream that often comes with a financial challenge. Fortunately, several student loan optionsstrong> are available in South Africa to help fund university, college, or TVET studies. Whether you’re looking for a government loan like NSFAS or a private student loan from a bank, understanding the process is essential for success.

What Are Student Loans?

Student loans are a form of financial aid provided to eligible students to help cover tuition fees, books, accommodation, and other study-related expenses. In South Africa, these loans can come from government institutions like NSFAS or private banks such as Nedbank, Standard Bank, FNB, and Absa. Most loans offer repayment flexibility and low-interest options until you graduate.

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Types of Student Loans in South Africa

  • NSFAS (National Student Financial Aid Scheme): A government-funded loan/grant program for students from low-income households. Covers tuition, housing, transport, and meals.
  • Bank Student Loans: Offered by most major banks. These are credit-based and require a guardian or parent as a co-signer.
  • Private Loan Providers: Companies like Fundi offer educational loans covering various costs such as school fees, gadgets, and textbooks.

Requirements to Qualify for a Student Loan

Each provider has its own criteria, but most South African student loans require the following:

  • Proof of South African citizenship or permanent residency
  • Proof of registration or acceptance at a recognised tertiary institution
  • Parent or guardian with a stable income to co-sign (for private loans)
  • Completed application form with supporting documents (ID, proof of income, academic records)

How to Apply for a Student Loan

To apply for a student loan in South Africa, follow these steps:

  1. Identify your loan provider: Choose between NSFAS, a bank, or a private lender.
  2. Gather necessary documents: ID copies, academic transcripts, acceptance letters, and income statements.
  3. Complete the application form online or at a branch.
  4. Await approval: Some banks offer instant decisions, while NSFAS can take a few weeks.
  5. Receive disbursement: Funds are typically paid directly to the institution or your account, depending on the lender.

Loan Amounts and Repayment

The loan amount you can receive depends on your chosen lender and financial need:

  • NSFAS: Covers full tuition, residence, books, and a personal allowance. The loan becomes a bursary if you pass all your courses.
  • Banks: Can provide up to R120,000 or more annually, depending on tuition costs and credit history.
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Repayment usually starts after graduation or once you start earning an income. Bank loans may require interest-only payments during your studies. NSFAS repayment only begins when you earn above a specific income threshold.

FAQs on Student Loans in South Africa

1. Can I apply for a student loan without a parent or guardian?

For government loans like NSFAS, yes. But most banks require a financially responsible co-signer, especially for students without an income.

2. Is NSFAS a loan or a bursary?

NSFAS starts as a loan, but it converts to a bursary if you meet academic performance requirements. This means you may not have to pay it back.

3. What is the interest rate on student loans?

Private banks offer competitive rates between 5% and 12%, depending on the applicant's credit profile. NSFAS charges a much lower interest rate, usually linked to inflation.

4. What happens if I fail my courses?

If you’re funded by NSFAS and fail, your loan won’t convert into a bursary, and you’ll need to repay the full amount. Banks may continue charging interest, and your co-signer may be held liable.

5. Can I use a student loan to pay for accommodation and laptops?

Yes. Both NSFAS and many bank student loans cover costs beyond tuition, including housing, meals, textbooks, and electronic devices like laptops or tablets.

Final Thoughts

Student loans in South Africa offer a much-needed financial lifeline to thousands of students every year. Whether you're applying through **NSFAS** or a private bank, ensure you understand the **terms, interest rates, and repayment conditions** before signing any agreement. Make informed decisions today to secure your academic and financial future tomorrow.

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