FNB has once again disrupted the industry with one of the most innovative additions to hit banks across SA. From this week, you can now renew your vehicle license on the FNB app, and the whole process is as easy as ABC. Part of a full platform called nav>> Car, this smart online tool provides several handy tools that allow consumers to perform multiple checks and transactions online. While vastly welcomed and hailed as revolutionary in the industry, there does seem to be a downfall with the app for some people. Should you choose the ad-hoc feature, on top of the renewal fees, the bank has added an extra R199 for handling and delivery fees. Although consumers are blown away by how the new feature can save hours of queuing, the excessive fee is simply not sitting well with them. We take a look at the new feature.
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How Does It Work?
Should you use the ad-hoc vehicle license renewal, the process has been simplified to renew their license in a few easy steps.
- Scan the license with your smartphone
- Pay for the renewal using the in-app payment system
- The license disk will be delivered to your door
Convenient right? This seems like it is too good to be true! Well, there are several more features to this app that make it really appealing for customers! Well, there are several more features within the app that make it really appealing for customers! Should you choose the On-road PROTECT, the app includes the following services:
- Renewal for up to five different licenses
- Receive instant notifications of traffic infringements and instant payment options
- Fine negotiation assistance, reducing the amount that you need to pay off
- Vehicle Finance Management options
- Licence disc renewal notifications
- 24/7 bail assistance at roadblocks
- Road Accident Fund claim assistance
- Tyre repair claim assistance
What Has The Response Been?
While there are many really positive responses to the news, many have questioned the fee which seems a bit excessive. Many are blown away by the bank’s innovation and have praised the bank for being on the forefront of disrupting the industry. https://twitter.com/LKRawlins/status/872369858897481730 https://twitter.com/davydavez/status/868092417899212801 Others, however, are not as convinced about the service. https://twitter.com/chan_Nav/status/872491808122691585 In a comment on an article posted on Business Tech, one user questioned why the fee was so high to do the renewal.
“I would’ve jumped for this feature had it not been for that ridiculous R199 fee. I’d rather keep doing it the way I have been doing it for years. For the 6 years I owned my vehicle, I have only once received the renewal notice. So I just download and print the MVL form, fill it in and go to the post office to renew. Can’t say that I have ever waited longer than 15 minutes. I would’ve settled for a fee of R50 at most for the convenience of doing it via the app and saving me the time and effort, nothing more though…”
Are The Fees Outrageous?
For many, especially in this day and age of cutting costs, R199 is quite an expense for something that you can do yourself. Should you choose the On-Road PROTECT, which comprises of the R95 monthly fee, you will also be able to renew five different licenses. This works out to R1 140 per year. The average car’s license costs around R276 to R303, depending on the weight and you will wait for an average of 1.5 hours to renew the license. This naturally depends on where you are, with some departments being quicker than others. There are various services that offer to do the renewal for you for a fee. Don’tQ, for example, who are based in Johannesburg, charge a fee of R285 to do the renewal for you. Should you need it to be delivered, however, that will be an extra R95. Bearing in mind, is the FNB app then outrageous? We contacted some courier services to find out just how much an envelope size package would cost to be couriered within the same town. DHL Express quoted R285.63 should the package be delivered from Cape Town City Center to Claremont. Postnet offers courier services of up to 5kgs, delivered in 2-3 days for R99. Postnet offers courier services of up to 5kgs, delivered in 2-3 days for R99. So, the question is, is this really excessive for a quick and easy service? Will other banks follow suit? And will they make the fees lower than the FNB?
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.
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:
- Identify your loan provider: Choose between NSFAS, a bank, or a private lender.
- Gather necessary documents: ID copies, academic transcripts, acceptance letters, and income statements.
- Complete the application form online or at a branch.
- Await approval: Some banks offer instant decisions, while NSFAS can take a few weeks.
- 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.
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.