6
Banking details
Q: How are bank details verified and what is the turnaround time?
Bank details are verified via SafetyNet and it could take up to 4 days for verification. It is very important that suppliers capture the correct banking details as per the prescribed screens
published on the OCPO’s website.
Q: What should departments do if the supplier’s bank details are not verified?
A SCM practitioner should request the supplier to correct the bank details and submit the information for reverification. A practitioner can also ask the supplier to provide proof of banking details to the practitioner.
Q: Must the SCM practitioners amend banking details on behalf of suppliers?
No – under no circumstances must SCM practitioners amend banking details on behalf of suppliers. The practitioner has access to a read-only functionality. It is the responsibility of the supplier to add or amend their details on CSD.
Q: If an entity has two bank accounts, can they load both on CSD?
Suppliers can load both bank accounts. They must, however, state which account is the preferred one.
Q:Can the CSD registration proceed without the banking details? Yes.
Q:Can the CSD differentiate between bank account types? Yes.
Q: What business name does the CSD use to vet bank accounts?
1.A supplier must obtain a letter from the bank, containing the supplier’s banking information. A supplier should request their banking information from the following specific screen names. (The screen name should be mentioned to the bank):
| Bank | Screen Name | |
| a. | ABSA | CIF screen |
| b. | First National Bank | Hogans system on the CIS4 |
| c. | Standard Bank | Customer screen |
| d. | Nedbank | Banking Platform under the Client Details Tab |
2.A supplier must ensure that the banking information (particularly the identifying number in this case) captured on the CSD, matches the information exactly as it was received from the bank in Step 1 above (exact spelling, case etc.).
3.If the information on the CSD is different from the information obtained in Step 1, the supplier needs to fix the incorrect information and again click on submit on the overview tab to submit the updated changes to the master record of the supplier.
Q:When suppliers’ banking details change after they have registered – will they be able to change these?
Yes. They can change their bank details on the CSD. It is important to update bank details on the CSD if they change, since BAS will go to the CSD to check before payment is processed.
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.