How do I change my bank details on my R350?

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f you are an applicant for a SASSA social grant and need to update your banking details and payment method, you can easily follow the steps below

  1. Visit the SASSA SRD web portal (srd.sassa.gov.za).
  2. Choose either section “South African ID Holder” or “Asylum Seekers and Special Permit Holders.”
  3. Scroll down to option labelled “How do I change my banking details” and click on it.
  4. Enter your South African ID number in the given box.
  5. You’ll receive an SMS containing an OTP on the cellphone number you used for the application.
  6. Enter the received 6-digit OTP number and click on the “Verify Pin” button.
  7. Once verified you will receive another message containing a secure link.
  8. Click the secure link and carefully follow the instructions provided to successfully change your bank details.
  9. If you have a Personal Bank account, you’ll allow to:
    • Choose Bank Name
    • Provide Account Number
    • Provide Branch Code
    • Provide Account Type
    • Agree to Terms and Conditions
    • Submit Updated Banking Details
  10. If you have no Personal Bank account, you can;
    • Choose Payment option- Cash Send; that can be Pick n Pay, Moya App, Boxer, Shoprite, Checkers, or Usave.
    • Agree to Terms and Conditions
    • Submit Your Updated Banking Details
  11. Once you’ve submitted the updated bank details, SASSA will verify your new payment method and future payments will be made accordingly.

Please note that you will need to have access to the mobile phone number with which you registered during application. An SMS containing a secure link, unique to you, will be sent to your mobile phone number. Click on the link in the SMS and follow the instructions carefully. Should you select payment into a bank account, please ensure that you are the owner of the account. SASSA cannot pay your grant into another person’s bank account. Should you select the money transfer option via one of the major banks, please ensure that the mobile phone number on which you received the SMS is registered in your name. SASSA cannot pay your grant into a mobile phone number which is registered to another person. Please also note that the new banking details will only be used for future payments, after verification

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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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