By | May 10, 2019

Student Loans In Zimbabwe 2019

The Process for applying a Education loan Scheme is as follows

Anybody in full time employment who wants to finance his/her studies or who wants to sponsor a full-time student (e.g. a parent or a guardian) can apply for an educational loan from Eduloan.

Step 1 Pick a form from the educational institution affiliated with Education Loan

Eligible Student are required to pick the application form together with the A quotation form reflecting the borrowers name and student number, the study program and the balance outstanding (if applicable); The admitted students will be required to produce Admission Letters; while continuing students applying for the first time or otherwise will be required to produce valid Student Identity Cards.

Step 2 Fill the form and attach the required documents

The next step will be to fill the form and attach the required documents which include A certified copy of your Zimbabwean Identity Document; Applicant’s payslip (not older than 3 months); Applicant’s bank statements for the last 3 months or, if self-employed, applicants business bank statements for the last 6 months and company documents not later than two (2)months after the academic year has begun.

Step 3 Look for Anybody in full time employment willing to sponsor your education loan

The Borrower of Education loan on your behalf shall be required to endorse (sign and thumbprint) the duly completed loan documents.Showing commitment that He/she is will and be obliged to meet his/her new monthly payments of the student loan for an agreed period of time. The sponsor MUST be working and willing to deduct monthly amount of Student loan from his/her salary every end of the month by his or her employer remit it to Eduloan Account. The applicant may not borrow any additional money until they have repaid all their credit providers and any revolving credit facilities will then become inaccessible.

A Students Loan sponsor must
i) Be a full time employee of any accredited organization/firm and willing to deduct a percentage from his/her salary to meet the student loan obligation.
ii) Know the student he/she guarantees/sponsoring very well;
iii) Ensure that all students guaranteed for have repaid their loans or made satisfactory arrangements for settlement of the loans.
iv) Not guarantee for a student if he/she (the guarantor) is a borrower who has not completed repayment.
v) Ensure that Employer undertakes to fulfill the obligations set herein, until the amount due by the said Employee has been paid in full.

Step 4 Submit these 4 documents with your application form by:

Visiting the Eduloan head office or you can submit online through the Eduloan email address. But Before submitting your application form make sure that you have followed the Terms and Conditions of the Education loan. Remember to submit a signed copy together with your application and ensure that as an applicant you are aware of the total instalments, fees, interest rates and any other associated charges relating to your potential credit agreement;

Step 5 On receiving the application evaluation process will begin

Upon receiving the completed application form, Eduloan will do a thorough analysis of the applicants current financial obligations on evaluating his/her credit application.This will require a full disclosure by the applicant of total monthly income and expenditure and details of any other credit agreements already held. Eduloan will also Evaluate the applicants understanding and appreciation of the risks, costs and obligations of the proposed credit agreement;

An investigation into your financial position, living expenses and debt obligations will be done and the debt counsellor will either reject your request (because he/she believes the applicant can not actually meet his/her current payments) or he/she will make a recommendation to the credit providers to accept your applicant.

Step 6 Final Approval

If accepted, this will be approved by a magistrate and the applicant will be obliged to meet his/her new monthly payments. Should you select to use the salary deduction payment method, the credit check is based on affordability and the employers acceptance of the monthly deduction. The applicant may not borrow any additional money until they have repaid all their credit providers and any revolving credit facilities will then become inaccessible.

Note

Should any amount fall into arrears, Eduloan will notify the Employee and the Employer of the said arrears. Eduloan can request the Employer to increase the monthly installment to recover the arrears within the contract period.

Required Documents

i) Copies of previous Academic documents
ii) A copy of an admission letter from the institution of higher education.
iii) A copy of a document identifying the applicant:
iv) Three recent passport photographs.
v) fees structure.
vi) Active Bank Account Number.
vii)Details of the academic institutions

Office Locations & Contacts

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Eligibility

i)Eligible to Zimbabwean prospective students who lost their hope of Studying again.
ii)The countrys middle class, like teachers and nurses, who may not be considered eligible for loans offered by banks are Eligible for this type of Loan.
iii)first time student or looking to further your studies in Zimbabwe are Eligible.
iv)The student must be registered with a Zimbabwe Tertiary institution to be Eligible for this type of Loan.
v)All individuals looking to further their education are Eligible for this Loan.

Fees

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Validity

valid for 1 year and renewal is required.

Documents to Use

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Sample Documents

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Processing Time

processing takes 60 days