Capitec joins the graduate student loan market and offers 7% interest rates

  • Capitec Bank and the University of Stellenbosch now offer prospective postgraduates student loans
  • People must be over 18 and have a permanent job before they can qualify for the low interest loan
  • This student loan offer is only available to prospective students of Stellenbosch University Business School

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CAPE TOWN – Capitec Bank, in partnership with Stellenbosch University Business School, has teamed up to launch an education credit initiative for students pursuing postgraduate studies.

This new partnership is the bank’s first initiative in the student loan market. The bank has been offering unsecured loans to its clients since 2020 and most of their clients would use the loans to pay for home renovations as well as higher education.

Prospective students of the University of Stellenbosh Business School can apply for funding from Capitec bank. Image: Guillem Sartorio
Source: Getty Images

According to End24, Capitec will begin offering student loans starting at an interest rate of 7% and will have 84 months to repay the loan. Prospective students will be offered a loan of up to R250,000.

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Shoprite: CEO Pieter Engelbrecht earned nearly R30million in the past year

Eligible persons must be over the age of 18 and have a permanent job and must have a valid SA identity card. The offer is only accessible to future students of Stellenbosch University Business School.

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Students do not have to go directly to a Capitec branch to apply for the loan but can apply at the same time as they apply to the Business School.

According to the university website, prospective students will receive an offer within five minutes of submitting their application. Offers will be subject to an individual’s credit rating.

Shoprite: CEO Pieter Engelbrecht earned nearly R30million in the past year

In other economic news, Brief News reported that on Monday Shoprite released its annual report which showed CEO Pieter Engelbrecht earned R29.9million last year.

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This is an increase of almost 12% from the previous year, when its revenue was R26.8 million. Engelbrecht has been the CEO of the supermarket since 2017.

The 52-year-old is said to have earned R16.8million in guaranteed wages (a fixed cash reward), just a little less than last year. To add to that, Engelbrecht won a bonus of R12 million.

Shoprite’s sales have grown by more than 8% to R168 billion in the past year. Engelbrecht earned around R 2.5 million per month while the minimum wage in the retail sector is around R 5,500 per month.

Source: Brief News

Priscilla C. Carnegie