Quick Facts About Fundi

• Established in 1996, helped over 1.8 million students
• Minimum monthly income: R2,500 after deductions
• Covers tuition, accommodation, devices, and study materials
• Funds paid directly to your institution
• Repayments deducted from your salary monthly

What is Fundi?

Fundi is South Africa’s leading education finance specialist. Since 1996, they have helped over 1.8 million students fund their education.

Fundi is not a bank. They are a registered credit provider with the National Credit Regulator (NCR). Their registration number is available on their website.

Fundi provides loans, not bursaries. This means you must pay back all the money you borrow, plus interest. They do not offer free funding.

The company works with over 120 businesses and organisations in South Africa. They focus only on education funding. This is all they do.

What Fundi Covers

Fundi loans can pay for many education costs. Here is what they cover:

What You Can Fund	Details
Tuition Fees	Full or partial payment of course fees
Registration Fees	Annual registration at universities and colleges
Outstanding Balances	Pay off old debts to your institution
Accommodation	Student housing and residence fees
Textbooks	Prescribed books for your course
Study Devices	Laptops, tablets, and cellphones
Study Equipment	Calculators, stethoscopes, lab coats, tools
Short Courses	Professional development courses

Who Qualifies for a Fundi Loan?

To get a Fundi loan in 2025, you must meet these requirements:

Basic Requirements

• You must be a South African citizen
• You must be 18 years or older
• You must be accepted or registered at an accredited South African institution
• You must have a minimum monthly income of R2,500 after deductions
• You must not be under debt review
• You must have a positive credit score

Employment Status

Fundi prefers applicants who are:

• Permanently employed (preferred)
• Government employees with a PERSAL number (like teachers and nurses)
• Have a stable source of income

Required Documents

Document	What to Provide
Certified ID	Copy certified by police or post office
Proof of Income	Payslip or bank statement (last 3 months)
Bank Account Details	Valid South African bank account
Proof of Registration	Acceptance letter or student number
Proof of Address	Municipal bill or lease agreement

✅ Costs and Interest Rates

Understanding what you will pay back is very important. Here is how Fundi calculates your costs:

Interest Rates

Fundi does not have one fixed interest rate. Your rate depends on:

• Your credit score: Better score = lower interest
• Your income level: Higher income = lower interest
• Your existing debts: More debt = higher interest
• Loan size and term: How much you borrow and for how long

Other Fees

Fundi charges these fees as allowed by the National Credit Act:

• Initiation fee: Charged when your loan is approved
• Monthly service fee: Small fee each month you have the loan

All fees must be disclosed to you before you sign. Fundi must follow NCR regulations on maximum fees.

Use the Fundi Calculator

Before you apply, visit the Fundi website and use their loan calculator. This tool shows you:

• How much you can borrow
• Your estimated monthly payment
• Total amount you will pay back

How to Apply for a Fundi Loan

Follow these steps to apply for your Fundi loan:

Step 1: Visit the Official Website

Go to www.fundi.co.za (the only official website). Do not use any other websites claiming to be Fundi.

Step 2: Choose Your Loan Type

Click on “Solutions” in the menu. Select the type of loan you need:

• Study Loans (for tertiary education)
• Short Course Loans
• Accommodation Loans
• Device Loans (laptops, tablets)
• Equipment Loans

Step 3: Submit Your Details

Fill in the online form with:

• Your full name
• ID number
• Email address
• Cellphone number
• What you need funding for

Step 4: Wait for Contact

A Fundi representative will call you within 24-48 hours. They will:

• Ask about your financial situation
• Explain the loan terms
• Tell you what documents you need
• Answer your questions

Step 5: Submit Documents

Send all required documents to Fundi. You can upload them online or email them to support@fundi.co.za.

Step 6: Wait for Approval

Fundi will check your:

• Credit record with credit bureaus
• Income and affordability
• Documents and information

This usually takes 3-5 working days.

Step 7: Sign the Agreement

If approved, you will receive a loan agreement. Read it carefully before you sign. It shows:

• How much you are borrowing
• The interest rate
• All fees
• Your monthly payment
• How long you have to repay
• Total amount you will pay back

Step 8: Funds are Paid

Once you sign, Fundi pays the money directly to your institution. You do not receive cash. The payment goes to your university, college, or supplier.

How Repayment Works

Understanding repayment before you borrow is very important. Here is how it works:

Monthly Deductions

Fundi uses automatic monthly deductions. This means:

• Money is taken from your salary each month
• Or deducted from your bank account by debit order
• You do not have to remember to pay
• Payments happen on the same date each month

When Repayment Starts

Your first payment date depends on your agreement. Some options:

• Start paying immediately
• Start after you finish your course
• Start after a grace period

This must be agreed in writing before you sign.

Repayment Terms

The repayment period is flexible. It is based on:

• How much you borrowed
• What you can afford each month
• Your course duration

Early Repayment

Good news! You can pay off your loan early without penalties. This means:

• You can pay extra each month
• You can pay a lump sum to finish early
• You will save on interest charges
• No extra fees for early payment

If You Cannot Pay

If you lose your job or have financial problems:

• Contact Fundi immediately on 086 055 5544
• Explain your situation honestly
• They may help you restructure payments
• Do not ignore the problem

FundiCard for Students

When approved, you may receive a FundiCard. This is like a debit card with different “pockets” for:

• Textbooks
• Accommodation
• Food
• Study materials

You can use it at Makro, Shoprite, Checkers, Pick n Pay, Spar, and other retailers. Check your balance by dialing *134*87646# (free, no airtime needed).

🚨 Scam Warnings: Protect Yourself

Scammers target students looking for funding. They use Fundi’s name to steal money. Here is how to protect yourself:

Common Student Loan Scams in 2025

Scam Type	How It Works
Upfront Fee Scam	Scammers ask you to pay money before approving your loan
Fake Fundi Websites	Websites that look like Fundi but steal your information
SMS/WhatsApp Scams	Messages saying you are “pre-approved” with links to click
Fake Agents	People claiming they can “guarantee” approval for a fee
Social Media Offers	Facebook/Instagram posts offering “quick Fundi loans”

Red Flags – Never Trust These

• Anyone asking for money before approving your loan
• Promises of “guaranteed approval” without checking your credit
• Requests for your ID number, passwords, or PIN via SMS/WhatsApp
• Offers to help you “bypass” Fundi’s requirements
• Contact from email addresses not ending in @fundi.co.za
• Pressure to “act now” or make quick decisions
• Requests to deposit money into personal bank accounts

How Real Fundi Loans Work

If You Are Scammed

If you paid money to a scammer or gave them your information:

1. Contact your bank immediately to stop any transactions
2. Report to SAPS (South African Police Service)
3. Report to SAFPS (South African Fraud Prevention Service)
4. Contact Fundi on 086 055 5544 to confirm if it was really them
5. Report to National Credit Regulator on 0860 627 627

✅ Alternatives to Fundi Loans

Before taking a loan, consider these alternatives. Some are free or cheaper than loans:

1. NSFAS (National Student Financial Aid Scheme)

Best for: Students from low-income families

• Free funding if you meet academic requirements
• Household income must be below R350,000 per year
• For students with disabilities: below R600,000
• Covers tuition, accommodation, food, books, and transport
• Applications closed 15 December 2024 for 2025
• Website: www.nsfas.org.za

2. Funza Lushaka Bursary

Best for: Students who want to become teachers

• 100% free for teaching degrees
• Covers tuition, accommodation, and living costs
• You must teach at government school after graduating
• Same number of years you received funding
• Applications close 26 January 2025

3. Bank Student Loans

Compare these options:

Bank	Interest Rate	Key Requirements
Standard Bank	From 11.25%	Household income below R600,000
FNB	Variable rates	Must be FNB customer
Nedbank	Linked to grades	Better grades = lower interest

4. University/College Bursaries

• Check your institution’s financial aid office
• Many offer merit-based or need-based bursaries
• These do not need to be repaid
• Deadlines are usually early in the year

5. Company Bursaries

• Large companies offer bursaries for specific degrees
• Examples: Sasol, Anglo American, Eskom, Transnet
• Often require you to work for them after graduating
• Search “company name + bursary” online

Your Consumer Rights

As a loan customer in South Africa, you have important rights protected by the National Credit Act:

You Have the Right To:

• Receive all information in plain language you can understand
• Know the total cost before you sign anything
• Receive a free copy of your credit report once per year
• Apply for debt counselling if you cannot pay
• Dispute incorrect information on your credit record
• Be treated fairly and not be discriminated against

Reckless Lending Protection

Fundi (and all credit providers) must:

• Check if you can afford the loan before approving it
• Ensure you understand the agreement
• Not lend you more than you can repay

If they do not do this, it is called “reckless lending”. You can report this to the NCR.

Where to Get Help

Issue	Contact	Phone Number
Credit issues and complaints	National Credit Regulator	0860 627 627
Banking complaints	Banking Ombudsman	0860 800 900
Fraud and scams	SAFPS	0860 101 248
Over-indebtedness	Debt Counselling	Contact NCR for registered counsellors
General consumer issues	National Consumer Commission	0860 003 600

Fundi loans can help you achieve your education goals. But remember, this is borrowed money that you must pay back with interest.

Before you apply:

• Check if you qualify for free funding like NSFAS first
• Use the Fundi calculator to see if you can afford repayments
• Read the agreement carefully before signing
• Never pay anyone upfront to “help” you get approved
• Only use the official Fundi website: www.fundi.co.za

If you get a loan:

• Keep all your documents safe
• Never miss a payment if possible
• Contact Fundi immediately if you have problems
• Try to pay extra when you can to save on interest

Remember: Education is an investment in your future. Choose your funding carefully and borrow only what you really need.