Quicker study loans2013-03-07
Absa, South Africa’s largest retail bank by customer numbers will be the first bank to implement a new service developed by Qualifications Verification Services (QVS) that gives university students access to their Absa study loans much faster than in the past.
The service will enable parents and students to apply for Absa study loans online simply by uploading their supporting documentation. “This will help speed up the application process by getting rid of queues and paper processes - to ultimately receive an outcome within 24-48 hours. Actions are also supported and confirmed through an email system to keep the parent/student up to date as the study loan is processed,” explains Arrie Rautenbach, Absa’s Head of Retail Markets.
In the past, students had to obtain a letter from the university to confirm that they had registered. This had to be presented to the bank where the student had applied for a loan. It usually took several days for the bank to verify the authenticity of the letter before funds became available.
Absa says the offering is aligned to a focus on the customer that places convenience at centre stage to ultimately make its customers’ lives easier.
“At Absa we understand that a shortage of money should never be a barrier to education and neither should the processing of a study loan. Being a front runner in delivering solutions that meet our customers’ needs, the study loan service is critical to ensuring we contribute towards an academic society and become the Go-To-retail-bank, helping students concentrate on studying rather than worrying about a study loan approval process,” says Rautenbach.
The new system allows QVS, a private company with a direct link to universities, to submit a student’s proof of registration and acceptance to Absa directly, allowing Absa the ability to verify student registrations instantly through an online process.
QVS MD Danie Strydom said the QVS internet-based platform does the work, not only by bringing the bank literally to the individual’s home to securely submit a study loan application, but by securely and electronically matching all data to provide electronic proof of registration to Absa, instantly verifying that a student who has been granted a study loan has registered.
“Study loans are granted much quicker so that individuals can pay for registration fees and accommodation sooner than before and not risk being placed on a waiting list,” said Strydom.
The offering is immediately available for 2013 Absa study loans and can be accessed via Absa’s website on: www.absa.co.za or on the QVS website by simply clicking on the “Get a study loan” link. Academic institutions that currently subscribe to the system can also be viewed on the QVS website. The system is available for both full and part-time study. QVS will charge an application processing fee for this service.