As a beneficiary of Fundi during my school days, I can attest to the life-changing impact of their education finance solutions.
With over 1.8 million students assisted since 1996, Fundi has established itself as a leading specialist in education finance and fund management solutions in South Africa.
However, as with any loan, repayment is an essential aspect of the agreement.
In this article, I will provide a detailed, step-by-step guide on how to pay back your Fundi loan.
Whether you’re a recent graduate or nearing the end of your repayment term, this guide will help you understand the process and make timely payments.
Your Fundi Loan Agreement
Before we dive into the repayment process, it’s essential to understand the terms and conditions of your Fundi loan agreement.
Your agreement outlines the loan amount, interest rate, repayment term, and any other conditions specific to your loan.
Take some time to review your agreement to ensure you understand the following:
- Loan amount and interest rate
- Repayment term and frequency (e.g., monthly, quarterly)
- Payment due dates and amounts
- Any fees associated with late payments or loan administration
Fundi Loan Repayment Options
Fundi offers various repayment options to accommodate different financial situations. You can choose from the following options:
- Debit Order: Fundi can deduct your monthly installment directly from your bank account via debit order. This option ensures timely payments and eliminates the risk of late payment fees.
- Electronic Funds Transfer (EFT): You can make manual EFT payments into Fundi’s bank account. Be sure to include your loan account number as the payment reference.
- Cash Deposits: You can also make cash deposits into Fundi’s bank account at any ABSA branch. Keep your deposit slip as proof of payment.
How to Make Fundi Loan Payments
To make payments, follow these steps:
- Debit Order: Ensure that your bank account has sufficient funds on the debit order date. Fundi will automatically deduct the installment amount from your account.
- EFT Payments: Log in to your online banking platform, select the “Payments” or “Transfers” option, and follow these steps:
- Add Fundi as a beneficiary using their bank account details (available on your loan agreement or Fundi’s website).
- Enter the payment amount and include your loan account number as the payment reference.
- Confirm the payment details and authorize the transaction.
- Cash Deposits: Visit any ABSA branch and deposit the cash into Fundi’s bank account. Keep the deposit slip as proof of payment.
Payment Due Dates and Late Payment Fees
To avoid late payment fees, ensure that your payments are made on or before the due date specified in your loan agreement.
If you’re unable to make a payment on time, contact Fundi’s customer service team to discuss possible alternatives.
Late payment fees can be avoided by:
- Setting up a debit order to ensure timely payments
- Making EFT payments at least 2-3 working days before the due date
- Keeping sufficient funds in your bank account to cover debit orders or EFT payments
What to Do If You’re Struggling to Make Payments
If you’re experiencing financial difficulties and struggling to make payments, don’t panic. Fundi offers various options to assist you:
- Temporary Payment Relief: Fundi may grant temporary payment relief, allowing you to skip one or more payments. Interest will continue to accrue during this period.
- Payment Re-arrangement: Fundi can re-arrange your payment schedule to make it more manageable. This may involve extending the repayment term or reducing the monthly installment amount.
- Debt Counselling: Fundi can refer you to a registered debt counselor who can help you develop a personalized budget and debt management plan.
To discuss these options, contact Fundi’s customer service team directly.
Keeping Track of Your Payments
To ensure you stay on top of your payments, consider the following:
- Register for Fundi’s Online Portal: Fundi’s online portal allows you to view your loan balance, payment history, and upcoming payment due dates.
- Set Up Payment Reminders: Set reminders on your phone, calendar, or planner to ensure you never miss a payment.
- Keep Proof of Payment: Keep a record of all your payments, including deposit slips, EFT payment confirmations, or debit order confirmations.
Repaying your Fundi loan is an important step in managing your debt and achieving financial stability. Knowing your loan agreement, choosing a suitable repayment option, and keeping track of your payments, you’ll be well on your way to settling your debt.