Renowned philosopher Aristotle once said education is central to the moral fulfilment of individuals and the well-being of the society they live in.
Correlating this opinion, researchers the world over have, in the last couple of decades, also noted education not only enables individuals to perform better in the labour market but it also helps to improve their overall health, promote active citizenship and contain violence.
It is against this background that to support the socio-economic development and social welfare of Namibia, First National Bank (FNB) Namibia believes in empowerment through education. Should this be achieved, FNB Namibia believes it would play a fundamental role in developing the local economy to secure a self-sustainable nation.
To this end, FNB Namibia offers student loans to finance tuition fees at a recognised tertiary institution.
To qualify for the loan, an applicant must meet certain requirements first. The loan applicant should provide an acceptance letter from an institution, their academic results or proof of registration. Secondly, the applicant needs to have a copy of their identity (ID) card and the fee structure of the tertiary course they intend to pursue.
In addition, applicants must present a person representing surety; can either be a family member, guardian or spouse.
A person who is appointed to be a surety representative should also meet minimum requirements, such as have a basic salary of at least N$7 500. This person should provide a form of identification, such as an ID card, passport or marriage certificate and a six-month bank statement if they do not bank with FNB Namibia.
If the person is unmarried but is in a community of property (CoP) arrangement, an ante-nuptial contract is needed. Otherwise, should the surety be divorced, the final divorce letter must be provided.
If an applicant owns a house, a balance statement of the house - if they do not bank with FNB Namibia is required, as well as the deed of sale or transfer. In addition, the surety must have a cheque account.
Should a surety be a spouse to whom an applicant is married in a CoP arrangement, then the spouse must present their ID or passport. The spouse should also present a six-month bank statement if they do not bank with FNB Namibia.
Lastly, the spouse is required to accompany the surety to complete and sign documents.