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Learn How to Pay NSFAF Loan in Namibia. Are you a student in Namibia who took a loan from the Namibia Students Financial Assistance Fund (NSFAF) to fund your studies?
If so, you may be wondering how to pay back your NSFAF loan now that you have completed your studies and started working.
Paying back a loan can be daunting, but in this article, we’re going to break it down for you step by step. We’ll discuss the NSFAF loan repayment process, how to choose a repayment plan that works for you, and the different ways you can make your payments.
We’ll also cover the consequences of not paying your NSFAF loan on time, so you know exactly what to expect.
Whether you’re just starting your repayment journey or you’ve been struggling to make payments, this article has got you covered.
So, grab a cup of coffee, sit back, and let’s get started!
How to Pay NSFAF Loan in Namibia
Before you start paying back your NSFAF loan, it is important to understand the repayment process. You will receive a notification from NSFAF once your grace period is over, indicating that your repayment period has started.
The notification will also include information about the repayment schedule, interest rates, and the amount you owe.
Choosing a Repayment Plan
NSFAF offers two repayment plans: the standard repayment plan and the income-driven repayment plan. The standard repayment plan involves paying a fixed amount every month for a specified period, usually between 5 and 15 years. The income-driven repayment plan, on the other hand, involves paying a percentage of your income every month for a specified period.
Making Payments
Once you have chosen a repayment plan, you can start making payments. There are several ways to make NSFAF loan payments in Namibia:
a) Electronic Funds Transfer (EFT)
EFT is a popular way of making NSFAF loan payments in Namibia. To make a payment using EFT, you need to log into your bank account and select the option to transfer funds. You will need to provide NSFAF’s bank account details, including the bank name, account number, and branch code.
b) Direct Debit
Direct debit is another convenient way of making NSFAF loan payments. With direct debit, NSFAF deducts the loan amount from your bank account on a specified date every month. To set up direct debit, you need to complete and submit a direct debit mandate form to NSFAF.
c) Paying at NSFAF Offices
You can also make NSFAF loan payments in person at any NSFAF office in Namibia. You will need to provide your NSFAF account number and the amount you wish to pay. NSFAF accepts payments in cash, cheque, or bank draft.
Consequences of Not Paying NSFAF Loan
If you fail to pay your NSFAF loan on time, you will incur penalties and interest charges. The penalties can be as high as 20% of the outstanding loan amount.
Failure to repay your NSFAF loan can also affect your credit score, making it difficult for you to access credit in the future.
Paying back your NSFAF loan in Namibia is an important responsibility that every borrower must fulfil. By understanding the repayment process, choosing a suitable repayment plan, and making timely payments, you can avoid penalties and maintain a good credit score.
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