Student loans for laptops, PCs
International research has shown a high correlation between PC penetration and income level. With a PC penetration of merely 4% in higher education in South Africa many students lack the requisite IT skills to empower them while at University or effectively enter the job market.
To address this situation, Absa Bank in collaboration with Intel Corporation and Microsoft has developed a PC and Notebook finance package aimed at tertiary education level students.
The new product has been designed to enable students to affordably finance the purchase of a new PC or Notebook computer for use in their studies.
‘Owning a laptop gives students the opportunity to exponentially increase their learning potential – it gives them mobility and access to global knowledge, and literally opens up the world for them,’ says Shannon Timothy, Head of Student Banking Solution at Absa.
‘Power Up Your Lifestyle’ a new package from Absa, provides a customised financing option as part of its student loan programme.
‘Too often, though, the cost of a new laptop is just too high – particularly for students from disadvantaged backgrounds. We want to give students a head start by giving them the option to buy a new Dell laptop as part of an existing Absa Student Loan, or by enabling them to take out a new student loan to finance their purchase,’ said Timothy.
‘The initiative is part of Microsoft’s “deep commitment” to improving technology access and fostering innovative teaching and learning methods,’ said Microsoft SA Managing Director Pfungwa Serima.
‘Because information technology and education are so critical to creating economic opportunities, we believe in equipping students with the practical skills they need to thrive in today’s knowledge economy,’ said Serima.
The financing and repayment option of the laptop will be exactly like that of a generic Student Loan. Students will be able to finance the computer equipment as part of an existing Student Loan or by taking out a new Student Loan solely to purchase a laptop.
DELL, HP and Mustek have been identified as the hardware suppliers on this programme.
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