QNA

Loan means jointly the approved Tuition Fees and Non-Tuition Fees, additional costs, bank charges, administration charges and disbursements as advanced to or paid on behalf of the Debtor by the Fund, which amount the Debtor is required to pay back to the Fund.

• Within 6 (six) months from date of expiration of the final academic year wherein he/she completed his/her studies and obtained his/ her Qualification;
• Debtor has become employed or receives an income;
• The Debtor abandons or cancels the studies for which the loan was granted, or the Debtor cancels the Loan
• The Debtor changes from the approved Institution to another or changes his/her Qualification, without prior written approval of the Fund; • The Debtor commits any breach of the Contract;
• If the Fund is not satisfied with the Debtor’s results and cancels or withdraws the loan in terms of clause 5 (Cancellation and Withdrawal of Loan) in which case the total amount expended by the Fund will become repayable;
• In the event that the Debtor has breached this Contract prior to the death of the Debtor, repayment may be demanded from the Debtors’ estate.

• Direct Bank Deposits (Cash/Cheque Deposit)
• Salary Deductions
• Debit Orders
• Electronic Funds Transfer (EFT)

BANK DETAILS:
Account Name: NSFAF, Bank Name: Bank Windhoek
Account number: 800 484 589 4
Branch Code: 482 172,
Branch Name: Kudu Branch

A proof of payment should be submitted to the NSFAF Recovery Division or e-mail at: recovery@nsfaf.na and you will be issued with your updated debtor’s account statement.

If the beneficiary resides abroad, he/she can pay by Electronic Funds Transfer (EFT) directly into the NSFAF Bank Account and email proof of payments to the respective consultant dealing with his or her account or at: recovery@nsfaf.na.

Yes, one can repay the loan in one instalment. A Loan Redeemed Certificate will be issued to the debtor.

Once the loan is fully settled, you will be issued with the Loan Redeemed Certificate of Loan Clearance.

• All repayment/s shall be made by way of equal monthly instalments in arrears on or before the 3rd (third) business day of each month, the first payment being due in the month following the month in which the Loan becomes due and payable in terms of the demand (“Due Date”) hereof;
• Unless the parties sign an addendum to the contrary, the amount of the instalments per month shall be equal to 15% of the Debtors annual earnings (gross salary less income tax and pension fund contributions), provided that the maximum period for repayment may not exceed 3 times the period over which the loan was received by the Debtor.

If a debtor fails to make payment as provided for in the Act (no.7 of 2014) and signed contract, his or her name will be placed by the Board on a list of defaulting debtors. Nothing prevents the Board from instituting legal action in a court with jurisdiction within Namibia, against a student to recover the amount due to the Fund in terms of a loan.

You can contact our recovery division on 061 420 647 or email recovery@nsfaf.na for further details.