Tetrad Investment Bank has launched a new loan scheme called Study SA to assist parents in paying fees for their children in three South African universities. The bank came up with the initiative after realising that many families were affected by the cost of education.

The bank will be offering the loan facility to three universities namely, Monash, Rhodes and Damelin.

According to an official from the bank, Ms Christina Muchekeza, the loan facility would help with financial solutions.

"The loan facility is in line with the bank's strategic thrust to continuously explore possible financial solutions that simplify the lives of its customers.

"It is an extension of the current school fees loan scheme being offered to parents with children at selected schools," she said.

She said the product was a natural progression from school fees facility offered to a large number of local schools.

The payment plans is expected to provide an affordable financial option from primary level right up to tertiary level education. Study SA is open to Zimbabwean students studying in South Africa on condition that they meet the loan criteria.