FNB is a financial institution that provides FNB Personal Loan, private, commercial, business and corporate banking services in South Africa. The bank can be traced back to the East Province Bank that was formed in 1838, but it trades as a division of FirstRand Bank Limited. Their headquarters is located in the 6th floor 1 First Place, Cnr Simmonds and Pritchard Streets Johannesburg.
FNB customers can easily access personal loans through the bank’s website, branches or the mobile app. The website also has a FNB Personal Loan interest rate calculator to help borrowers estimate the monthly installment and total amount they will have paid at the end of the repayment period.
A personal loan is a medium-term loan with repayment periods between one and three years. Customers who need cash urgently can easily apply through their website. Personal loans are repaid through fixed monthly installments for a given period until the amount borrowed, and interest is paid back. The fixed payments enable borrowers budget easily, as the amount and interest rates are the same each month.
FNB offers personal loans of up to R150000 with a repayment period of up to 60 months and a personalized interest rate. The applicants will get the loan amount depending on their credit score and their financial capabilities. The credit score is an indication of how the applicant handles credit, such as paying their bills on time and banks use it to know whether they are good customers. FNB gives a free credit score search to customers before applying for a loan — which they can use to improve their chances.
FNB Personal Loan Loan Terms
To qualify for FNB personal loan, customers must prove their South African citizenship using their ID, proof of residence for more than three months and should be above the age of 18 years and not older than 65 years. Another requirement is that they should have the ability to service their loan and must have a good credit payment history. The bank will use bank statements to check the loan affordability. People who have larger debt and expenses than their income cannot qualify for personal loans. Creditors giving non-secured loans are also interested in the borrower’s proof of income through pay slips and employment contracts.
FNB Personal Loan Interest Rates.
FNB charges fixed interest rates, meaning all customers pay a similar interest rate regardless of the amount borrowed and the repayment period. The credit score is only used to determine whether a customer qualifies for an FNB personal loan or not, and is not used to determine the interest rate charged. People who want to apply for loan at FNB can use their affordability to determine the amount they are eligible for a given repayment period and interest rates. For example, a customer who wants to get a loan with a repayment period of 36 months at 10% interest rate and has an income before tax of R12000 can qualify for R 111, 568.45 loan with monthly repayments of R3600. The bank transfers the loan amount directly to the customer’s FNB bank account.