Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.
Best information on FNB personal loans in South Africa
Personal loans are very popular in South Africa because they can be used for a wide variety of purposes. A First National Bank personal loan is even more popular because the bank has many loyal clients. It has served South Africans for many years and is a registered credit provider that is trusted and regulated by the National Credit Regulator.
So, how do you apply for First National Bank loans? This article gives you the best information on that and more.
How do First National Bank loans work?
For a general idea of First National Bank loans here’s what they look like at a glance:
- Minimum loan amount: R1,000
- Maximum loan amount: R300,000
- Minimum loan term: 1 month
- Maximum loan term: 6 months
- Interest rate: The FNB personal loan interest rate varies from 12.75% to a maximum of 27.75% per annum.
To get from point A where you’re thinking of making an FNB online loan application to point B where you have the money in your bank account, here’s how the overall process works:
- You apply by visiting FNB’s website and providing the required details and information.
- Once your loan is approved, FNB transfers the money into your bank account.
- You can use the money for anything you want.
- You start making monthly repayments as agreed until you finish paying off the principal amount, interest plus other charges.
FNB personal loans use
A First National Bank personal loan is a general-purpose loan that can be used for the following:
- To renovate your house and transform it into the home you’ve always wanted.
- For your big day when you finally get married in front of your family and friends.
- For a well-deserved and relaxing holiday.
- To cover any other planned and unplanned costs.
Advantages of First National Bank loans
As mentioned earlier, FNB personal loans are one of their popular products. Here are a few reasons why this is specifically so:
- Personalised interest rate: When you apply for a First National Bank personal loan, you get a competitive interest rate that rewards you based on your credit report and individual circumstances.
- Flexibility: You have the freedom to choose FNB online loans from R1,000 up to R300, 000. With this range, you’re guaranteed to find an amount that suits your needs.
- You can get an unsecured personal loan. This requires no security or collateral.
- Convenient repayment options: You have up to 60 months to pay back the loan and many ways to make repayments. Furthermore, fixed repayments mean you can always accurately calculate your monthly budget.
- You get protected as an FNB customer: Through their Customer Protection Plan (CPP) you can have credit insurance. This covers you if you’re unable to pay off the loan due to specific reasons such as death, retrenchment, and permanent disability.
- No penalty fees when you make early repayments: If you choose to finish paying off your loan earlier you won’t be charged extra for it.
- You get some relief every January: With Take-A-Break January you can skip a payment if you’re suffering from January disease. This is just an option, however. You can still make repayments if your budget is under control.
More about the Take-A-Break in January
As mentioned above, one of the convenient benefits of FNB personal loans is the opportunity to take a break and not make a payment for January. However, if you have the means, it is always best to pay off your personal loan as quickly as possible. The Take-a-break in January option is only available for accounts with a loan term of over 6 months. Also, to qualify for this benefit all your monthly repayments have to be up-to-date beforehand.
What is the FNB personal loan interest rate?
FNB is regulated by the National Credit Regulator, which means the FNB personal loan interest rate is capped at 27.75%. When the FNB personal loan interest rate is personalised, it means that FNB calculates the interest rate based on your individual circumstances. Generally, the following factors are considered:
- Credit report and credit score
- Employment and financial details
What do you need to apply for a First National Bank personal loan?
The requirements for an FNB online loan application stand as follows:
- First, you must be between 18 and 64 years;
- You should be permanently employed or self-employed;
- You must have a South African bank account where your salary gets deposited; and
- Lastly, you should be a permanent resident of South Africa.
To complete the FNB online loan application, you’ll also need the following documents:
- A valid, green-bar coded ID or Smart Card ID;
- Your latest payslip;
- Your latest proof of residence that is less than 3 months;
- If you don’t have an FNB account you also need bank statements for the last 3 months; and
- Lastly, if you’re self-employed and you also don’t have an FNB bank account, you need bank statements for the last 6 months.
Calculate monthly repayments for your FNB personal loan
This FNB personal loan calculator lets you pick the loan amount and the loan term you want. Next, it calculates the estimated monthly repayment for you. Try it so you can figure out which numbers fit in your budget.
How do you make an FNB online loan application?
CompareLoans.co.za provides you with a gateway to the FNB online loan application process. After using the FNB personal loan calculator, click “Go to Site.” You won’t miss the “Apply now!” button once you visit the FNB website. Click on this button to start the FNB online loan application process.
Fill in all the required details and submit. If the application is approved, representatives from FNB will get in touch with you.
With everything in order, you’re guaranteed to have the loan funds in your bank account. How long it takes depends on the type of loan you’re applying for and the requirements. Besides FNB online loans, you can also apply by visiting the nearest branch or contacting them using the details on their website.
How do you make repayments for First National Bank loans?
There are several ways to make payments for your monthly instalments:
- Via the FNB App, FNB ATM, or FNB Online and Cellphone Banking, where you make an electronic transfer (EFT).
- You can have the money debited into your loan account online or through the FNB App.
- Lastly, you can deposit the payment into your loan account by visiting an FNB ATM or branch.
The top-up option for FNB personal loans
If you have already taken out a First National Bank personal loan, you can apply for a top-up or additional funds of up to R300 000. What’s more, you get a maximum fixed repayment term of 60 months, and there’s no initiation fee or a penalty fee for early repayments.
What other types of FNB loans can you apply for?
FNB short term loan
An FNB short term loan is referred to as a temporary loan or an FNB instant loan. These FNB online loans have the following features:
- No documents are required
- There is no interest charge. You only pay one fee.
- You can start paying off the loan on the next day after receiving the funds.
FNB student loan
An FNB study loan lets you apply for a minimum of R4,000 and a maximum of R80,000 for every year that you’re studying. The loan also comes with credit life insurance to cover you in specific situations where you’re unable to pay the loan.
You can use the funds from FNB to pay for tuition fees, books, required material and equipment, plus accommodation. When you take out an FNB study loan, you only make repayments for interest and charges. You finish paying off the rest after graduation.
FNB revolving loan
This requires you to be an FNB customer with a good credit score. With an FNB revolving loan, you don’t need to make an application every time you need extra cash. The loan gets linked to your bank account, and you can withdraw money any time, anywhere if your account balance becomes too low. Other features of this type of loan include:
- For repayments, you can choose a variable payment option where repayments depend on how much of the loan amount you have used. Alternatively, fixed payments mean your instalments are always the same amount.
- You can choose to also apply for credit insurance.
FNB debt consolidation loan
This is money you use to pay off your debts from various credit providers. What this means is you’ll only have a single First National Bank loan that offers only one monthly fee and repayment. Find out more about debt consolidation loans here.
This is an FNB line of credit that allows you to make payments with a click, tap, or swipe.
For a monthly fee of R200 or more if the facility is used, you can still withdraw funds from your bank account if the balance is low. You then pay back the overdraft the next time money is deposited into your account.
FNB personal loans: Frequently asked questions
Are FNB loans for bad credit available?
No. There are no FNB loans for bad credit. This is because the bank carries out credit and affordability assessments for all loan applications. Therefore, your loan application will only be approved if your credit report indicates that you’re creditworthy.
How much can I borrow with First National Bank loans?
The amount FNB approves depends on your monthly income and other factors which apply during the affordability assessment.
Do I qualify for a First National Bank personal loan if I don’t have an FNB account?
Yes. You can still submit details of your bank account along with bank statements for the last 3 months.
Which loan should I choose from the types of FNB loans?
The best loan for you depends on use. Check to see how each loan type works as well as the total costs involved.
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