Posted on January 12, 2021 by Staff Writer
FNB Personal Loan Summary
FNB Personal Loan is a loan facility targeted at individuals above the age of 18 with a regular income. The interest rate is personalised, starting at 12.75%. The maximum loan amount is R300000.00.
What you need to know about the loan
The FNB personal loan is one of the easiest to apply for in South Africa. If you are an FNB client you can apply for personal loan using internet banking or mobile app. Pre-approval takes minutes.
FNB has some of the most sought after Personal Loans in South Africa. And if you are in need of Business loans it has that facility as well. However, in the interim we will dive deep into FNB’s personal loan offering.
FNB has integrated a reliable software to access its clients affordability. Answering a few questions on the FNB mobile app you will know how much money you qualify for.
For those that don’t bank with FNB, knowing how much you can qualify for is easy. You can use the personal loan calculator to check how much you qualify for. Otherwise, you can apply for a pre-approval to know the loan you qualify for.
Pre-approval doesn’t mean that you will get the stated loan amount. Same as using affordability Calculator doesn’t mean that you qualify for the loan amount shown.
These methods do not use your credit score/report and do not have any impact on your credit profile.
You need to do a few things before you can apply for a personal loan from FNB. Knowing what to do before your application will increase your approval chances. Whether as a FNB client or non-FNB client there are ways that you can use.
What to do before applying for a FNB personal loan
Step 1: Analyse your credit report
Make sure that you have analysed your credit report. You can access your credit score at Transunion. Transunion offers a free credit report once a year so make use of it. Having your credit report will help you fix your credit score. You will get tips on how to fix your credit score so you can use these to better your score.
If you are an FNB client you can use an FNB tool called ‘my overall credit status’. This tool will help you get your credit profile from FNB. It will show you, your track record, time with FNB, credit trend, etc.
Using this service will help you better your chances of getting a personal loan.
Step 2: Calculate how much you want to borrow
Knowing how much you want to borrow will help you in calculating your loan repayments. We recommend you use our monthly repayment Personal Loan Calculator this will help you in drawing up your budget.
If you have overstated the loan that you need you can then make adjustments. Your adjustments can be limiting some of your expenses to shoulder your loan instalments.
FNB personal loan has personalized interest rates.
Step 3: Prepare required documents
Prepare the necessary documents required for the FNB personal loan application. Make sure that they are in order and relevant for your application. If you don’t have the necessary documents, then get them.
Step 4: Get a pre-approval
Get a pre-approval from FNB for a personal loan. Your pre-approval will determine how much you qualify for.
Knowing how much you qualify for will ease a burden of multiple applications. If you know the amount you qualify for you can apply for it at once. This will save you time and resources.
- Repayment on loan has fixed amounts. No payment is different.
- Interest rate starts from 12.75% per annum.
- You receive personalised interest rate on your personal loan. If you have a good credit rating you will pay less interest.
- Repayment on personal loan is quick. The payment period is 60 months.
- There are no early settlement penalties on personal loans.
- You choose the repayment period for the loan.
- Loan amount is up to R300,000.00.
To qualify for a personal loan you will need to have the following :
- South Africa ID. You must be 18 years or older.
- Have proof of residence not older than 3 months.
- You need to produce your payslips. Payslips must be for 3 months showing employment details.
- Supply your bank statement. The bank statement must be for 3 months and current. Must show income deposited by the employer. If you bank with FNB, there is no need for a bank statement.
- You must have a good credit score.
FNB personal loan competitive advantages
- Get quick access to cash of up to R300,000.00.
- FNB clients don’t need to provide bank statements.
- Cash accessed immediately after approval.
- Can apply for the loan online and at a branch.
- There is a option of a debit order repayment for easy repayment.
- You have access to mobile, internet and app banking.
- You can monitor your credit health with free FNB my overall credit status.
- There are no penalties for early loan settlement.
- Repayments are flexible with up to 60 months to repay.
- Interest rate is tailor made for you.
- Comes with optional debt insurance.
FNB personal loan competitive disadvantages
- FNB ranks second on complains lodged with the consumer protector in the country on loans.
- Automatic debit order means arrears are automatically debit without your approval.
- Maximum repayment months of 60 is low. Other banks offer up to 84 months on personal loans.
- Those with high credit risk get high interest rates on personal loan.
How to apply for FNB personal loan
- Must have 3 months payslips, 3 months bank statement, and proof of address.
- Start your online application
- If you are a FNB customer then use your mobile app to start your application. Go to menu> apply now> for me> personal loan> apply now.
- Alternatively you can go to your nearest FNB branch to start your application. Must have all the qualifying documents with you.
FNB personal loan doesn’t have any qualifying minimum salary. Any one who earns an income can apply.
This loan is for short and medium term financing. Payment period is optional and is subject to your affordability.
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