First National Bank or FNB is one of the top four banks in South Africa. The bank that claims to be the oldest in the country is a division of the huge financial conglomerate, First Rand Limited. The following is a review of FNB personal loans.
Types of Personal Loans Offered
There are primarily six different types of personal loans offered by FNB. The amount of loans offered would range from a minimum of R2 000 to a maximum of R240 000.
There are also a lot of options when it comes to the repayment periods because FNB personal loans can have a repayment period spanning between six months to 60 months. Here are the different types of FNB personal loans that a person can avail.
1. Smart Spend:
This FNB personal loan can be acquired for a minimum sum of R2 000 and maximum sum of R15 000. The repayment period can be between six months and 60 months.
The approval of this loan sees the money being transferred to the given bank account in under one hour. The repayment terms are flexible in terms of whether the money is paid back via payroll deduction or through a debit order.
2. Personal Loan:
This type of FNB personal loan can be used for sums ranging between R4 000 and R50 000. Furthermore, the repayment periods can be anything between 18 months to 60 months. The minimum stable income required for being approved for this loan is to the tune of R4 000.
3. Pre – Paid Advance:
This FNB personal loan is connected to an individual’s home loan account. It allows the individual to withdraw any amount of money that has been paid into the home loan account.
4. Re – Advance:
This is an FNB loan that is suited for people who may face an emergency while in the process of paying back a loan. It allows the individual to take out the difference between the original loan amount and the outstanding balance.
5. Further Bond:
This is a financial instrument which would allow individuals to get an additional bond on a property in order to pay back a loan.
6. Smart Bond:
This FNB personal loan is designed for people needing home loans in the range of R20 000 and R240 000. A steady income of R10 000 is a preferred requirement.
Benefits of Going for FNB Loans
There are many benefits of going for FNB personal loans. Firstly, the moment the loan is approved, the money is transferred straight into the individuals’ bank accounts.
The interest rates that FNB charges for its personal loans remain fixed, once the repayment period begins, whether interest rates change in the future or not. Moreover, FNB personal loans come with inbuilt protection for the loan holder in situations involving disability, death, and even retrenchment.
Prerequisites and Requirements
FNB personal loan prerequisites and requirements are fairly simple to cope with for the majority of applicants. The following is what is required.
1. Minimum steady income of R6 750
2. An average credit history
3. Minimum age of the applicant must be 18
4. The applicant’s employment needs to be permanent
5. The possession of a bank account
6. The possession of a valid SA ID number
7. Telephone connectivity
8. History of living in the same residence and employment with the same employer
FNB is a bank that traces its roots to 1838 and is currently involved in various countries in the region such as Mozambique, Swaziland, Botswana, Tanzania, Namibia, and Zambia. Hence, it is a safe option for individuals looking for personal loans.