How do I Apply for the First National Bank Personal Loans?

What to know before applying?

The First National Bank also offers personal loan plans that can provide up to R360,000, with repayment terms of around 6 years and fixed interest rates.

First National Bank, or simply FNB, is one of the leading financial institutions available in South Africa, offering a good variety of services such as credit cards and bank accounts.

The personal loan plans offer up to R360,000 with repayment terms of up to 72 months. The interest rate takes into account the following factors:

• Loan amount
• Repayment term
• Credit history

Interest rates range from 17.50% to 29.25% APR, with a one-time origination fee of approximately R1,207 and a monthly maintenance fee of R69.

The bank also offers short-term personal loan options, with up to 6 months to repay, but with amounts in the range of R10,000 and interest rates of 5%.

When you apply for loans consecutively, you can benefit from not having to pay the initiation fee.

Interest rates are fixed, meaning that throughout the repayment period, you will maintain the same rate, unaffected by market fluctuations.

If you make extra payments on the loan, you can eliminate the one-time origination fee.

FNB’s platform offers a free credit report, allowing you to learn more about your options before applying.

An important benefit of FNB is that there are no penalties for early repayment. This means you can make additional payments without costs, aiming to pay off the loan more quickly.

If you want to learn more about First National Bank’s conditions, keep reading.

Who can Apply?

To access personal loan services, you don’t necessarily need to be a bank customer. FNB has the following criteria:

• Be between 18 and 65 years old.
• Be a permanent resident in the country, either as a native or a foreign citizen with a work visa.
• Have a job or be self-employed with a steady income.
• Have a bank account where your salary is deposited monthly.

During the application, you may need to submit the following documents:

• South African identification book
• Proof of residence dated within the last 3 months
• Proof of income from the last 3 months

If you are a bank customer, you do not need to resubmit documents, but you must keep your information updated.

Meeting the requirements does not necessarily guarantee access to the loan program.

Learn How to Apply for the First National Bank Personal Loans

There are various ways to apply for a loan, including a free and non-binding credit check. By choosing the ‘Apply Now’ button, you can submit your information, starting with your RSA ID number and phone number.

Throughout the application, you will need to provide details such as your full name, address, and information about your income and employment status.

FNB customers can apply for the loan via the app or internet banking, or by contacting the bank at 087 730 5596.

After submitting your information, the bank will conduct a thorough credit review to provide a response. Typically, the offer has a validity period set by the bank, and you will know all the conditions before signing the contract.

More Details

According to FNB, the bank may transfer the money directly to the specified bank account, possibly within the same business day, provided all requirements are met.

For long-term personal loans, you will need to have life insurance to protect repayment against unexpected events such as illness or loss of permanent income.

A special benefit of FNB is that you can take a break in January, allowing you to have a repayment plan that does not include a payment for the first month of the year.

Want to learn another option?

If you’re looking for another type of personal loan company in the country, you might want to check out Just Money, which partners with Sanlam.

The company produces a good range of videos, podcasts, and articles on the subject, and you can see how to apply.

Written by

Gabriel Gonçalves