FNB loans – Prospective debtors usually shop for the best loan packages in the market, looking for the most flexible terms, including interest rates, tenure and other benefits like insurance and disability coverage. While most banks might offer perks for banking with them, they fail to realize the bottom line, which is the net impact on the wallet.
FNB’s personal loans are tailored for client convenience. While many banks may offer fixed maturity for different levels of loans, your personal financial situation is deeply assessed before an interest rate or maturity is fixed. This ensures that the loan is budget friendly and does not put undue pressure on the debtors.
For example, FNB offers personal loans starting from R2,000 onwards. They can be adjusted depending on your needs and monthly income. Similarly, the tenure can be fixed anywhere from between 6 months and 5 years. The biggest advantage of FNB loans is that the interest on the loan remains fixed even if interest rates are rising in the market.
Overdraft Facility at FNB
An overdraft occurs when individuals or businesses withdraw more money from their account than there is in the bank, or basically they are withdrawing money beyond zero balance. In simple words, these individuals are taking a short term loan from the bank and like all loans, it requires prior agreement with the bank, regarding overdraft limit and applicable interest rates.
Some banks can also be quite rigid about their overdraft policies. However, FNB understands that some circumstances call for flexibility and thus grants the best terms for the benefit of its business clients.
For businesses in particular that require overdraft facilities of up to R300,000, clients simply need to inform FNB about their intentions and sign a form which governs the terms. Amounts more than R300,000 will require approval of the bank after they have verified financial statements of the business for at least the previous 6 months. The biggest benefit of having an overdraft option is that businesses can use it to improve cash flow without having to invest additional sums of money.