FNB offers great loans to their customers who have a cheque account with them, all loans from fnb have their cons and pros so we are going to go some of the different loans that they offer so that you can see the differences between each one and hopefully this will help you decide which one suits your needs the best.
Overdraft – If you’re looking for a short term loan from FNB then an overdraft would probably be perfect for you. This gives you a lot of financial flexibility since you’ll still be able to pay for things even if you have nothing in your account. Each customer can choose how much they want to set their overdraft limit to, so it’s up to you to choose (as long as you qualify for it). It’s completely free to add an overdraft to your account, so if you don’t use it you won’t have to pay anything for it. If you do use it, you’ll only pay the monthly fee if you use R 200 or more of your overdraft. There’s no minimum monthly repayment either so you can take your time paying it off if you want.
Revolving Loan – A revolving loan is basically a loan that will give you access to the money that you’ve already paid back to FNB. As long as you’ve paid back at least 15% of the loan you’ll be able to borrow it again if you want. There’s also no set term on a revolving loan from FNB so it’s totally up to you to decide when the loan will be paid back. The monthly fee is quite low too, since you only pay R 40 a month if you use the facility. Once again, there are no extra charges on this type of loan unless you actually use it.
Temporary Loan – As the name may suggest, this is a relatively short term loan that FNB offer. When you apply for the loan you’ll be given an initiation fee based on the level of risk that FNB see you as. If you have a good credit history then you shouldn’t be charged too much, while if your credit history is quite poor then you’ll be charged more. One of the best features about the temporary loan from FNB is that if you pay back the money that you borrowed (as well as the initiation fee) within 31 days then you won’t have to pay any interest at all. Not only this, but once you qualify for the loan the money will be paid in to your account immediately so you won’t have to wait days or even weeks to receive the money that you need.
This gives you a lot of financial flexibility since you’ll still be able to pay for things even if you have nothing in your account. Each customer can choose how much they want to set their overdraft limit to, so it’s up to you to choose (as long as you qualify for it).
It’s completely free to add an overdraft to your account, so if you don’t use it you won’t have to pay anything for it. If you do use it, you’ll only pay the monthly fee if you use R 200 or more of your overdraft. There’s no minimum monthly repayment either so you can take your time paying it off if you want.
If you have a Personal Cheque Account or a Smart Account from FNB then you can apply for a Temporary Personal from FNB, the money will be credited to your account instantly if you qualify, should you repay the total loan, or outstanding balance within 31 days, you don’t pay any interest.
Your loan repayments remain fixed for the whole term of your loan. Even if the interest rate goes up, it won’t affect you.
You can choose the loan amount and the repayment period to suit your needs and budget.
Our loan processes are straightforward and streamlined with no unnecessary paperwork or face-to-face interviews.
For your peace of mind you can safeguard your family and your future with our Customer Protection Plan.
Your final loan amount will be based on your personal financial profile and subject to credit approval. CashPower Personal Loans are administered and managed by Direct Axis (SA) (Pty) Ltd, an authorised Financial Services Provider. Loans are subject to the National Credit Act No. 34 of 2005. All loan applications are considered and are subject to credit approval.
Customer Protection Plan
WesBank’s Customer Protection Plan settles your outstanding loan balance in the event of your death, permanent disability or certain dread diseases. It also provides limited cover in the event of temporary disability and retrenchment.
Of course, you’re free to substitute the Personal Protection Plan with a policy of your choice, providing the cover offered is equivalent.
Elite Group offers Elite Personal Loans that are made for individuals, Elite Personal loans are in essence short term in nature i.e. one to six months repayment on a loan amount of between R300 and R 8 000.00.
Protecting employees from high cost lenders and debt trapping
Security of the transaction
No geographical contrains
Full financial control
Increase in productivity – no need for employee to leave place of work
No administration hassles – repayment done through Elite’s electronic debit order system
Legal system, integrated with the legislator and in-line with the new credit bill
Incremental loans aim to address housing finance needs of the housing market that have an ability to contribute financially to housing costs but to whom bank-funded housing finance is not readily available.
The lives of more than one million people have been improved through these loans but it is believed that there is an endless demand for assistance.
Incremental loans are offered to home owners who wish to build homes on an incremental basis by extending or improving existing property. These loans are for instance extended to add a room, install a geyser, enhance security or to effect any improvement that increase the value of the house.
These loans are targeted to the low- to moderate-income housing market.
Loan amounts range between R3000 and R20000 with a repayment period of between 10 and 36 months.
The minimum condition for an applicant is:
income between R 2 500.00 and R 7 500.00 per month
able to prove two years of continuous employment
ability to service the loan
older than 21 years of age and a South African citizen
Elite Branded Card
The Elite Card completes the circle of loan services that Elite offers
Elite offers all its clients a fully fledge debit card linked to master card and utilizes a close looped card for all clients qualifying for incremental loans. To ensure that money approved for incremental purposes are only utilized for home improvements and or education, providers are pre-selected and the card is accepted only at these pre approved suppliers of products and services.
Over an above the normal benefits associated with card, clients receives all bank services free of charge.
Call Centre Facility
The Elite call centre is a unique concept in financial services and the only one in South Africa.
The Elite call centre will not only service the micro lending side of business but will aslo administer product support and information inquiries from all other clients.
The call centre improves Elite’s operations and reduces costs, while providing a standardized, streamlined uniform service.
Micro Lending Administration Program (MLAS)
The micro lending program has evolved with the industry twelve years ago. Our software package is used by more than 230 outlets nationwide and is well equipped to support the industry at large.
The program is data base structured, user friendly and complies with GAAP (General Accepted Accounting Practice) and the New Credit Act.
Integration into the National Loan Register, required by the National Credit Regulator, is done via CPB (Consumer Profile Bureau) and Compuscan.
The various payment methods that can be processed through the program are: NuPay, Alpps, Electronic deductions, such as debit orders or Salary deductions, as well as Cash receivable.
There is a variety of reports available, of which a popular one is the Daily Statistics report. This report gives an accurate glance of the state of affairs of the business at any time of the month to date.
Our support team consists not only of a Call Centre, but also technical staff who can help resolve most of the IT problems experienced in the micro lending industry. There’s also an off-site backup facility available to all users of the program.
As part of the group’s services we offer basic financial training:
Basic money guide for South Africa:
Available in various official languages
Approved by the Financial Services Board
More than 71 training staff member
Certificate of competence issued on successful completion
They partner with you on your journey through life. They are a purpose-led organisation that recognizes the unique challenges and opportunities people face in their lives. They share their expertise to create brighter futures, through the responsible provision of financial services and products. They drive financial wellness, and are a platform for growth, sustainability and improvement.
A home is a place to relax and unwind, share precious moments with family and should reflect your unique taste and personality. Everything you want in your home can now become a reality! Real People have developed a home improvement loan which helps you to make the improvements that you want. You can use your loan to make home improvements of your choice, for example, buying building material which includes, but is not limited to:
Bricks and Cement
Doors and window frames
Fencing and burglar gates
Any materials you might need to make alterations or improvements to your home
These types of FNB Loans are basically loans that will get you access to cash you have already repaid back to FNB and is usually 15% of the repayment that is required to be paid in order to re-borrow from FNB again. FNB Revolving Loans do not have a set term so you can decide when you want to pay it back. FNB Revolving Loans are charged R40 a month and there are no extra charges on this type of loan unless you use it.