Get a First National Bank personal loan verified by our specialists. As of 25.03.2025 there are options available. Increase your chances of approval - fill out an application with a free credit rating check.
Author
Denis Galkin
Fact Checked
Update 01.02.2025
First National Bank provides personal loans with flexible terms suited for various financial goals, including purchasing a vehicle, home renovations, covering medical expenses, or even consolidating debts. With options for fixed or variable interest rates and loan amounts up to R360,000, clients can choose repayment periods extending to a maximum of 66 months, allowing them to tailor repayments to their budget. These personal loans are designed to offer convenience and adaptability, meeting diverse financial needs with clear terms and a straightforward application process.
Key Features
No Early Repayment Penalties. Borrowers have the flexibility to repay their loans early without any additional fees, providing financial freedom to clear the debt ahead of schedule.
Take-a-Break Option. Customers can skip one payment in January each year, provided certain conditions are met, offering relief during times of financial need.
Flexible Interest Rates. FNB offers both fixed and variable interest rate options, allowing customers to choose a rate structure that aligns with their financial plans.
Flexible Loan Terms. Borrowers can select loan durations up to 66 months, providing options suitable for different financial goals, whether for a short-term need or a more extended period.
Customer Protection Plan. All personal loans are covered by Credit Life & Default insurance, which is mandatory and provides coverage for events like death, disability, and retrenchment, ensuring financial security.
Pros and Cons
Pros
Reputable Financial Institution. As one of South Africa’s leading banks, FNB is well-regarded for its stability and is trusted by clients, offering a sense of security and reliability in its lending services.
Comprehensive Digital Access. FNB’s award-winning digital banking platform allows clients to apply for, manage, and repay loans conveniently online or through the FNB app, making the borrowing process straightforward and accessible.
Flexible Repayment Options. FNB provides adaptable repayment solutions, allowing clients to tailor their loans with flexible terms that align with their financial needs and lifestyle.
Cons
Mandatory Credit Life Insurance. FNB requires all personal loan clients to have Credit Life & Default insurance, covering risks such as death, disability, and retrenchment. While this provides added protection, it increases the overall loan cost, as additional payments are mandatory and may not be required by some other banks.
Higher Interest Rate Cap on Short-Term Loans. For short-term loans, interest rates can reach the maximum allowed by the National Credit Act, which may make these loans less favorable for borrowers who prefer a shorter repayment term.
Restrictions for Low Credit Scores. FNB has strict credit score requirements, which can make it more challenging for clients with lower credit scores to qualify for a loan, limiting access to this option for some borrowers.
How to Get an FNB Personal Loan?
Through Our Website
Open your web browser and navigate to finanso.com.
Use the search function on the website to locate information related to FNB.
Select FNB from the search results to access their lending services.
Look for the "Apply" button on the FNB page and click on it to initiate the loan application process.
After clicking "Apply," you will be redirected to the official FNB website. This is a secure transition to ensure your personal information is handled within the FNB system.
Enter your personal details as required in the online application form, including your full name, ID number, and contact information.
Choose the desired loan amount and select the preferred loan term that best fits your financial needs.
Confirm your identity by uploading any requested documentation, such as your ID and proof of income.
Complete the registration and submit your application for review by the bank’s loan team.
FNB will review your application, verify your information, and assess your credit and income details.
If all required documents are submitted and the DebiCheck mandate is confirmed, the loan can be approved on the same day. DebiCheck is a secure system where you confirm automatic monthly deductions for loan repayments from your bank account.
Once approved, FNB will notify you by SMS or email with the loan terms, repayment schedule, and next steps.
Review and electronically sign the loan agreement via the website to confirm acceptance.
After signing, the loan amount will be credited to your FNB account or another specified account.
Through the Bank's Website
Go to the official FNB website and navigate to the Loans section.
Select “Personal Loans” and click on the “Apply Now” option.
Enter your personal details as required in the online application form, including your full name, ID number, and contact information.
Choose the desired loan amount and select the preferred loan term that best fits your financial needs.
Confirm your identity by uploading any requested documentation, such as your ID and proof of income.
Complete the registration and submit your application for review by the bank’s loan team.
FNB will review your application, verify your information, and assess your credit and income details.
If all required documents are submitted and the DebiCheck mandate is confirmed, the loan can be approved on the same day. DebiCheck is a secure system where you confirm automatic monthly deductions for loan repayments from your bank account.
Once approved, FNB will notify you by SMS or email with the loan terms, repayment schedule, and next steps.
Review and electronically sign the loan agreement via the website to confirm acceptance.
After signing, the loan amount will be credited to your FNB account or another specified account.
At the Bank's Office
Visit the FNB website or open the mobile app and use the “Branch Locator” to find the nearest branch.
Bring the required documents with you, including a valid ID, proof of income, and recent bank statements.
Speak with a consultant at the branch, who will guide you through the loan application process.
Select the loan amount and term that best fits your financial situation with assistance from the consultant.
Fill out the application form in person, providing all necessary information about your loan request and financial details.
Submit your completed application to the branch consultant for processing.
The bank will verify your documents, assess your application, and require confirmation through the DebiCheck mandate for automatic monthly repayments.
If approved, FNB will notify you of the loan terms and repayment details either in person, by SMS, or by email.
Review and sign the loan agreement in person with the branch consultant to finalize the process.
Once signed, the loan funds will be disbursed to your specified account.
Via Mobile App
Open the FNB mobile app and log in to your account.
Go to the “Loans” section and select “Personal Loans.”
Tap on “Apply Now” and follow the instructions to begin your application.
Choose the loan amount and select the desired loan term based on your financial preferences.
Complete the fields in the application, entering personal information and uploading required documents, such as ID and proof of income.
Review your details and submit the application through the app for bank assessment.
FNB will verify your information, check your credit and income details, and confirm the DebiCheck mandate to authorize automatic monthly deductions.
If all requirements are met, the loan may be approved the same day, and you will receive a notification directly within the app.
Review and electronically sign the agreement within the app to complete the process.
After signing, the loan amount will be deposited into your FNB account or another specified account.
Requirements and Conditions
Requirements
Age Requirement. Applicants must be at least 18 years old to qualify for an FNB personal loan.
Identification. A valid South African green bar-coded ID book or smart ID card is required for identity verification.
Employment Status. Applicants need proof of stable employment or income to demonstrate repayment capability.
Proof of Income for Non-FNB Customers. Non-FNB customers must submit either the latest three months' payslips or a three-month bank statement. Self-employed individuals need to provide an ITA34 form or three months’ bank statements.
Proof of Income for FNB Customers. FNB customers do not need additional income documents if they’ve received a stable income in their FNB account for the past three months. If income has recently changed, the latest three months’ proof may be required.
Proof of Residence. Proof of residence, such as a utility bill, is required and must not be older than three months.
Conditions
Loan Amount. Personal loans are available for amounts up to R360,000, offering flexibility for diverse financial needs.
Loan Term for Standard Loans. Terms range from 3 to 48 months, providing adaptable repayment options.
Loan Term for Larger Loans. For larger amounts or debt consolidation, terms extend up to 66 months, allowing longer repayment periods.
Interest Rates. Short-term loans have rates up to 5% per month, while long-term loans have annual rates from 17.5% to 29%.
Monthly Service Fee. A monthly service fee of R69 is applied for account maintenance.
Initiation Fee. A one-time initiation fee of up to R1,207.50 plus 10% of the loan amount above R1,000 is required at loan start.
Early Repayment Option. Borrowers can repay their loans early without penalties, though monthly fees still apply.
DebiCheck Mandate. A DebiCheck mandate is required to authorize secure monthly deductions from the borrower’s account.
Credit Life Insurance. Mandatory for loans over six months, Credit Life Insurance covers the loan in cases of death, disability, or retrenchment.
Ways to Receive the Money
Upon approval of an FNB personal loan, funds are typically disbursed directly into the applicant's FNB transactional account, providing quick and convenient access. For non-FNB customers or those without an existing FNB transactional account, funds may be transferred into their specified external bank account. This seamless transfer method is designed to ensure immediate access to loan funds, allowing clients to meet their financial needs without delay.
How to Repay an FNB Personal Loan?
Automatic Debit Orders. Set up automatic debit orders from your FNB account to ensure on-time monthly payments; this can be managed via the FNB App or Online Banking.
DebiCheck Mandate. Confirm a DebiCheck mandate to authorize secure monthly deductions directly from your account, required to finalize your repayment setup.
Online Payments. Make manual payments through FNB Online Banking or the FNB App, giving you control over each installment.
ATM Payments. Visit any FNB ATM to make payments directly to your loan account, ideal for convenient in-person transactions.
Payments from Other Banks. If using a different bank, add FNB as a beneficiary in your banking app or online account to make loan repayments easily from an external account.
Things to Pay Attention To
Insurance Requirements. Credit Life Insurance is mandatory for loans longer than six months, covering the loan in case of death, disability, or retrenchment.
Payment Schedule. FNB provides flexibility with monthly or bi-weekly payment options to support effective budgeting and repayment planning.
Early Settlement. You can repay the loan early without additional fees; however, it’s recommended to request a settlement quote to confirm the exact amount due.
Additional Fees. A monthly service fee of R69 applies to the loan, along with a possible initiation fee, impacting the overall cost of the loan.
DebiCheck Mandate. Accepting the DebiCheck mandate is required to authorize monthly debit order deductions, ensuring secure and timely loan repayment.
Editorial Opinion
FNB’s personal loans offer flexibility with amounts up to R360,000 and terms from 3 to 66 months, making them suitable for diverse financial needs like debt consolidation or home improvements. Key advantages include the ability to repay early without penalties, digital accessibility through FNB’s award-winning app, and built-in Credit Life Insurance for long-term loans, providing coverage for unexpected events. However, clients should consider that short-term loans carry higher interest rates, and strict credit score requirements may limit access. Overall, FNB personal loans provide a secure and adaptable borrowing option, ideal for clients seeking a reputable, digitally accessible lending experience.
Can self-employed individuals apply for an FNB personal loan?
Yes, self-employed applicants are eligible but need to provide specific income documentation, such as their most recent ITA34 tax assessment or a record of bank deposits reflecting their income for at least three months.
What happens if I want to settle my loan early?
FNB allows for early settlement of loans without any penalty fees. However, it is recommended to request an updated settlement quote to understand the total amount due, including any remaining interest.
Is it possible to take out additional funds on an existing loan?
FNB offers a "top-up" option for eligible clients who meet specific criteria, allowing them to borrow additional funds on their existing loan. The availability of this option depends on the borrower’s current loan status and creditworthiness.
What is the purpose of the DebiCheck mandate for FNB personal loans?
The DebiCheck mandate is required to authorize secure monthly debit orders from the borrower’s account. This mandate can be accepted through digital channels, ensuring controlled, consistent repayment directly from the borrower’s bank account.
Does FNB offer flexibility in repayment options?
Yes, FNB provides flexible repayment terms that can be tailored to fit monthly or bi-weekly schedules. Clients can manage payments easily via automatic debit orders, online payments, and ATM options, depending on what suits their financial plan best.
