FNB Overdraft Loans – Highly Expedient Personalised Credit Facility

FNB Overdraft Loans – Highly Expedient Personalised Credit Facility

Monthly expenditures may sometimes exceed expectations. Unforeseen expenses can hamper set individual budget plans. Finding a suitable credit facility to meet these needs requires careful consideration. First National Bank offers a competitive overdraft facility in response to situations just like this, which clients are often confronted with. 

An overdraft fundamentally fulfils the purpose of allowing a client to continue withdrawing money even if the account has no funds in it. This extension of credit is provided when an account reaches a zero balance. In some cases, interest on this facility is often lower than that on credit cards. With the FNB Overdraft, the qualifying amount is dependent on the individual’s credit profile. If you don’t use your overdraft, you don’t pay for it. Clients will be required to deposit their income into their cheque account every month. It is a fluctuating facility, so monthly deposits may be reduced. Clients will only be expected to pay if they use more than R200 on the facility. The limit is available immediately upon approval.

A personalised interest rate will be calculated and this interest will be charged monthly on the client’s overdraft balance. In addition, as a registered credit provider, FNB acknowledges the lending guidelines stipulated by the National Credit Regulator and values consumer protection. The Automatic debt protection is offered to cover outstanding payments in the event of illness, death or disability. The amount an individual is covered for is dependent on the type of FNB cheque account owned. A gold cheque account covers an individual for R2000, while a Platinum account holder qualifies for R5000 cover. Encore account holders are covered for R2000.

FNB’s Overdraft loans are available via FNB Online Banking or by calling 0860 327 827.

Categories: Loans