Today’s guide is about how does FNB credit switch work in South Africa.
First National Bank is a bank that shares a vision to help its customers and business.
One way the banks work to achieve the vision is through issuing credit and loans.
But do you also know the bank helps you consolidate all the loans into one?
It is possible, but let us read this guide to find out how FNB South Africa Credit Switch.
If it is your first time hearing about the FNB credit switch.
Worry not; in this article, I’ll share how FNB Credit Switch Work.
The explanation is in simple terms for easy understanding.
What Is FNB South Africa Credit Switch
FNB credit switch is a product offered to FNB customers where they can consolidate different loans they qualify for.
After consolidation, all the debts you owe the bank, or different credit providers are categorized as a personal loan.
The bank offers the product to help its customers manage their debts easily and hassle-free.
Moreso, you get to pay lower interest, fees, and monthly repayment.
The bank, through credit switch, helps manage all the creditors.
The bank is responsible now for paying all of them on your behalf.
It is hard to manage debts, but FNB is here to help you with credit switch products.
How FNB South Africa Credit Switch Work
The FNB credit switch is all about consolidating your debts.
After you qualify for the products, the bank will give you a loan to service other debt and remain to repay the loan issued by the bank.
It doesn’t matter where you took the debt. The bank will pay the creditors on your behalf.
The bank issues loans of up to R300, 000 to help you settle all the debts.
Henceforth it becomes easier to manage your debts with only a personal loan issued by the First National Bank.
FNB credit switch helps FNB customer care not ruin their credit history and also credit score by helping you manage debts.
Requirements For FNB Credit Switch
You ought to meet the qualifications before applying for the credit switch. Some of the qualifications include;
- Permanently employed or self-employed
- Minimum net salary of R1 800 per month
Additionally, you need to have the following documents when applying.
If you are not an FNB customer, these documents are mandatory:
- South African green bar-coded ID or Smart ID card
- Most recent payslip
- Proof of residence not older than three months
- Three months bank statements
- Six months bank statements for self-employed customers
That is how FNB South Africa Credit Switch Work.