1. What is the FNB Personal Loan Calculator?

This calculator helps estimate monthly payments for FNB personal loans, which can have interest rates up to prime + 17.5%. It uses the standard loan payment formula to calculate your monthly obligation based on loan amount, interest rate, and term.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

• \( P \) — Principal loan amount (ZAR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Number of monthly payments (term in months)
• \( PMT \) — Monthly payment amount (ZAR)

Explanation: The formula accounts for compound interest over the loan term, spreading payments evenly across all months.

3. Importance of Loan Payment Calculation

Details: Calculating your monthly payment helps with budgeting and ensures the loan is affordable. FNB personal loans typically have terms from 12 to 84 months with rates varying by credit profile.

4. Using the Calculator

Tips: Enter the loan amount in ZAR, annual interest rate (e.g., 15.5%), and loan term in months (12-84). For FNB loans, rates typically range from prime (currently 11.75%) to prime + 17.5%.

5. Frequently Asked Questions (FAQ)

Q1: What is FNB's current prime rate?
A: As of 2024, FNB's prime lending rate is 11.75%, but check their website for current rates as this changes.

Q2: What's the maximum loan term with FNB?
A: FNB offers personal loans with terms up to 84 months (7 years), depending on the loan amount and creditworthiness.

Q3: Are there additional fees on FNB personal loans?
A: Yes, FNB charges an initiation fee (up to R1207) and a monthly service fee (R69). These aren't included in this calculation.

Q4: How does FNB determine my interest rate?
A: Rates are based on your credit score, income, and relationship with FNB, ranging from prime to prime + 17.5%.

Q5: Can I pay off my FNB loan early?
A: Yes, but early settlement may incur a penalty fee. Contact FNB for exact terms.