First National Bank
Excessive interest rate

I have had a student loan with FNB for the last 2 years. This year I applied for an additional R22000-00. My existing loan with them is R77000.00. The repayment last year for interest only was R898.00. This year I was quoted a repayment of R1770, interest only for the additional R22000.00. I was then after many faxes and emails advised that my interest rate has now gone up from 12% to 18.75%. How can they justify this interest rate, when the prime lending rate is 8.50%. FNB obviously dont need the business as other banks offer a better rate ands far better service. Not one of their departments are co cordinated. I dealt with a veyr lovely lady and sent all the documents to her, and then further to that received sms's to ask for all the documentation. REALLY. How many times do they want the documents, and after submitting the documents, was told I need to before May fax through the proof of registration, this was done with the orginal application. Is there someone there that knows what is going on???

Company: First National Bank
Country: South Africa
City: Cape Town

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