First National Bank
High Interest Rates & Insurance on Student Loans

Now repaying capital portion on a small student loan taken out on my behalf by a family member. The last 2 years were spent paying interest and mandatory insurance on capital - on investigation this is double the premium charged by other banks?
Were told that the interest on the loan would now be increased to 18.5%! and not at the original 8.5%. When she approached the banks she was advised that the Only option would be to consider using the revolving loan facility on her F.N.B account (as the interest rate is lower) and use this loan to repay the initial capital borrowed in order to avoid the high costs associated with a student loan... really?

Company: First National Bank
Country: South Africa
City: East London

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