I applied for a loan at Nedbank via the call Center to which i was approved via the system to the value I requested. I was not happy with the interest rate given as I am a existing customer with a current loan that has a much lower interest rate (by half). After trying to get Nedbank to adjust this I decided to accept the loan as I required the funds and Nedbank was not interested in looking after there existing customers in my opinion. After signing all the documentation and waiting two days I had to call the call center to find out what the delay was. I was then informed that they are now changing the approved value to a lower value which will intern only give me a third of the original value of funds available after I consolidated an existing loan. People apply for a value based on requirements then after all this trouble I get told that only a third will be available. When the "system" declines you there is nothing that can done but when the system approves you for one amount then the consultants can change it if it suits them. The fact that I signed an agreement with interest rate, installment details, life cover, etc, etc should be binding and the bank should honor this!!!
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