We’re pleased to welcome you to another FNB Guide, this time with information on how FNB Payment Breaks function in South Africa.
Since its arrival in South Africa, Covid-19 has produced financial problems in 2020, 2021, and even 2022.
Many consumers with FNB loans have been unable to pay their monthly installments as a result of this circumstance.
To assist anyone who is unable to achieve the monthly obligation, First National Bank has devised a payment break alternative.
This post is for you if you are one of those folks or if you want to learn more about how FNB payment breaks function.
This article will explain what a payment break is, what it means to take a payment break on your loan, and who this payment break is for.
WHAT IS THE PAYMENT BREAK AT FNB SOUTH AFRICA?
The FNB payment break is an agreement between you and the bank to stop making payments on your loan for a set length of time.
The payment break with FNB South Africa is normally three months, however you can negotiate with the bank.
You will not pay the monthly installment during the break, and your credit score will not be affected.
If you are having trouble paying your monthly loan installment, it is the appropriate thing to do, and the bank will not add any arrears or penalties to your account.
You will have a limited time to plan how you will repay your debt.
IN SOUTH AFRICA, HOW DOES FNB PAYMENT BREAK WORK?
You’ve come to the right place if you’re curious about how the FNB payment break works. First and foremost, you must apply for a payment suspension.
Your application will be evaluated by the bank, and it may or may not be approved.
You must meet the qualifications in order for your application to be granted.
First and foremost, this offer is designed to assist customers in minimizing the financial impact of COVID-19.
You must show the bank that the cover-19 has impacted your finances and that you are unable to pay your monthly loan installment.
Second, you must have a clean payment history and a track record of timely payments.
Fixed-term credit arrangements, such as a Personal Loan, are likewise excluded.
If you meet these requirements, your application will be approved, along with other credentials that the bank will evaluate.
Although a Payment Break on a fixed installment credit agreement may appear to be a lifeline, it’s important to think about the long-term consequences.
It would be beneficial if you tried all other options first before considering a Payment Break.
Another option to explore is credit life insurance, especially if you have been laid off or placed on unpaid leave for a short period of time.
A Payment Break, on the other hand, may be worth considering if you’re suffering financial troubles for other reasons.
HOW DO I APPLY AT FIRST NATIONAL BANK FOR A PAYMENT BREAK?
If you want to apply for the FNB payment break, follow these steps:
• Download the FNB App
• Dial the *120*321# phone banking code.
• Call FNB customer service at 087 730 5596.
• Fill out an application at your local FNB branch.