RP
Roshen P

1 reviews | Active since Jun 2012

22 Nov 2017, 17:10

Student loan repayment interest rate

I was granted a student loan about three years back for which I serviced the interest at an interest rate of 10% while studying. Now that I have graduated and want to start paying back the capital, FNB has increased my interest rate to 22% (a normal personal loan rate). I also have a student loan with ABSA which I am paying back and they have maintained the 10% interest rate. The irony is that I bank with FNB and give them my business yet when I asked why the interest rate was at a personal loan rate and not a student loan rate (as it was supposed to be) like that of ABSA, all I got was that the loans are different. No other explanation. I think this is utter disregard and lack of care for their clients. FNB was voted the best bank BUT I wonder for what as their service is despicable. A simple student loan repayment doesn't get the attention is deserves ad compared to another bank whose offering is much more competitive, their attitude is one of which they give a damn, they don't care. It is all about the interest they can drive up and earn in the long run without any care for their customers. FNB, I am utterly disappointed in your services to your customers. I would suggest anybody wanting a student loan to go ABSA or any other bank but FNB. You will get great service and save yourself a lot of hard earned money in the long run. #FNBstudentloaninterestratemustfall

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Replies (1)
FNB (First National Bank)
FNB (First National Bank)'s reply23 Nov 2017, 09:52
Official

Good Day,

I acknowledge receipt of your complaint and apologise for the inconvenience caused. Thank you for bringing this matter to our attention.

Complaint reference number ***NF was issued for your complaint. I have escalated your complaint to Private Clients who will investigate the matter and provide feedback.

One again I apologise for the frustration caused.

Regards,

Hello Peter Complaints

Naomi Petersen

*** (option one)