FNB Smart Loan Calulations

This topic contains 0 replies, has 1 voice, and was last updated by  Jan 2 years, 9 months ago.

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    Jan
    Participant

    Hi all,

    I like to know exactly how and why I am being charged, and the calculations with that.
    It gives me a sense of control. It just gives me more control through proper planning.

    Here is the question:
    How does FNB calculate their interest on a Smart Loan?
    According to what I have worked out in my self-built spreadsheet, they’re charging me to much interest.
    I tried contacting the call centre but the person on the other side was useless. He sent me a statement, that I have on online banking.
    So I still don’t know if the calculations are wrong on my side, or on their side.

    Does somebody have the formulas or a spreadsheet?
    Other loan product formulas would be great too.

    Thank you,
    Jan

    P.S. The service in every organisation was so disappointing this week, that I would much rather become a hermit that lives off the land. This coming from a city slicker.

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