Having a personal loan can be a big help when you need it, but there comes a time when you just want it gone. Paying it off feels great and frees up your money for other things. If you have a personal loan with FNB and are ready to say goodbye to it, you're in the right place.

To settle an FNB personal loan, you need to find out the exact settlement amount from the bank. You can do this through the FNB app, online banking, or by calling them. Once you have the settlement figure and the official settlement letter, you can make the final payment and ensure you receive confirmation that the account is closed.

Steps to Settle Your FNB Personal Loan

Settling your loan is a straightforward process. Here’s a simple breakdown of the steps you need to follow.

1. Get Your Settlement Amount

The first thing you need is the exact amount required to close your loan. This is called a settlement amount. It includes the remaining capital plus any interest and fees up to that day. You can get this by:

• Using the FNB App or Online Banking: This is often the quickest way. Look for your loan details and there should be an option to request a settlement quote.
• Calling FNB: You can speak to a consultant who will provide you with the settlement figure.

2. Request a Settlement Letter

Once you have the amount, ask FNB for an official settlement letter. This document is proof of the final amount needed to close your account. It's a really important step. I remember when I was paying off a small clothing account, I just paid what I thought was the final amount. A month later I got a statement with a small account fee still on it! Always get the letter to avoid any little surprises. You can email FNB’s customer service to ask for this letter.

3. Make the Final Payment

With your settlement letter in hand, you can make the final payment. You can do this through a direct transfer from your FNB account or at any FNB branch. Make sure you pay the exact amount stated in the letter.

4. Confirm Your Account is Closed

After making the payment, don't just assume everything is done. Contact FNB after a few days to confirm that the loan account is officially closed and has a zero balance. Ask them to send you a paid-up letter. This is your proof that you are officially debt-free. My cousin learned this the hard way and had a debit order go off a month after he thought he'd settled his loan. A quick confirmation call can save you a lot of hassle.

The great thing about FNB personal loans is that they don’t charge you any penalty fees for settling your loan earlier than the agreed term. In fact, paying it off early is a smart move because it saves you a lot of money on interest.

Paying off a loan is a major achievement and a big step towards financial freedom. Once you're done, you can focus on your savings goals. If you're looking for simple ways to earn a little extra, I've been using the Points Castle app. You can do surveys and play games to earn points, which you can then trade for vouchers for things like airtime or Takealot. It's an easy way to get a little something extra without much effort.