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Friedpet

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Hello

I have a personal loan and a home loan from SB.
Personal loan (RCP) is almost paid off. I remember from somewhere that even when the loan is paid off, you'll continue to pay unless you give a stop notice 90 days in advance. Any truth to this? If so, can you give notice online?

With regards to the home loan: Everyone is talking about getting better interest rates from the bank after a while. How is this done?

SB's website doesn't offer much help in this regard.
 
Last edited:
Friedpet said:
Hello

I have a personal loan and a home loan from SB.
Personal loan is almost paid off. I remember from somewhere that even when the loan is paid off, you'll continue to pay unless you give a stop notice 90 days in advance. Any truth to this? If so, can you give notice online?

With regards to the home loan: Everyone is talking about getting better interest rates from the bank after a while. How is this done?

SB's website doesn't offer much help in this regard.
Click to expand...

Is it a personal loan or RCP?
 
Then you are correct in saying the repayments would go on.

I'm a RCP customer, and that happend to me, how SBSA sees it, RCP isn't a standard loan, its revolving credit. After the last payment that settle your account, send a secure message to ask to stop the debit order. (day after the DO).

When the RCP is settled, then you can decide if you want to close the line of credit, or leave it open for a rainy day, no interest or or life insure would be charged.
 
if you leave everything as is, then it's like a savings account and you can move that funds back to you cheque account when needed, or "revolve" and make use of the approved credit.

the debit order was only an instruction to pay x amount on a certain day to the line of credit, and that is why it carry on even if your balance is 0
 
Oh okay, great. Learning something new. Thank you gfmalan. Will a positive balance in the RCP gain any interest? If not, a savings account will be better (considering I don't need access to the credit).
 
The inerest rate is decided when you signed, and linked to prime, in my case I pay R11 for the account fee, I can find out what the rate would be on a positive balance, or call them on the all branches tel.

I wouldn't use it as a savings account, just for backup, or when i want to finance something quickly.

I have the 30 day notice account as well, but useless as the rate is so low, money market / Or investment account at Investec/Coronation/Alexander Forbes would be much better.
 
I see in my original app it say, the bank pay 0 interest on positive balaces.

I also see "you can teminate the agreement without any advanced notice, so long you settle outstanding balance"
 
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