You're not alone on this one. I do own 1200 P2 which at least have Eco mode and can disable this fan racket completely. If not for voiding warranty I would replace fan myself. There is no point in RMA as fans in EVGA PSU are of atrocious quality noise-wise (cables too but at least you can get better ones). When you hear fan ~20m away with concrete walls, ~10 HDDs and 20x 1000rpm fans inside it's not normal.  
 
EVGA on all PSUs write this nonsense: Quiet Fan for near-silent operation. That's a travesty and not true. I took measurements with decibel-o-meter and 3 Corsair PSU working next to each other barely pass barrier of audible noise which is ~35-40dB. EVGA PSU hits 55 dB which is far too much if you sit next to it... or even 3 rooms away. It's as loud as my Cyber Power UPS 3000 VA in operation.