Earlier today, March 29, Standard Bank announced a second wave of relief for its customers.
Financial commitments of banking clients are set to heavily impact the livelihood of many individuals across the country as South Africa settles into the 21-day lockdown.
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The payment reprieve is aimed at easing the financial burden of customers earning R7 500 or less, who will receive three-month instalment relief if they are not in arrears on any of their accounts as at March 31.
This relief applies to qualifying customers and their associated accounts, which include home loans, vehicle and asset finance, credit cards, as well as short term loans.
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Customers who opt for the relief will see their interest and bank charges capitalised over the term of their loan agreements.
Last week the bank announced that it would be instituting instalment relief for both SMEs and fulltime students who have taken out loans at the bank.
The bank’s small enterprise clients with a turnover of less than R20-million were granted a three-month instalment relief on their business loan repayments.
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The latest instalment relief measure will further assist business owners who bank with Standard Bank in their personal and business capacity.
The three-month instalment relief will be available from April 1 until the end of June 2020.
Customers need not contact the bank to initiate the offer.
Alternatively, customers can continue to pay their accounts as usual should they not want to take up the relief offer made by Standard Bank.
Customers who are in financial distress and not included in the three-month instalment relief offer, should contact the bank as soon as possible by emailing to debtcarecentre@standardbank.co.za
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