Absa bank has joined Standard Bank and FNB in offering clients payment relief options.
In a statement released yesterday, the organisation said it was ready to support its clients.
“As Absa we want to assure you, our customer, that we understand the profound impact the drastic, but necessary measures taken by the government to prevent the spread of Covid-19 may have on your financial position,” the bank said.
The solutions on offer apply to retail and business credit products, including home loans, vehicle finance, personal loans and credit cards, as well as commercial asset finance and mortgage-backed business loans.
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Products not listed may be considered on a case-by-case basis.
Absa will also consider solutions for businesses to assist them over this period, based on their unique requirements and operations.
The Payment Relief Programme will give customers the opportunity to either continue paying if they are in a position to, or to defer payments for a period of three months.
Customers will not be charged administration fees for the payment relief.
Customers with up-to-date accounts will have the opportunity to opt-in for payment relief aimed at assisting with cash flow needs during this time.
Credit agreements will be adjusted, by revising the loan period and capitalising interest during the relief period.
The bank said it would approach qualifying customers directly to discuss their payment relief options.
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