We have implemented a second wave of relief in support of our customer base to navigate their financial commitments as Covid-19 cases continue to increase across the country.
Debt Relief Wave 2 Standard Bank
The relief comes in the form of a three-month instalment relief for all customers earning R7500 a month or less who are not in arrears on any of their accounts as at 31 March 2020. This applies to qualifying customers and their associated accounts which include, home loan, vehicle and asset finance, credit cards as well as short term loans. Customers offered the relief will see their interest and bank charges capitalised over the term of their loan agreements.
This second round of relief comes after our announcement last week that it would be instituting an instalment relief for both SMEs and fulltime students with loans with us. Our small enterprise business customers with a turnover of less than R20 million were granted a three-month instalment relief on their businesses loan repayments. We have now extended this to include business owners’ personal loans i.e. a customer that banks with us in their personal and business capacity.
The three-month instalment relief will commence on 1 April 2020 and run through to end June 2020. Customers do not need to contact the bank to initiate the offer, however, customers can continue to pay their accounts, as usual, should they not want to take up on the relief offer. We are continuously looking for ways to ensure that we can provide the necessary assistance to our customers who have been impacted negatively by the Covid-19 pandemic.
We believe that by providing support to this segment of our customer base, we are going some way to help address some of their immediate financial challenges. We are supportive of other government initiatives supporting small businesses and their employees. Qualifying employers and employees will also get relief from initiatives like the Solidarity Fund. Our qualifying customers are urged to apply for support.
We are committed to looking after the most vulnerable in our society. We have decided to do this as a means to ease their financial burden. We continue to work with the industry and regulators to ensure that we can solve some challenges systemically and we will play our part responsibly to support the government and the country.
Furthermore, the banking sector has collectively decided to waive Saswitch fees during the lockdown. This means that a customer can use any ATM, including those offered by competing banks and only pay the usual fees charged. We continue to evaluate the current financial climate with a keen focus on how we can continue to guide consumers through these difficult economic times.
Our customers’ financial wellbeing remains our concern. Customers who are in financial distress and not included in the three-month instalment relief offer, should contact us as soon as possible by email on [email protected] or call us.