SA’s major banks have introduced various measures to assist consumers who are impacted financially by the corona virus disaster and the 21- day lockdown intended to curb its spread. Most of the assistance comes in the form of three-month debt holidays on loans ranging from mortgages to credit card balances. Some consumers will automatically receive these payment holidays, while others will have to apply at their banks.
Absa
Individual customers who owe Absa money will be invited to take an up to three-month repayment holiday, regardless of the kind of loan or how much money those customers earn. There will also be an option to reduce repayments instead. Individual clients will automatically qualify for the relief, but business and corporate clients are encouraged to contact the bank for case-by-case arrangements on their debt.
Standard Bank
Standard Bank is offering all of its personal banking customers, and business clients who earn less than R20 million a year, a three-month debt holiday until the end of June. Clients earning R7 500 or less and students will automatically receive the three-month holiday, while other banking clients can apply for the relief by contacting the bank.
FNB
First National Bank (FNB) will be offering debt repayment holidays of up to three months to its customers, but strict terms and conditions apply. Clients will need to contact the bank, and have a letter from their employer to show loss of income due to the novel corona virus. Those who are self-employed would need to submit financial statements.
Nedbank
Nedbank is offering clients “individual solutions to cashflow challenges” due to the corona virus, which includes halting debt repayments (or part thereof) for a “suitable” period. Alternatively, clients loan periods may be extended or they could get more credit to manage short term cashflow shortfalls.