Corona-Lockdown Update: Standard Bank to extend installment relief to 'qualifying customers'
Standard Bank has announced that it will be extending its instalment relief that made available last week to SMEs and full-time students to more of its customers.
The relief is aimed to help its customers navigate financial commitments as Covid-19 continues to impact South Africans.
"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 31 March 2020)," Standard Bank said on a statement on Sunday.
"This relief 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 who opt for the relief will see their interest and bank charges capitalised over the term of their loan agreements."
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. The latest instalment relief measure will further assist business owners who bank with Standard Bank in their personal and business capacity.
In addition to this news, the banking sector has decided to remove 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.
Customers who are in financial distress and not included in the three-month instalment relief offer, can contact the bank by email on email@example.com or call them.
Written by: Staff Writer.