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Coronavirus: Standard Bank gives businesses, students a debt holiday

Source: Business Insider SA, 22/03/2020


Standard Bank is giving all of its business clients with a turnover
of less than R20 million a year (and are up to date with their credit
payments) as well as students, a debt repayment holiday from 1 April
to end-June.
Under the terms of Standard Bank’s Coronavirus Business Interruption
Payment Scheme, they won’t have to pay debt instalments for the next
three months.
Businesses don’t need to apply for the debt repayment holiday â€` it
will automatically apply to all clients with a turnover of less than
R20 million per year, who are up to date with their payments as at
the end of March 2020 and are in good standing with Standard Bank.
Businesses which want to opt out of the arrangement need to contact
the bank.
The debt payments will be deferred for 90 days, but the interest and
fees accrued over this period will be capitalised on clients’ lending
accounts. After the 90-day period is complete the new repayment will
become due.
All student loan customers who are studying full time will also get
an automatic repayment holiday from 1 April to 30 June. No interest
or fees will be accrued during the repayment holiday.
The coronavirus crisis is expected to have a harsh impact on domestic
businesses, which are facing the fall-out of emergency measures
including the cancellation of public events, the closure of public
spaces and restrictions on travel and trade. According to the Reserve
Bank’s forecast this week, the domestic economy will shrink by 0.2%
this year, while some economists believing that this may be too
optimistic.
“Besides the payment holiday where your repayments will be deferred
for an agreed period, we can also assist with restructuring and
consolidation of your debts,” Standard Bank says on its website.
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