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Coronavirus: Standard Bank extends payment holidays to personal accounts too

Source: Business Insider SA, 29/03/2020

Standard Bank, which has already given its business clients and students a break, has now extended debt repayment holidays to its personal account customers too during the Covid-19 disaster.

The bank said all customers earning R7 500 or less, and who are not in arrears in any of their accounts, will qualify for three months of instalment relief

That means customers can hold off on paying home loans, car loans, other asset finance, short term loans, and credit cards, Standard Bank said.

Interest and bank charges will still be charged during this time.

The three-month instalment relief will be available on 1 April 2020 until end June 2020.

The bank said customers do not need to contact the bank to take up the offer, but customers can continue to pay their accounts too, as usual, should they not want to take up the offer.

Standard Bank last week introduced debt relief for small business with a turnover of less than R20 million, as well as on student loans.

â€œAt Standard Bank, we are continuously looking for ways to provide the necessary assistance to our customers who have been impacted negatively by the Covid-19 pandemic,â€ Standard Bank South Africaâ€™s chief executive for personal and business banking Funeka Montjane said in a statement.

Funeka said qualifying employers and employees will also soon get relief from initiatives like the Solidarity Fund.

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