Coronavirus: Standard Bank Offers Clients Earning R7 500 a 3 Month Instalment Relief

Standard Bank has announced a second wave of relief to help its customer base navigate financial commitments as Covid-19 continues to impact the livelihood of many individuals across the country.

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).

The bank said 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.

This second round of relief comes after Standard Bank’s announcement last week that it would be instituting instalment relief for both SMEs and fulltime students who have taken out loans at the bank.

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

Customers need not contact the bank to initiate the offer, however, customers can continue to pay their accounts, as usual, should they not want to take upon the relief offer made by Standard Bank.

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 the bank as soon as possible by email on  [email protected] or call us.

“At 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,” says Funeka Montjane, Chief Executive, Personal and Business Banking, Standard Bank South Africa.

Standard Bank is collaborating with other government initiatives that have been started to support small businesses and their employees. Qualifying employers and employees will also get relief from initiatives like the Solidarity Fund.

“We are committed to helping those who are vulnerable at this time. It is critical that we try to ease their financial burden and do what we can to prevent somebody from losing their home or having to close their business. 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,” says Ms Montjane.