Standard Bank offer 3 month "payment holiday" during Coronavirus

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Standard Bank is offering a 3 month payment holiday for student loans and small businesses in South Africa.

South Africa (22 March 2020) – Struggling to repay your Student Loan or keep up to date with Small Business payments due to COVID-19? Well, Standard Bank has just launched a payment holiday to offer some relief to South Africans during the global pandemic.

“As South Africans continue to face challenges in dealing with the Coronavirus (COVID-19) pandemic, we are taking steps to provide some financial relief to some of our business and personal customers in the form of debt relief. We also encourage customers to consider digital banking as a preferred option to visiting a physical branch.”

Debt relief for Small Enterprises and students

For Small Enterprise customers (those with a turnover of less than R20 million) whose payments are up to date as at 31 March 2020, have been approved a 3 months payment holiday from 1 April to 30 June 2020 on their Business Loans.

Repayment will be structured to capitalise on interest & fees. This is an automatic adjustment later but there is an opt-out option.]

For students, they have also approved a payment holiday from 1 April to 30 June for student loan customers who are studying full time. This will be at 0% interest and with zero fees. This is an automatic offer and no applications are required. Click here for more information.

Keeping everyone safe

The safety of their employees and customers is something that they care deeply about and they strongly encourage customers to use the suite of digital banking tools for their financial needs, whether this be from a personal or business perspective. Digital platforms provide an efficient, fast, safe and nearly instantaneous solution to many, if not all of your daily banking requirements, away from public spaces.

“We encourage customers to manage account limits, make payments to local or international beneficiaries, settle traffic fines, download and send statements or apply for a personal loan from almost anywhere and at any time.”

Please contact Standard Bank to find out about any other assistance that may be available to you on [email protected]. If you currently work with a Banker or Financial Advisor, feel free to contact them during their regular business hours.