Banking Payment Holidays: Listen, As Your Wallet Breathes a Sigh of Relief
Although we are all trying to stay positive about the effects of COVID-19, it is rather difficult to ignore the fact that the economy has taken a serious hit during the last 5 weeks in lockdown. Numerous industries are suffering, and many businesses have had to close their doors.
With all the anxiety and worry about finances and job security, South Africa’s major banks have been offering some relief to try to ease the pressure on their clients.
If you find yourself in a situation where you could use a helping hand, here are a few of the options that are available to you.
Absa – Struggling with payments? Let us help you
Absa has automatically qualified all individual clients (who have good credit standing) for the 3 month payment holiday. This is not dependent on the type of loan or the income of the customer – as opposed to the criteria required by other institutions. Alternatively, there is also a repayment reduction option available to customers who prefer this route.
The plan is available for repayments of the following:
- Home Loans
- Personal Loans
- Credit cards
- Student Loans
- Vehicle loans
For further information, visit Absa’s Payment Relief page.
Standard Bank – Keeping you going during the lockdown
Standard Bank are helping their customers who are most sensitive to market shocks with 90-day installment relief on student loan repayments (at 0% interest) and 90-day installment relief on debt payments for customers who earn less than R7500pm.
For customers who did not meet the aforementioned criteria, the banking institute also stated, “If you’re struggling to repay your debt with us or to meet your financial obligations, please contact us for assistance and we’ll do what we can to help you”.
For further information, visit Standard Bank’s Personal Loan Installment Relief page.
Nedbank – We may be far apart, but we’re in this together
With the thought that everyone has a specific set of financial challenges during this period, Nedbank is encouraging customers to contact them. This allows professional advisors to try to assist them with a solution that suits their needs.
Two of the available options are:
- Defer your monthly home loan payment for three months.
- Pay only 50% of your installment for three months.
“…To catch up on missed payments, we will automatically restructure your home loan by extending the term to keep your installment unchanged. Interest and fees will continue to be charged.” – Nedbank
For more information visit Nedbank’s COVID-19 Debt Relief page.
First National Bank – A time to support #RealHelp
If you have good credit history and you can prove loss of income due to COVID-19, then between 1 April and 30 June 2020, FNB may grant you some relief.
FNB released communication via the FNB App stating the following:
“For those customers directly affected by the outbreak of COVID-19, we are offering cashflow relief in the form of a 3 month payment break. During this period, we will cover the customer’s full repayments which will help them stay up to date on their current repayments, keeping their credit profile intact.”
For more information, follow the COVID-19 prompts on the home screen of the FNB App or alternatively, call 087 575 0362.
Understandably, there are many small business owners who are also having difficulty with loan and credit repayments during this period. SMEs are encouraged to get in contact with their banks as commercial customer relief is also available if specific requirements are met.
We, as Blue Security, also understand that financial pressure weighs heavily on many of our valued clients and we would like to help where we can. If you have any concerns regarding your monthly security fees, please do not hesitate to contact us on 031 717 5000. We will do our best to help you.
Your peace of mind is just as important to us as your safety.
Disclaimer: The information on this page is for information purposes only and should not be perceived as financial advice.