South Africa News

Standard bank announces payment holiday for clients

Standard Bank announced a payment holiday for its student and small business loan clients on all up to date loans from 1 April 2020 to 30 June 2020.

The bank made the announcement amid growing calls for consumer reprieve as the country grapples with the spread of COVID-19.

In a brief statement, Standard Bank said: “To assist you through these challenging times due to the Coronavirus pandemic, we have approved a payment holiday from 1 April 2020 to 30 June 2020 on all your up to date loans.”

However, the bank has said interest and fees will still be charged and capitalized.

For student loans, Standard Bank is offering a payment holiday from 01 April until end of June at 0% interest and with zero fees. Those eligible must still be studying full-time.

For small and medium enterprises, the bank is offering the coronavirus business payment interruption scheme.

Eligible clients have to meet the following criteria:

* Your business is South African based, with a turnover of no more than R 20 million per year.

* Your Business Current account, Bizlaunch account and Business Lending accounts are paid up to date.

* Your business is in good standing.

For more information on the application of the move, visit the bank’s website.

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Source – EWN

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