Standard Bank offers three-month payment holiday

Provided your account is not in arrears and earn less than R7 500.
Three-months holiday repayment offer. Image: Supplied

Standard Bank clients earning R7 500 or less will qualify for a three-month payment holiday on all personal account-related debt.

This means customers can hold off on paying home loans, car loans, other asset finance, short term loans, and credit cards for three months provided that they account are not in arrears as at 31 March 2020.

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

The bank says 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.

Looking for ways to mitigate Covid-19 impact

Funeka Montjane, Chief Executive, Personal and Business Banking, Standard Bank South Africa, says they are “continuously looking for ways to provide the necessary assistance to our customers who have been impacted negatively by the Covid-19 pandemic.”

Standard Bank is also collaborating with other government initiatives that have started to support small businesses and their employees.

The bank says 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 Montjane.

Saswitch fees waived

Furthermore, the banking sector has collectively decided to waive Saswitch fees during the lockdown. This means that a customer can use any ATM, including those offered by competing banks and only pay the usual fees charged.

Standard Bank says it will continue to evaluate the current financial climate with a keen focus on how the bank can continue to guide consumers through these difficult economic times.

“We will work tirelessly to find solutions that ease their financial burden in these times. We are here to help those who contribute to our society so that we can support economic growth in South Africa,” concluded Montjane.

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 bank’s small enterprise clients with a turnover of less than R20 million were granted a three-month instalment relief on their business loan repayments. The latest instalment relief measure will further assist business owners who bank with Standard Bank in their personal and business capacity.

Standard Bank says 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  debtcarecentre@standardbank.co.za  or call the bank.

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Is that R7500 per month??????

That’s pathetic. What about the rest of their clients that are also suffering financial hardship?

Is this April Fools?

Does SB seriously lend money for houses & cars or other to clients earning < R7.5k a month?

Thanks SB, you're funny.

What kind of a house would you be able to buy on that salary? Your repayments are usually limited to 30% of your income, so that’s more or less a R200k house. Which you are going to find – where? Unless it’s an RDP house, but then you don’t need to have a bond. So I agree. Standard Bank is trying to pull a fast one here.

My American friends would call this Standard Bank response a “Nothingburger”

Are they pausing the interest too? If not, this is an easy way for the banks to get more money out of very distressed clients.

DJM: Spot on! They are giving a payment breather while they accumulate interest on the accrued arrears.

This boosts bank returns. The responsible thing would have been to defer the payments of next 60 days into an interest free suspense that is released back for repayment into dues over rest of year.

Surely the more appropriate trick would be to give the client a repayment holiday of three months and extend the life of the loan agreement to three months later than the scheduled repayment date. Paperwork to be marked as a result of this virus – after all it is a global pandemic

This is meaningless, Std bank will live to regret this pathetic offer.

Standard Bank is the WORST.

This is the worst service ever from standard bank. The process for the 3 months holiday is frustrating, you send the email and they do not reply, you call the debt care number, you hold for almost an hour till you give up…. What on earth is that?!!
Are they aware that everyone is affected by this lockdown??!

Their promises are absolute rubbish! I have been a loyal customer of Standard Bank for more than 50 years – 50 YEARS – I applied and even had a person called Deborah from their Bank phone and inform me that I qualified – but they continued to deduct the monthly fee. So I wrote to them again formally and asked for a response and nothing! They have now once again deducted the monthly fee! Cheap media hype and all talk and no substance!

Standard Bank I am so disappointed in you that I feel like closing my account and moving it to another bank! Please g
et hold of me and we can rescue the situation!

End of comments.

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