Standard Bank has 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.
Standard Bank's chief executive for business and personal banking Funeka Montjane says there will be life after the COVID-19 pandemic and they must help small businesses to survive.
Speaking to Eusebius McKaiser, Montjane says if students do not want the payment holiday they must call the bank and opt-out.
We are saying to students we are going to be offering a payment holiday for three months and we will not be charging interest or fees on those accounts.— Funeka Montjane, Chief executive business and personal banking - Standard Bank
It is not a compulsory offer if you can afford to pay you can call us and opt-out.— Funeka Montjane, Chief executive business and personal banking - Standard Bank
For student loans, Standard Bank is offering a payment holiday from 1 April until end of June. 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.
Interest and fees will still be charged and capitalised.
- There is an opt-out option.
Other clients who want to make payment arrangement should call the bank, Montjane adds.
The other stream is for everybody else and our view is that different people are affected in different ways so it is not appropriate to give an omnibus offer. Every single client of ours who cannot pay their debt this month or next month should call us.— Funeka Montjane, Chief executive business and personal banking - Standard Bank
The big problem we have is that by all accounts it does appear that COVID-19 pandemic has triggered a global recession and we are saying let us survive the next few weeks and months.— Funeka Montjane, Chief executive business and personal banking - Standard Bank
Listen to the full interview below...
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