Standard Bank extends payment break to personal accounts for low-income earners

The bank is extending its debt repayment holiday to personal account holders to help them through the Covid-19 crisis.

Standard Bank clients earning R7,500 or less will qualify for a three-month break from debt related to personal accounts.

That's provided they're not in arrears as of 31 March.

Standard Bank has already announced instalment relief for small business owners and full-time students with loans.

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Interest and bank charges will still apply during the three-month period.

This relief applies to qualifying customers and their associated accounts, which include home loan, vehicle and asset finance, credit cards as well as short term loans. Customers who opt for the relief will see their interest and bank charges capitalised over the term of their loan agreements.

Funeka Montjane, Chief executive: personal and business banking - Standard Bank

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The payment holiday will last from 1 April to the end of June.

This article first appeared on CapeTalk : Standard Bank extends payment break to personal accounts for low-income earners

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