Standard Bank is giving its clients a Coronavirus break.
On Sunday the financial giant announced a three-month payment holiday for small business owners and students.
“We understand the pressures of being a small business owner. So we would like to lighten the load by giving our customers with a turnover of less than R20m a three-month payment holiday, effective 1 April 2020,” the bank said.
According to Standard Bank’s website, you are eligible for the Coronavirus Business Interruption Payment Scheme if:
* Your business is South African-based, with a turnover of no more than R20 million per year.
* Your Business Current account, Bizlaunch account and Business Lending accounts are paid up to date.
* Your business is in good standing.
To lighten the load and pressure for small business owners, we are giving our customers with a turnover of less than R20m a 3 month payment holiday, effective 1 April 2020.
Visit https://t.co/eNry8jjIB4 for more information #BankFromAnywhere pic.twitter.com/aNZ5prL8se
— Standard Bank SA (@StandardBankZA) March 22, 2020
Standard Bank said it would set up automatic new payment terms for these small business owners.
“This measure will not only assist our small business clients with managing their cash flows, but also allow them to honour payments to their own employee base,” the bank said.
Standard Bank South Africa Chief Executive Lungisa Fuzile explains: “The relief will come from capitalising the interest and fees typically paid to the bank each month and changing the terms of repayment to a later date. This, we hope, will relieve cash flow constraints currently caused by the COVID-19 outbreak.”
“For our students we have also approved a payment holiday from 1 April to 30 June for our student loan customers who are studying full time.
“This will be at 0% interest and with zero fees. This is an automatic offer and no applications are required.”
If you're a Vehicle or Home Loan customer, you can be assured that we'll be reaching out to you individually with payment relief options to help ease and guide you through the financial uncertainty that you may be experiencing during this time. pic.twitter.com/QxhoYHwUlO
— Standard Bank SA (@StandardBankZA) March 22, 2020