COVID-19 Lockdown: SA Banks current position
Please note that the following is changing rapidly and the following is valid at 2 April 2020. The information below was sourced from SA Accounting Academy
“The measures offered by SA’s commercial banks fall short of those offered by banks elsewhere in the world (for example payment holidays of up to 6 months) and hopefully our banks will revise their positions in time.
These are the current measures being offered to individuals and businesses in SA by our banks.
Loan interruption scheme which suspends payments for all loans of a business, held by Standard Bank, provided that the business is in good standing, has a turnover of less than R20 million annually and all payments are up to date.
Installment relief available for individuals with a credit card, personal loan, vehicle finance and/or home loan, who have a Standard Bank business current account and a business in good standing with a turnover of less than R20 million annually.
Installment relief on credit cards, home loans, personal loans, revolving credit and/or vehicle finance for individuals earning less than R7 500 per month.
Please note that Standard Bank will implement its measures automatically with effect from 1 April 2020.
Standard Bank customers should contact Standard Bank business banking should they wish to opt out of this arrangement.
Nedbank will review your current loan repayment commitments, upon request, in order to identify the most appropriate individual solution.
ABSA will provide liquidity relief for all eligible customers, upon request, for a period of three months. This includes reduction in payments or a payment holiday.
FNB will provide payment relief for all eligible customers, upon request, for a period of three months. This includes reduction in payments or a payment holiday.
Business and individuals alike are advised to utilise these measures with caution, and only if necessary, as payment holidays will have a compounding interest effect, effectively increasing debt.“