FNB is the latest bank to release news that they will be offering payment relief to clients during the #coronavirus crisis.
Clients who bank with FNB and whose accounts are in good standing will qualify. The bank will be offering three months (April, May and June 2020) of reduced or zero payments. The decision will be made based on each individual client.
Clients applying would need a letter from their employer showing that there will be an income reduction CAUSED BY THE #Coronavirus, and if the client is self-employed, they will need to provide financial statements.
The bank will also be checking the applicant’s credit history, not only on accounts held at FNB but on other debts that the client may have. Clients whose debt is up to date and have historically managed their debt well will likely qualify for the relief.
As with the other banks, interest and fees will continue to accrue during the relief period. Due to this, it is important that clients only apply for these measures as a final recourse.
- Any debt relief granted will be done at a preferential interest rate
- The bank will not charge any additional fees for this relief
- The bank will assist clients with processing any claims against credit life policies
If you would like to take the bank up on this offer, get in touch with them through their digital channels.