You have probably already heard that Standard Bank has extended a payment holiday to its small business clients and students. You might have wondered whether this offer will be made to their personal accounts as well?
Standard Bank has also now extended that payment holiday to certain categories of personal accounts.
Who qualifies and the Process
Anybody earning less then R7500.00 p/m AND with no arrears on accounts at the bank will qualify.
If you fit the above profile, you will not need to contact the bank or do anything. The bank will automatically apply the payment holiday on any applicable loans. Home loans, vehicle and asset loans, personal loans and credit cards all qualify.
The holiday will run from 01 April 2020 until 30 June 2020.
You do NOT need to take this offer up if you don’t want to, carry on paying your accounts as normal if you don’t want it.
Be aware, there is a downside to this offer, the bank will continue to charge interest and their bank charges during the period of the payment holiday. This will lead to your debt balance GROWING over the period that you are not paying.
This offer may just be what some consumers are needing to see them through this tough period of the #Coronavirus. Please do your sums first and make sure that it will work for you.
If you ARE still earning a full salary during this period, continue paying your instalments in full every month. Any short-payments, even by way of this payment holiday, will need to be made up at some stage. Whether this is by increasing your instalments on a monthly basis or paying an additional three months in the end. None of us knows what our future will be bringing, so if you can, then rather pay now.
Check out the Standard Bank resources page for help during the Coronavirus Crisis.