Local bank announces repayment holidays

31 March 2020 | Banking

“We are extending relief in the form of capital and interest repayment holidays for up to six months until 30 September 2020 to all our Small and Medium Enterprise clients with an annual turnover of less than N$10 million, regardless of the sector in which they operate,” says Standard Bank chief executive Vetumbuavi Mungunda.
He said this will enable clients to utilise their cash reserves to wages and necessary expenditure during the lockdown period.
“The tourism and game hunting sector experienced an immediate impact in the past three weeks and we are extending a capital and interest repayment holiday for up to 12 months to clients operating in this sector. Our engagements with the tourism sector points to a potential recovery in this sector only over the next 9 to 12 months, provided the spread of the virus is contained,” he said.
Furthermore, he added that the bank encourages the education of our youth and therefore all student loans will attract 0% interest for a period of 3 months ending 30 June 2020 to assist parents and guardians who are dealing with the additional pressure of unplanned travel and repatriation costs and the unplanned cost of accommodating students.
“We will review this arrangement at the end of June 2020 based on the circumstances prevailing at the time.
He said that other clients not in the above categories who believe that their businesses and/or income have been impacted by Covid-19 and have historically conducted their banking relationship responsibly, can contact their relationship managers or customer care centre where their request will be assessed on a case-by-case basis.
“We believe it is imperative that we offer relief to our clients impacted by Covid-19 with respect to their loan facilities with us. However, we urge our clients to continue to meet their financial obligations wherever possible.”

What to do
Clients in the above-mentioned categories should contact the bank through the email and telephone details below to confirm their individual arrangements.
• SME clients should contact Enterprise Direct by email to [email protected] or call 081 9251
• Business banking clients should call their Relationship Managers
• Student loans terms will be adjusted accordingly and therefore there is no need for students or their parents/guardians to call the bank. It

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