Standard Bank to help individual loan customers with payment relief and advice

Standard Bank says its experiencing ‘very high demand’ from customers who are struggling with debt and other financial issues due to the coronavirus lockdown.

In a statement on social media on Friday (27 March). the group said that this has caused long wait times on its debt care lines and delays in responding to emails.

“We understand that this is a very stressful time and we’re working hard to get back to everyone as soon as possible,” Standard Bank said.  We encourage you to send us a Call me back by visiting our website or email us at: [email protected].”

While Standard Bank has not announced any specific interventions for individuals impacted by the coronavirus, it said it would assist customers with payment relief options.

“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,” it said earlier this week.

Help for businesses 

Standard Bank has already announced new relief measures for businesses hit by the coronavirus – including a Coronavirus Business Interruption Payment Scheme which will provide payment relief to your business for 90 days.

The group said the scheme will launch on the 1 April 2020 and will support small and medium-sized business with a payment holiday.

Standard Bank said that clients are eligible for the 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.

“We will set up automatic new payment terms for all our clients with a turnover of less than R20 million per annum, who are up to date with their payments as at the end of March 2020 and are in good standing with Standard Bank,”  the group said.

“If you do not wish to change your payment arrangements, please contact your Banker or email [email protected] urgently.”

Standard Bank said it will still help clients that do not meet the eligibility requirements under the new scheme. You can find more information here.

Read: Here are the measures South Africa’s banks are putting in place during the coronavirus lockdown