‘Standard Bank grants over R1 billion instalment relief to 150 000 clients’ 28 April 2020

Standard Bank South Africa revealed on Tuesday that it had granted relief to nearly 150 000 clients in need of financial support in the wake of the national lockdown amounting to more than R1 billion in instalment relief per month on the R44bn of total loans affected. The lender said in a statement that this was a reinforcement of what Standard Bank had already committed to assisting small, micro- and medium-sized enterprises.

…“We fully support initiatives from the government to help stimulate economic activity and to protect businesses and jobs. It will take a collaborative effort between government, business and society at large to navigate the impact of Covid-19 and place South Africa on a path to  economic recovery,” said Montjane. The lender said it was in consultation with the government on the implementation of the scheme and would be ready to receive applications as soon as all industry parties had concluded engagements and signing arrangements. “The application form will be made available on our Covid-19 website.”

…The lender said in addition to the above scheme, and in response to Covid-19, Standard Bank business clients with turnover of less than R20 million per annum had been automatically offered  instalment relief via a three-month payment holiday and all business clients had been offered a range of relief measures, on an opt-in basis, ranging from payment holidays, instalment reduction, debt consolidation, interest rate reduction to ex gratia insurance payment for lost income…“As a responsible corporate citizen the relief measures are part of our ongoing commitment to our clients as we aim to ease their financial burden in these trying times. Their financial wellbeing remains our main priority. “We continue to engage with industry and regulatory stakeholders to  find ways to assist individuals and businesses facing financial challenges and support the government and the country,” she said.