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Standard Bank offers low-income customers and businesses instalment relief in response to coronavirus outbreak

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South African financial institution, Standard Bank, has taken the concerns of its low-income customers and business owners into account by offering them instalment relief to assist with income loss during the coronavirus outbreak.

Standard Bank has offered its assistance during the coronavirus pandemic and national lockdown by providing instalment relief to low-income customers. The banking company has acknowledged that numerous South African citizens earning less than R7 500 are freelancers or self-employed, and with the 21-day lockdown, they will be earning little to no money.

In a Twitter post on Sunday, 29 March 2020, Standard Bank stated, “We understand these are very challenging times – that’s why we’re committed to supporting our customers through this crisis. We’re offering 90-day instalment relief to all qualifying clients who earn less than R7 500 per month.”

Standard Bank has also offered financial relief to business owners, in the form of a Coronavirus Payment Interruption Scheme on business loans for small businesses with an annual turnover of less than R20 million and a three-month instalment relief for all personal loans for small business owners of businesses with an annual turnover of less than R20 million.

Customers are encouraged to contact the bank in order to set up payment plans to ensure the survival of their business and assets.

See the post below.

Sayushka Naidoo
[email protected]

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