Standard Bank Offers Payment Relief to Low-Income Customers

Standard Bank Offers Payment Relief to Low-Income Customers

Standard Bank Ltd. is offering a three-month relief on loan and credit card payments for customers earning 7,500 rands ($425) a month or less to help manage the fallout of the coronavirus.

Relief will be granted to clients who aren’t in arrears on their accounts as of March 31 and will apply to home loans, vehicle and asset finance, credit cards, as well as short term loans, it said in a statement. Customers who opt for the plan will see their interest and bank charges capitalized over the term of their loan agreements.

Last week, the bank said it would offer payment holidays to small businesses and students.