Nedbank, Standard Bank offer relief packages to clients amid coronavirus pandemic

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Nedbank and Standard Bank are offering relief packages to their clients in the wake of the coronavirus pandemic. The confirmed number of COVID-19 cases in South Africa is now at 402 with no reported deaths.

As the rapidly rising number of COVID-19 cases continues to take a toll on businesses and citizens, Nedbank says personalizsd relief measures will be extended to any loan agreements.

However, the bank has advised that clients should get in touch with it for more information.

“This support could include deferring payments or part thereof for a suitable period, extending existing loan periods or extending additional credit to manage short-term cash shortfalls.   Clients are encouraged to contact to contact us on 0860 555 111 or small business clients can speak directly to their dedicated relationship banker if they need to restructure their debt or change their payment arrangements as a consequence of covered-19,” explains Managing Group Executive for Retail and Business Banking at Nedbank Ciko Thomas.

Standard Bank announced that it will offer a three month payment holiday for students with loans and small businesses with a turnover of less than R20 million  The bank says this offer will be extended to clients who are in good standing on their loan repayments.

“For us we see it as those times as business as unusual and therefore we have to work things very differently. So if you look at this we’ve been very clear that the customers who qualify,  we are  starting with small businesses and students, so if you are already in arrears or already battling we asking you to rather call us and we do a personalized solution,” says Standard Bank’s Head of Personal and Business Banking, Funeka Montjane.

The banks have advised that small business clients should contact their dedicated relationship banker if they want to restructure their debt or make new payment arrangements.

In the video below Montjane says those whose finaincircumstances have changes as a result of  the coronavirus outbreak should contact the back: