Standard Bank has advised its customers, concerned over mortgage payments amid the economic impact of the coronavirus outbreak, to contact the bank to arrange for personalised solutions.

This after Standard Bank announced a three-month payment holiday  for small business owners and students with loans to give some relief to clients as the country battles the coronavirus pandemic. Businesses must have a turnover of less than R20 million per year to qualify.

Standard Bank’s head of personal and business banking, Funeka Montjane, has urged those with mortgages to act early to find a solution.

“To our customers who have mortgages we say we understand, some people are going to get paid, some have savings, those who can’t we have sent them messages that say call us and we will do a personalised solution for you. In 2010 we found ourselves with about 15% of our customers who are unable to pay their mortgages for three or more months. We simply asked them to call us and we were able to restructure and make plans. For 99% of them, they kept to those agreements. There are many things that we can do, but the most important thing is don’t keep quiet, speak early, we’ll find a solution together,” says Montjane.

The video below is about Standard Bank’s head of personal and business banking, Funeka Montjane, saying clients who are in good standing will qualify automatically for the reprieve.