Cape Town - Standard Bank on Sunday announced a 3-month payment holiday for small business owners in South Africa amid the coronavirus pandemic.
"We understand the pressures of being a small business owner. So we would like to lighten the load by giving our customers with a turnover of less than 20M a 3- month payment holiday, effective 1 April 2020. VisitAccording to Standard Bank's website you are eligible for the Coronavirus Business Interruption Payment Scheme if:Your Business Current account, Bizlaunch account and Business Lending accounts are paid up to date.
"The announcement by Standard Bank of a 3-month payment holiday on all up-to-date business loans is very welcome. The DA calls on all other banks to match this relief intervention as soon as possible," said "The DA has called for a loan forbearance programme since the national disaster was declared, and we are pleased that this request has been heeded. We now need to see this rolled out by all other banks and loan-making institutions.
"This business loan forbearance, if it is matched by all banks, will give much needed relief to struggling businesses and families. It will give our economy the breathing room it needs to survive the next few months," Hill-Lewis said.
SB froze payment of a Pencare pension in Sept 2019 to a 93yo non res in UK who lives on her own. Tried complaints, non res dept, even DM senior mgrs, but no help. Advice please?
I don’t even think they give people loans that earn below R7500! Well played StandardBankZA
StandardBankZA - On behalf of all your non-Business clients, but loan and bond etc. Account holders - What GRACE / Payment will be extended us?
This is a very considerate move by Standard bank SA, can they take it furthure into soft revolving loan for SME as well.
Nedbank Holiday
Sakuva kwi statement xa sifika!
What is the catch?
Giving nothing, it increases the capital amount resulting in the client actually paying more over a longer period & the bank earning more from the loan. So how is the bank contributing, a few months worth of cashflow which is madeup in future interest earnings! Condescending!
Radical Economic Transformation criminals syndicate should come camp here and talk nonsense like thy always do
This is a business move to attract businesses to bank with them.
I only hope DSTV is watching
The problem with ths is without any conditions to it ths businesses will still lay off pple. Banks shld get assurances that employees wnt b affected
Standard bank y I didn't bank with you mara couse my bank is gone AWOL aikho.
This should be applied to all types of loan accounts, as well : Home & Personal Loans
FNBSA nantsi intanga zakho!! Do the right thing
Where is nedbank mfc 😭
But why are we incurring interest and service fees in those months?
But their service is still trash 🙄
Small business owners only?
MbuyiseniNdlozi What about personal loans
Nedbank ake nidlule ngapha.
What about those who earn salaries in the Events & Conferences arena .... and all conferences have been cancelled so no salaries
FNBSA it’s your time to shine!!!
StandardBankZA I am a small business owner with no loans because I have personally financed my business... but I have bonds and vehicle finance and a family. This payment holiday doesn’t help me at all 😡
ESTheLondoner I am a small business owner with no loans because I have personally financed my business... but I have bonds and vehicle finance and a family. This payment holiday doesn’t help me at all 😡
Meneer_Mann Theft masquerading as a customer benefit...... how shameless can a bank be and the journalist takes the mampara of the week prize for gullibility
😫😫😫😫😫☹️💔
what about personal loans🤕🤕🤕
NedbankCIB FNBSA CapitecBankSA AbsaSouthAfrica witsbschool
Easing for small business helps them survive which in turn means people will retain jobs and salaries. Pls understand the economic principles of this and not just “we all want a payment holiday too”
Still charging interest though ?
MFCShare take note
MbuyiseniNdlozi Big up for Standard bank 👏👏👏👏
Does the interest and fees on the loan still accrue to the loan during the 3 mth payment holiday? And if so, at what interest rate?
Wont the interest accumulate though?
What about us FNBSA Rbjacobs... The clients...
Lol what a nice way to make money in this time of an epidemic, trust the greedy business to come out with this .We still have to pay interest and accured charges means we be paying more if we dont pay our bonds, the number of months will increase ,standard bank shame on you
MbuyiseniNdlozi StandardBankZA 💯👏👏👏👏👏
CapeTown What about the self employed, contract workers and the normal man in the street with loans and overdrafts
Lol wow
EvatonForum They care about business since most are owned by whites.
Abramjee One step in the right direction , waiting for other financial institutions to follow suite not copy and paste
What about ordinary employees?
Pls give all info on what will happen after 3months.I will not be shocked to see Standard Bank changing terms& conditions to maximise profit and to catch up. High interest rate, long payment period/increased installment almost doubled.I might be wrong but be careful what u wish 4
NtsieniUnaado Good decision and appreciated
Nedbank mfc_sa
Thank you EFFSouthAfrica . You truly are leader of the people.
This will will extend your payment period with xtra interest
Abramjee FNBSA we are waiting. ...
Personal loans and credit cards holiday nyana StandardBankZA
MbuyiseniNdlozi BMW_SA hao breather nyana?
What about bonds, home loans?
Nedbank nithini nina?
Awaited_Opinion Caution: This is Not a debt discount. After the grace period all fees and interest you should have paid will still need to be paid. Options being either increasing the amount of your future payments, or by adding extra months to the end of the agreement.
Nedbank please do the same sthandwa'sam.
What type of small business?
StandardBankZA with tears in my eyes I ask you what about bonds?
MbuyiseniNdlozi CapitecBankSA are you seeing this?
I hope this includes bonds payments Patiently waiting for confirmation sms.
MbuyiseniNdlozi So... will they negate the interest accrued in these 3 months or is this opportunism where SB comes out richer?
My brother works at the restaurant, there hasn't been a business. Please consider the same for employed people
They will ultimately make more from recapitalizing the interest
Drickz_ Nedbank
Investec any chance of bond holiday.
Le rona tuuu🙏
White businesses do get loans from this banks
MbuyiseniNdlozi Good move, will be more than a relief to our people.
MbuyiseniNdlozi I’m waiting for FNBSA 🤸🏻♀️
Dstv must do the same
MbuyiseniNdlozi All power to Standard bank💪💪💪💪💪 I think I will live my bank and bank with you just because of your humanity
FNBSA respond with a 4 months holiday.
FNBSA WesBank masisizanefund
🙌🙌🙌
StandardBankZA , this is good, thank you. A repayment holiday of vehicle and home loans would also go a long way. Nedbank , a payment holiday on home loans please?
FNBSA what r u waiting for?
euphonik
MbuyiseniNdlozi FNBSA
Linda_WhiteZA Seems that they are just giving you a holiday from their debt collectors. You'll have to pay in the end, with 3 months worth of extra interest. Not really very generous.
FNBSA Look
CapeTown And vehicle finance for Uber drivers?
AbutiMatt FNBSA ulindeni
This is only when you have a business account with Standard Bank?
FNBSA can you see what other banks are doing?
Home owners?
AbsaSouthAfrica awuvakalelwa?
I’m not a fan of std bank but this is good news...👍🏽👍🏽
Not clapping yet , they are gonna really come to the party very soon
What about interest
Nomie_fied Your move FNBSA AbsaSouthAfrica Nedbank RMBCIB Investec , well done StandardBankZA
Your move, FNBSA WesBank VolkswagenSA 🙌🏼
But still charging interest... 🤔
So ordinary ppl are still being excluded once again.
My bank.. that’s progressive 👏🏿
Business owners what about bonds and vehicle finance
It's for small business owners that have a turnover of less than R20m.
AbsaSouthAfrica FNBSA Nedbank CapitecBankSA
And they are capitalising fees FFS. What a bloody ripoff.
Will interest and monthly fees still be added? Many people want to know.
3 month bond payment holiday please StandardBankZA
SandileMadonse2 Good news