Rorisang Kgosana
Premium Journalist
2 minute read
22 Mar 2020
7:49 pm

Other banks likely to follow Standard Bank’s offer of payment breaks during Covid-19

Rorisang Kgosana

It is only a matter of time before large banks join Standard Bank in offering a payment break from loans to try to relieve the financial burden caused by the Covid-19 outbreak.

Standard Bank. Picture: Moneyweb

Standard Bank announced it would be offering a three-month loan payment holiday to customers who have taken out a student loan and a business loan with the bank. The bank’s small enterprise customers with a turnover of less than R20 million will from 1 April to end of June 2020 be relieved of paying their loans. Automatic new payment terms for these small business owners will be set up to try to assist their clients manage their cashflows and for them to be able to honour payments to their own employees. “The relief will come from capitalising the interest and...