HAS STANDARD BANK PUT ANY RELIEF MEASURES IN PLACE TO SUPPORT CLIENTS?

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Published: April 20, 2020

Standard Bank has put various relief measures in place for clients, including measures for SMMEs in distress, instalment relief for lower-income earners, and student loan instalment relief.

 

In addition, Standard Bank is also one of the major local banks through which the South African Reserve Bank’s R200bn COVID-19 Loan Scheme will be facilitated. This scheme will allow qualifying businesses to apply for loan funding from their primary bank for three months of operational costs, such as salaries, rent and supplier payments. All loans will be subject to bank credit approvals. For further information regarding the said COVID-19 Loan Scheme please click here. 

 

Please see National Treasury’s press release re the Covid-19 Guaranteed Loan Scheme for Small and Medium Enterprises here.

 

Standard Banks is also one of the official partners of the South African Future Trust (SAFT) for SMMEs to support South African SMMEs’ employees who are at risk of losing their jobs or will suffer a loss of income because of COVID-19.  For further information regarding the South African Future Trust, please click here.

 

SMME BUSINESSES IN DISTRESS

 

The bank has put in place the following relief for SMME’s businesses in distress during COVID-19:

  1. The Coronavirus Payment Interruption Schemeon business loans for small businesses with a turnover of less than R 20 million per year.
  2. A 3-month instalment relief for all personal loans for small business owners of businesses with a turnover of less than R 20 million per year.

 

Eligibility Criteria

1) The Coronavirus Business Interruption Payment Scheme, which will provide loan instalment relief to your business for 90 days. This scheme launched on the 1st of April and strives to support SMME business with a payment holiday for 90 days.

Eligibility for business interruption payment scheme if:

  1. Your business is South African based, with a turnover of no more than R 20 million per year;
  2. Your Business Current account, Bizlaunch account and Business Lending accounts are paid up to date;
  3. Your business is in good standing;
  4. For more information, have a look at Standard Bank’s business banking FAQs.

 

2) Personal Loan Relief for SMME Owners

The instalment relief will defer payments on credit cards, home loans, personal loans and vehicle loan payments held with us from 1 April 2020 to 30 June 2020 for qualifying customers. Interest and fees will accrue over this time.

 Eligibility for the instalment relief if:

  1. You have a Standard Bank Business Current account;
  2. You are the owner of a small business with a turnover under R20 million a year;
  3. You have a Standard Bank credit card, home loan, personal loan and/or vehicle loan;
  4. Your accounts are not in arrears as at 31 March 2020.

 

EXCLUSIONS:

  1. Customers whose payments are in arrears as at 31 March 2020 are not eligible for this offer;
  2. This offer excludes home loans held in a trust;
  3. This offer excludes overdrafts.

 

Application Process:

1) This offer will be automatically applied however should you wish to opt-out of the instalment relief, pay your loan instalment or email businessassist@standardbank.co.za.

2) This offer will be automatically applied however should you wish to opt-out of the instalment relief pay your loan instalment or email businessassist@standardbank.co.za.

 

3-month Instalment Relief for Lower-Income Earners

 

Offering 90-day instalment relief to all qualifying clients who earn less than R7 500 per month.

What is it?

This measure offers relief on access loans, credit cards, home loans, personal loans, revolving credit plans and vehicle asset finance payments from 1 April 2020 to 30 June 2020.

 Eligibility Criteria

  1. You earn less than R7 500 per month;
  2. You have a personal loan with Standard Bank (access loan, credit card, home loan, personal loan, revolving credit plan, vehicle asset finance);
  3. Your account is not in arrears as at 31 March 2020;
  4. You have a current account with Standard Bank.

 

EXCLUSIONS

  1. Clients whose payments are in arrears as at 31 March 2020 are not eligible for this offer;
  2. This offer excludes overdrafts.

 

Application Process:

Automatic instalment relief has been activated automatically. Should you wish to opt-out of this offer, simply pay your loan instalment or email DebtCareCentre@standardbank.co.za.

 

Student Loan Instalment Relief

 

For Standard Bank customers with a student loan

What is it?

Offering loan payment instalment relief from 01 April until end of June at 0% interest and with zero fees. This is an automatic offer that requires no action from the client.

Eligibility Criteria

  1. You are still studying full-time;
  2. You have a student loan with Standard Bank;
  3. Your loan account is not in arrears as at 31 March 2020.

 

Application Process:

This is an automatic offer that requires no action from the client.

 

STANDARD BANK IS ONE OF THE MAJOR LOCAL BANKS TO FACILITATE COVID-19 LOAN SCHEME FOR SMMES

Standard Bank is also one of the major local banks through which the South African Reserve Bank’s R200bn COVID-19 Loan Scheme will be facilitated. This scheme will allow qualifying businesses to apply for loan funding from their primary bank for three months of operational costs, such as salaries, rent and supplier payments. All loans will be subject to bank credit approvals.

For further information regarding Standard Bank’s role in the said scheme, please click here.

Standard Bank has indicated that the application form will be available on Standard Bank’s dedicated COVID-19 website when it becomes available.

Standard Bank Partnership with South African Future Trust (SAFT)

 

Standard Banks is also one of the official partners of the South African Future Trust (SAFT) for SMMEs to support South African SMMEs’ employees who are at risk of losing their jobs or will suffer a loss of income because of COVID-19.

SAFT is an independent trust set up by Nicky and Jonathan Oppenheimer, in partnership with the South African government and private sector.

Specifically, SAFT will transfer funds directly to employees of participating SMMEs, via interest-free loans where employees themselves carry no liability.

For further information regarding the South African Future Trust, please click here.

Eligibility Criteria

  1. Turnover of below R25m
  2. Trading for at least 24 months;
  3. Sustainable Business on 29 February 2020;
  4. Business adversely affected by COVID-19.

 

Required Documentation:

  1. Company Identification, including the Registration number (if a company or a close corporation), or
  2. Masters reference number (if it is a trust); or
  3. ID number and business address (if a sole proprietor.);
  4. Names and ID Numbers of all directors/members/trustees/sole proprietor;
  5. PAYE Number, including a valid PAYE number registered with SARS (if applicable).
  6. Income Tax Number, including a valid income tax number registered with SARS.
  7. Employment Status, including a list of the full-time employees to receive financial relief with the full names, ID number, bank account details and contact details.

 

Application Process

Applications are only accepted online and those received online will be reviewed and assessed for this particular purpose.
Click on the following link for the relevant SAFT form.

Alternatively, email Standard Bank at COVID-19saftfund@standardbank.co.za

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