Absa customers (in good standing) are about to be asked for a 3 month Covid-19 debt holiday

The new ABSA logo. (Photo: provided)

Provided

  • Individuals holding loans of all kinds from Absa will be asked to take a debt holiday for three months, or to reduce their repayments over this period, due to the Covid-19 disaster.
  • There is no income limit on the offer; anyone who is up to date with their payments so far will be eligible, according to the bank.
  • Professional and corporate customers can also make arrangements to get through the crisis.
  • For more stories, visit Business Insider South Africa.

Individual customers who owe money to Absa will be asked to take up to three months of repayment holidays, regardless of the type of loan or the amount of money those customers earn.

They will also have the option to reduce refunds instead.

This follows similar measures announced by Standard Bank and Nedbank.

Like Nedbank, Absa has invited its corporate clients and companies to get in touch for case-by-case arrangements on their debt.

But individual customers will automatically be eligible, an Absa spokesperson told Business Insider South Africa. The only qualifying criterion is that the accounts must be up to date, with no outstanding payments.

The relief, or a reduction in monthly payments, will be effective from March 30.

Absa said those using the option will not pay additional administration fees.

Firms and businesses are encouraged to contact their relationship managers at the bank for further details.

“We realize that this is a difficult time for our customers and businesses whose financial means are negatively affected,” said Absa CEO Daniel Mminele.

“We urge those of our customers who are able to continue making their payments to do so. This will allow us to extend these measures to many others who are not in a similar situation.

Mminele said that the principles underlying the debt relief program in South Africa will be extended to other Absa markets in Africa, but will be implemented subject to the various conditions, laws and regulations applicable in each. country.

He said Absa would also grant small and medium-sized businesses that rent space in Absa’s buildings vacation rentals for the next three months.

(Compiled by James de Villiers and Phillip de Wet)

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