When lockdown started in March, South Africa’s financial institutions encouraged customers in need of relief or payment holidays to come forward.
FNB has this morning revealed that it has approved payment breaks on more than half a million credit agreements for nearly 150 000 FNB and WesBank customers.
The payment breaks have been granted from 1st April and currently amount to R4.3 billion.
Chief executive officer at FNB, Jacques Celliers, explains how the payment holiday works.
“Our approach is to offer qualifying customers a payment break by paying installments on their behalf for a period of three months. As a result, we have structured our assistance at prime interest rates to alleviate the financial burden and give customers the flexibility to repay the facility over flexible terms,” the CEO said.
FNB is also in the process of scaling its support for business, particularly through the COVID-19 Loan scheme.
The bank has said that nearly 127 000 individual customers have been offered contracts on overdraft and credit facilities.
Meanwhile, WesBank chief executive officer, Chris De Kock, reports that loan relief from the lender sits at R951 million.
“We have received a significant uptake from our customers on our COVID-19 payment relief options to dull the impact of the crisis. We have provided relief to customers impacting installments to the value of R951 million. Qualifying customers have either been granted moratorium and a contract extension or if they bank with FNB, a payment break through the bank’s COVID-19 application process, both options are available to a maximum period of three months,” De Kock said.
WesBank customers can head to the WesBank website to apply for relief.
FNB customers can approach the bank for relief through the bank’s in-app messaging. The FNB App is available for iOS and Android devices.