ABSA PAYMENT RELIEF
Absa offers payment relief to customers impacted by COVID-19
The unprecedented spread of COVID-19 has had a wide reaching impact on individuals, businesses and communities in South Africa. As Absa we want to assure you, our customer, that we understand the profound impact the drastic but necessary measures taken by the government to prevent the spread of COVID-19 may have on your financial position. We are here and ready to support you.
We are therefore introducing an extensive individual and business customer Payment Relief programme for those impacted by the lockdown. This comprehensive solution applies to our retail and business credit products, including home loans, vehicle finance, personal loans and credit cards as well as commercial asset finance and mortgage-backed business loans. These solutions cut across business bank, private bank, wealth and retail customers. Products not listed may be considered on a case-by-case basis.
Moreover, our support to businesses is not limited to specific products ? we will also consider bespoke solutions for businesses to assist them over this period, based on their unique requirements and operations.
The Payment Relief programme will give customers the opportunity to either continue paying if they are in a position to, or to defer payments for a period of three months. Customers will not be charged administration fees for the payment relief.
Customers with up-to-date accounts will have the opportunity to opt-in for payment relief aimed at assisting with cash flow needs during this time. Credit agreements will be adjusted, by revising the loan period and capitalising interest during the relief period.
This is a challenging time when all of us have to stand together to assist those with the greatest need. Therefore, we urge customers who are in a position to continue making their payments to do so. Those payments will enable us to extend the assistance to more of those who are in a challenged position. The payment relief doesn?t currently apply to customers under debt review and their existing arrangements will continue to apply.
We will approach qualifying customers directly to discuss their payment relief options. The programme is testament to our commitment to finding real, customer-focused solutions, at a time of great uncertainty for everyone.
We have noted the sovereign downgrade by Moody?s Investors Service, but we want to assure our customers that South Africa’s financial system remains stable. It has withstood significant challenges, including the global financial crisis of 2008/9.
South Africa has seen heightened risk of sovereign rating downgrades during the past two years. In preparation, Absa has built substantial buffers to withstand market-wide systemic shocks such as the current event. This is why we are now able to offer the assistance programme we begin offering today.
We continue to monitor the situation and to work together with our peers in the banking industry, regulators and the government to find solutions to the many challenges we will no doubt face in the coming weeks and months.
Please stay safe and stay healthy.
The Absa Retail and Business Bank Team
We are aware of COVID-19 scams, purporting to offer financial relief. Absa will never ask for your “keys to the safe” (card PIN, card CVV, card One Time PIN, online banking PIN or online banking password). Never confirm your confidential information or approve transactions (One Time PIN or Mobile App requests) over the phone. Call the Absa Fraud Hotline on 0860 557 557 to report fraud.
April 1, 2020
The Wealth Room
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