FNB “to provide relief” for those impacted by COVID-19

The declaration by the South African government for the country to go into a 21-day lockdown has had some severe consequences on small business and individuals.

While Standard Bank announced last week that it will give its customers a “payment holiday”, FNB has now also announced “measures to provide relief to individual and business customers whose financial stability has been impacted by COVID-19.”

According to a press release, their “interventions will assist customers who demonstrate sound banking behaviour, such as having honoured their repayments to the bank on a consistent basis prior to COVID-19.”

The measures will be in place from 1 April – 30 June 2020.

According to the bank, customers that qualify, its COVID-19 interventions will be for all products with FNB, and they will be available for a period of three months, covering the following:

  • Instalment cashflow relief, during which part or no instalments/repayments will be due for a specific period;
  • A preferential interest rate will apply to the COVID19 relief interventions given;
  • No fees will be charged for any relief granted;
  • Assistance with processing credit insurance claims, where possible;
  • Individualised bridge facilities for those who need it.

 “Interest and fees will continue to accumulate on outstanding balances. Individuals and business customers can contact us via their usual digital and assisted banking channels to enquire about these services. During this week, customers will also be able to get more information on our current COVID-19 relief measures through a dedicated icon on the landing page of our banking App,” the bank explained.