Support offered to Absa’s business clients is not limited to specific products. Absa will also consider bespoke solutions for businesses to assist them over this period, based on their unique requirements and operations.
Absa assistance is not limited to their corporate and business customers in need of short-term liquidity relief. Absa’s corporate, wealth, business bank, private bank, and retail customers will automatically qualify for the relief programme that applies to Absa’s credit products. Applicable credit products include: home loans, vehicle finance, personal loans and credit cards, as well as commercial asset finance and mortgage-backed business loans.
Crucially, this programme will not attract additional administration fees for Absa customers. Relief measures will be in the form of a three-month repayment holiday, regardless of the kind of loan you have, or how much money you earn. There will also be an option to reduce repayments instead. Relevant agreements will be adjusted, by revising the loan period and capitalising interest during the relief period.
Customers in good standing (with up-to-date accounts), and who have been financially impacted by the pandemic, will have the opportunity to opt-in for payment relief, aimed at assisting with cash flow needs. Customers currently under debt review will continue with their existing arrangements.
Absa urges those of you who can continue making your loan repayments to do so, as this will enable Absa to extend these measures to many more, who are not in a similar position.
It should be noted that where Absa customers have opted to take up the home loan payment relief proposition, provision has been made for inclusion of Absa Homeowners Comprehensive Insurance (HOC) cover in the payment relief; to ensure adequate insurance cover for the building remains. Please note that this only applies to Absa HOC paid annually from the Home Loan account, and not to any insurance paid from the customer’s transactional account or that provided by another insurer.
In addition to offering three-month relief from repayments, Absa said small and medium enterprises such as: hairdressers, pharmacies, florists, and coffee shops that rent premises on Absa campuses have been granted a three-month rental holiday.
CURRENT STATUS: Absa will approach qualifying customers directly to discuss their payment relief options, and trigger this should you choose to opt-in to this relief scheme. You do not need to contact Absa to arrange this relief.