COVID-19 Payment Relief Plan by ABSA bank
The COVID-19 pandemic has resulted in a worldwide economic downturn and a complete lockdown in South Africa. Businesses and individuals are being impacted financially both locally and globally. ABSA bank has made it their duty to offer as much relief and assistance to their customers, during this unprecedented outbreak.
These are the measures taken by ABSA to assist you during this period.
An extensive payment relief plan has been put into place to minimise the financial impact of the COVID-19 pandemic.
For retail customers, the plan applies to ABSA credit products:
- Home Loans
- Personal Loans
- Credit cards
- Student Loans
- Vehicle loans
Customers who qualify will get a 3-month non-payment period to help ease their financial burdens.
Loan instalments, interest and fees will accrue monthly and be capitalised into your loan account, but loan terms and repayments will be adjusted to help you cope during this difficult period.
Corporate and business customers will receive tailored solutions specific to their individual circumstances. These solutions will apply to credit products including:
- Mortgage-Backed Business Loans
- Commercial Assert Finance products
Our plan does not carry any extra fees or costs. It is aimed solely at helping our customers who are struggling with cash flows due to the COVID-19 pandemic.