Standard Bank gives payment holiday to students and small businesses
Students and small businesses with an annual turnover of less than R20m will receive payment holidays until the end of June
Standard Bank has temporarily halted loan payments for students and small businesses for two months to ease the effects of the coronavirus outbreak.
Small businesses in good standing and with annual turnover of less than R20m are eligible, although interest and fees will be added to the total balance of the loan between the beginning of April and the end of June.
Students will receive a payment holiday over the same period, although no interest or fees will be charged, and the repayment period will be extended.
The group said the qualifying small business was worth approximately R12bn, and the student portfolio R1.2bn.
“While the Covid-19 pandemic continues to unfold, it is difficult to estimate the likely negative impact that it will have on Standard Bank’s financial performance,” the statement read.
“The group will continue to assess these impacts and will provide appropriate disclosures when sufficient certainty exists. The group remains well capitalised and liquid.”