Nedbank has put a number of relief measures in place to offer their clients much needed cashflow relief during the COVID-19 pandemic
APPLICABILITY PERIOD
24 March 2020 to 30 June 2020
RELIEF MEASURES OFFERED
- Payment holidays – you can delay your loan repayments through a three month payment holiday. Note, interest will however continue to accrue over this period
- Payment arrangements – temporary arrangement allowing you to repay a reduced amount over a limited timeframe
- Restructures – rearrangement of your current monthly repayment schedule, which may result in an increase of the original loan term
- Monthly credit card repayments – your monthly minimum repayment has been reduced from 5% to 2.5% of your outstanding balance
- Saswitch fees – from 28 March you can withdraw cash from any banks ATM without being charged the additional Saswitch fee. Normal withdrawal fees do however still apply
- Penalty fees on early investment withdrawals – for clients wishing to access fixed-term or notice investments, the early release penalty fee will be waived up to the value of R200 000
- Beyond banking support through SimplyBiz – join a community of business owners, professionals and sole proprietors for business guidance and support
TERMS AND CONDITIONS
- Each case will be reviewed individually, and the most appropriate solution recommended
- There remains an obligation on clients to pay their loan agreements
- The above solutions do not result in a reduction in the clients overall obligation to service their debt
- For early release on investments funds, the client will need to confirm, in writing, that the early release request is due to income shortfall
HOW DO I REGISTER / APPLY?
Click below to apply online