In the midst of the coronavirus outbreak, First National Bank (FNB) is the latest to announce it will be helping its customers by offering debt repayment of up to three months.
According to the bank, the relief is for individual and business customers whose financial stability has been impacted by COVID-19.
“As we escalate our efforts to help customers, we are pleased to announce that from 1 April – 30 June 2020 we will implement measures to provide relief to individual and business customers whose financial stability has been impacted by COVID-19. Our interventions will assist customers who demonstrate sound banking behavior, such as having honoured their repayments to the bank on a consistent basis prior to COVID-19.”
For customers that qualify, the relief will cover 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.
See full statement here from FNB.
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