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Absa COVID-19 Payment Relief Plan

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Organization : Absa Bank
Facility Name : COVID-19 Payment Relief Plan
Location : Johannesburg
Website : https://www.absa.co.za/personal/covid-19/covid-19-payment-relief-plan/

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Absa COVID-19 Payment Relief Plan

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.

Therefore, it is our duty to offer as much relief and assistance as we can to our customers, during this unprecedented outbreak.

Objective

** We have created a payment relief plan to help customers financially impacted by COVID-19
** Plan applies to corporate, business and retail customers who have credit products
** The Plan is free to all qualifying customers

Application Process

How to Apply?

Just follow the below steps to apply for the COVID-19 Payment Relief Plan.

Steps :
Step 1 : Visit the official website of Absa Bank through provided above.
Step 2 : Read the instructions carefully and click on the “Apply” button.

Step 3 : Fill the application form with the required details.

Step 4 : Finally click on “Submit” button to complete your application.

Please note :
By filling in this form and submitting your details you will be applying for the Payment Relief Plan on the accounts that you have listed.

Benefits

1. For retail customers, the plan applies to our credit products
** Home Loans
** Personal Loans
** Credit cards
** Student Loans
** Vehicle loans

2. Customers who qualify will get a 3-month non-payment period to help ease their financial burdens.

3. 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.

4. Corporate and business customers will receive tailored solutions specific to their individual circumstances. These solutions will apply to credit products including
** Loans
** Mortgage-Backed Business Loans
** Commercial Assert Finance products

5. 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.

FAQs

1. What does the plan cost?
Our plan is free – no additional fees are charged for implementing our payment relief solutions

2. What does the plan offer?
Qualifying customers will be provided with a payment relief plan depending on their products and their circumstances. This could be a loan term adjustment and a non-payment period of 3 months.

We will also consider bespoke solutions for businesses based on their unique requirements and operations.

3. How do I qualify for the plan?
** You or your business will need to have one or more Absa credit products and be up to date with all your repayments.
** If your application is successful you will receive a new repayment schedule or loan term.
** Businesses may also receive specific assistance dependant on their circumstances

4. What about customers under debt review?
Customers currently under debt review will continue with their existing Repayment arrangements, but are also welcome to contact us on EBPaymentRelief [AT] absa.co.za should they need relief.

5. Will interest still be capitalised?
Yes, interest will still be capitalised but the burden of payments during this period will be eased somewhat for customers who need it.

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