FNB and Wesbank have approved payment breaks on more than 500,000 credit agreements since the beginning of April.
The banks have provided breaks or credit insurance assistance of more than R4.3bn for customers hit by Covid-19. FNB continued to scale up its support for businesses to help them manage the immediate effect of the lockdown, said CEO Jacques Celliers, offering qualifying customers a payment break by paying installments on their behalf for a period of three months.
“As a result, we have structured our assistance at prime interest rates to alleviate the financial burden and give customers the flexibility to repay the facility over flexible terms,” Celliers said. FNB’s payment breaks are provided to individual customers across the bank’s full credit product range, the group said, saying that nearly 127,000 individual customers had been offered contracts on overdraft and credit card facilities, with contracts for relief on personal loan repayments at 83,000 and home loans in excess of 33,000.to R5.8bn in cash-flow relief — over three months — for customers who have been hit by Covid-19.