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Banks offer loan repayment break to customers

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Banks offer loan repayment break to customers

Local banks have announced a three months loan repayment break to clients in order to alleviate the negative Coronavirus effects on both individuals and the economy.

Other measures announced this week include reduction on digital banking fees while some have even gone further to suspend charges on various banking platforms.

First National Bank Botswana (FNBB) said that it would offer cash flow relief intervention to eligible customers with a good track record of honouring their payments prior to the 1st of March 2020.

The intervention will afford customers an installment relief on their loans, including personal loans, commercial property loans and vehicle and asset finance and term loans.

For SMEs, businesses with an annual turnover of up to P10 million and an initial loan amount not exceeding P5 million will benefit from the installment relief program.

Absa Botswana on the other hand also made an announcement that it has put in place relief efforts such as repayment breaks and loan restructures on its loan products for the bank’s deeply affected customers across various segments.

In addition, the bank is offering short-term liquidity solutions like overdraft to its customers.

Other relief measures put in place by Absa Bank Botswana include discounted tariffs for various transactions carried out on digital platforms.

This include free Absa to Absa funds transfer on Internet banking, cellphone banking and on the Absa App.

Stanbic Bank Botswana, meanwhile says it will offer relief to its Small Medium Enterprise (SME) banking clients by providing them with a three-month payment holiday, effective April 2020.

The bank says the loan installment repayment holiday will only be available to clients whose loan facilities are in order and the customers’ loan tenure will be extended by three months to maintain the installment after the holiday.

Stanbic has noted that client pricing will remain unchanged and will not be charged penalty interest during the break.

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