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Personal loan relief for SMEs

Personal Loan Relief For SME Owners

Small businesses are among those who will be hardest hit by the COVID-19 pandemic, especially during a national lock-down.

We understand that the pressures of meeting both personal financial commitments while also having to pay salaries and keep up to date with business financial commitments will be tough during this crisis.

That's why we're offering 90 day instalment relief to owners of small enterprises with a turnover of less than R20 million a year.

How will this instalment relief work?

The instalment relief will defer payments on credit cards, home loans, personal loans and vehicle loan payments held with us form 1 April 2020 to 30 June 2020 for qualifying customers. Interest and fees will accrue over this time.

Eligibility

You are eligible for the instalment relief if:

  • You have a Standard Bank Business Current account
  • You are the owner of a small business with a turnover under R20 million a year
  • You have a Standard Bank credit card, home loan, personal loan and/or vehicle loan
  • Your accounts are not in arrears as at 31 March 2020

Exclusions

  • Customers whose payments are in arrears as at 31 March 2020 are not eligible for this offer
  • This offer excludes home loans held in a trust
  • This offer excludes overdrafts

Opt-out
This offer will be automatically applied however should you wish to opt-out of the instalment relief pay your loan instalment or email [email protected].

Click here for Terms and Conditions

If you are not eligible for this offer but are experiencing difficulties, we still want to help. Please click on the Contact me button below to fill in the form and a business team member will be in touch to see what other options we can assist with.​

View Frequently Asked Questions below.​

The Lowdown on counselling
Financial relief for businesses

To help small business owners meet their personal financial commitments at this difficult time
we’re offering our business account holders them 90 day instalment relief on all their loans with us

Some tips to keep yourself safe:

  • Don't assume a text, phone call or email from someone claiming to be your bank is genuine. If you're not sure, contact your Banker directly.
  • Never disclose security details (such as your PIN or full password).
  • Don't move your money or make a payment to a 'safe account' that we've set up for you. We'll never ask you to do this.
  • Don't panic, and don't let yourself be pressured into action.

Remember, you can still do your day-to-day business banking online - transfer money, check balances and make payments to suppliers. Our Banking App and Internet Banking platforms are your one-stop shops for faster and convenient banking. With your business account, you can use these channels to access in-branch services at the tap of a button.

Frequently Asked Questions

What other debt solutions do you have to help my business?

Besides the payment holiday where your repayments will be deferred for an agreed period, we can also assist with restructuring and consolidation of your debts. To do this please contact your Banker, fill in the form on this page, or email us on [email protected].

Who is eligible for the 90-day SME instalment relief?

  • You are the owner of a small business with a turnover under R20 million a year.
  • You must have a Standard Bank Business Current account.
  • You have a Standard Bank loan as defined below.
  • Your account is not in arrears as at 31 March 2020.

How will the SME instalment relief work?

  • The instalment relief will defer loan payments on specified products held with Standard Bank from 1 April 2020 to 30 June 2020 (for eligible customers).
  • This includes:
    • Business Revolving Credit Plan
    • Term Loans
    • Vehicle Asset Finance (including Fleet Card, Managed Maintenance and Rentals)
    • Card (See Commercial Charge Card details below)
    • BizFlex
    • Home Loans in the name of a business (excluding trusts)
  • The term of the loans will be extended with 3 months to ensure that the monthly instalments do not increase materially after the instalment relief.

Who is excluded from the SME instalment relief?

  • Customers whose payments are in arrears as at 31 March 2020.
  • This offer excludes Home Loans held in a trust.
  • This offer excludes Overdrafts (interest on Overdrafts will still be charged).

Do you offer instalment relief for small business owners on personal lending?

  • If you’re the owner of a small enterprise with a turnover under R20 million a year, we’re offering you a 90-day instalment relief on your personal lending, so you that can focus on your business provided that:
  • All your business and personal accounts are up to date as at 31 March 2020
  • The instalment relief on your personal loans will be from 01 April until 30 June 2020.
  • This includes Personal Loans, VAF (self-employed), Card, and Home Loans (self-employed).
  • If you have applied for a Home Loan or VAF with a salary slip as an employed individual, you will unfortunately not qualify automatically, and you will need to contact your Business Banker or Account Executive directly if you have any queries.

When will repayment commence?

  • Payments will recommence in July 2020.

How can I opt-out of this offer?

This offer will be automatically applied, however, should you wish to opt-out of the instalment relief, you can pay your loan as normal, or you can email [email protected].

How will the Commercial Card instalment relief work?

  • There is a different process for Corporate Structure Charge Cards in that the business must opt-in for the instalment relief.
  • If your business does not want the payment holiday, you will not be required to do anything as the debit order will be processed as usual, or if payments are made manually, you should continue paying the account as normal.
  • You will be able to unsuspend the account at any time after you have opted in by emailing [email protected]
  • Please note that if you unsuspend your account after having opted in, the April 2020 statement will become due and payable immediately.

Who is eligible for the Commercial Card instalment relief?

This offer aligns to SME instalment relief criteria of small business customers with an annual turnover of less than R20 million and must be in good standing.