Payment Holidays-Financial relief for businesses and individuals

Payment Holidays


Standard Bank

From 1 April 2020, Standard Bank will support small and medium-sized enterprises (SMEs) with a payment holiday for 90 days (01 April 2020 until 30 June 2020). This means your payment will be deferred for 90 days. The interest and fees accrued over 90 days will be capitalised into your outstanding balance, changing the terms of repayment to a later date.
After the 90 day period is complete the new repayment will become due.

You are automatically eligible if your:
  • business is South African based
  • making  less than R20 million per year
  • business Current Account, Bizlaunch account and Business Lending accounts are paid up to date
  • your business is in good standing

SMEs not eligible for the Business Interruption Payment Scheme and are experiencing difficulties, can still receive help. Standard Bank can also assist with restructuring and consolidation of your Standard Bank loan agreements.
Please contact your Banker, fill in the form on this page, or email us on If you are in financial distress and are not included in the three-month instalment relief offer, you should contact the bank as soon as possible by email on or call the bank directly to make an individual repayment arrangement.

CURRENT STATUS: Standard Bank will set up automatic new payment terms for all our clients with a turnover of less than R20 million per annum, who are up to date with their payments as at the end of March 2020 and are in good standing with Standard Bank.
If you do not wish to change your payment arrangements, please contact your Banker or email.
See the: Standard Bank Covid-19 site

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Nedbank have undertaken to consider assisting any of their loan agreement customers impacted by the Covid-19 pandemic. Nedbank have stated that this support could take the form of: 

  • deferring your repayments (or part thereof) for a suitable period 
  • extending your existing loan repayment period (the term) or 
  • extending further loans to you to manage short term cash flow shortfalls 

Should you have any loan agreement with Nedbank, you will need to contact Nedbank directly. Clients are encouraged to contact Nedbank on 086 055 5111, if you need to restructure debt or change your payment arrangements due to Covid-19. 

It has been further announced that the: 

  • minimum repayment on all Nedbank credit card products has been automatically reduced to 2,5% of your current balance, for the next 3 months
  • typically, credit card minimum repayments are set at 5% of your current balance
  • you can make a withdrawal from any investment funds with Nedbank or Nedbank Investments, without any penalty charges, up to a maximum penalty charge of R200,000
  • for example, if you have a fixed deposit account, you will be able to access your savings in that account without any penalty fees
  • it is important that you maintain your insurance premiums
  • in some cases, insurance premiums could be capitalised onto the loan amount, thus still covering you loan agreements

CURRENT STATUS: currently available, see the: Nedbank Covid-19 site

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Support offered to Absa’s business clients is not limited to specific products. Absa will also consider bespoke solutions for businesses to assist them over this period, based on their unique requirements and operations. 

Absa assistance is not limited to their corporate and business customers in need of short-term liquidity relief. Absa’s corporate, wealth, business bank, private bank, and retail customers will automatically qualify for the relief programme that applies to Absa’s credit products. Applicable credit products include: home loans, vehicle finance, personal loans and credit cards, as well as commercial asset finance and mortgage-backed business loans. 

Crucially, this programme will not attract additional administration fees for Absa customers. Relief measures will be in the form of a three-month repayment holiday, regardless of the kind of loan you have, or how much money you earn. There will also be an option to reduce repayments instead. Relevant agreements will be adjusted, by revising the loan period and capitalising interest during the relief period. 

Customers in good standing (with up-to-date accounts), and who have been financially impacted by the pandemic, will have the opportunity to opt-in for payment relief, aimed at assisting with cash flow needs.  Customers currently under debt review will continue with their existing arrangements. 

Absa urges those of you who can continue making your loan repayments to do so, as this will enable Absa to extend these measures to many more, who are not in a similar position. 

It should be noted that where Absa customers have opted to take up the home loan payment relief proposition, provision has been made for inclusion of Absa Homeowners Comprehensive Insurance (HOC) cover in the payment relief; to ensure adequate insurance cover for the building remains. Please note that this only applies to Absa HOC paid annually from the Home Loan account, and not to any insurance paid from the customer’s transactional account or that provided by another insurer. 

In addition to offering three-month relief from repayments, Absa said small and medium enterprises such as: hairdressers, pharmacies, florists, and coffee shops that rent premises on Absa campuses have been granted a three-month rental holiday. 

CURRENT STATUS: Absa will approach qualifying customers directly to discuss their payment relief options, and trigger this should you choose to opt-in to this relief scheme. You do not need to contact Absa to arrange this relief. 

For further information please refer to the Absa Covid-19 site:

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From 1 April to 30 June 2020 aimed at providing relief to individual and business FNB customers, whose financial stability has been impacted by Covid-19 pandemic. 
To be eligible as an FNB customer your accounts will need to be in good standing, and you must have honoured all your repayments to FNB on a consistent basis prior to the Covid-19 outbreak. 
For qualifying customers, all Covid-19 interventions will be for all products and will be available for a period of three months, covering 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 Covid-19 relief interventions given
  • FNB will offer reduced interest rates in line with the prime interest rate (8.75%), with some variations depending on your credit profile
  • interest rates on your existing loan agreements will remain as is
  • no administration fees will be charged for any relief granted 
  • fees on existing loans will continue, but fees on new loans will be waived for three months
  • assistance with processing claims for loss of income on your credit life insurance on FNB agreements 
  • you can also apply for relief from your FNB life insurance premiums so that your life insurance cover does not lapse due to missed premium payments
  • individualised bridge facilities for those who need it 

It should be noted that interest and fees will continue to accumulate on outstanding balances. Should you, as an individual and or business, require further information, you can contact FNB via your usual digital and assisted banking channels to enquire about these services. During this week, you will also be able to get more information on FNB’s current Covid-19 relief measures through a dedicated icon on the landing page of the banking app.   

 Further to the above measures, FNB has stated that:  

  • the greater FirstRand Group will waiver Speedpoint device rentals and not charge a minimum fee for some merchants, who are in good standing, but operate in distressed industries 
  • in April individual and business customers on FNB Connect will also receive 1GB of free data to help them stay connected during the lockdown
  • the group is also working with industry partners to ensure that customers can use any bank’s ATMs without paying additional fees over and above the fees charged by their bank 

CURRENT STATUS: Please contact FNB via your usual digital and assisted banking channels to enquire about their FNB Covid-19 relief measures. View the Covid-19 link on the FNB App for more