Capitec Bank clients who made use of payment breaks are set to benefit from a 3-month 100% interest refund on their loans.
Capitec Bank clients who made use of payment breaks are set to benefit from a 3-month 100% interest refund on their loans. The bank announced this relief measure while many South Africans are under financial strain due the Covid-19 pandemic.
Gerrie Fourie, CEO of Capitec explained “While payment holidays offer clients the temporary financial relief needed during this time, loans still incur interest, which increases the total cost of credit. While this is only about 20% of our credit clients we want to help them as much as possible during this time, which is why we will waiver the interest accumulated during the first 3 months of the relief period, provided they are in good standing and continue to meet their loan repayments.
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