Bank says the interest refund will help clients in good standing to recover faster
Capitec, SA’s sixth largest bank by total assets, said it will give a three-month, 100% interest loan refund to its clients who took a repayment holiday, as consumers buckle under financial pressures brought on by the coronavirus.
Capitec, along with other major lenders, has introduced debt relief measures for consumers since April, mostly for three months, when the country was forced into a lockdown to combat the rapidly spreading coronavirus. The move would affect about 20% of the bank’s credit clients, Capitec said stating that it would look at the individual needs and the financial wellbeing to determine wether a payment break should be granted.
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