In line with the announcement made on Monday, 30 March - FNB is implementing measures to provide relief to individual and business customers whose financial stability has been impacted by COVID-19.
The COVID-19 Loan Scheme is designed to help businesses across the country who may not be able to meet their financial obligations during lockdown, thus ensuring their resilience as the economy reopens.
National Treasury together with the South African Reserve Bank and SA banks have reviewed Phase 1 of the COVID-19 Loan Scheme criteria to make the loans more accessible to distressed businesses. FNB will be facilitating the disbursement of Phase 2 of the COVID-19 Loan Scheme to businesses that qualify.
The COVID-19 Loan Scheme is designed to help businesses across the country who may not be able to meet their financial obligations during lockdown, thus ensuring their resilience for when the economy reopens.
The loan period is 66 months and includes a 6-month payment break which means that the first payment is only due in month 7. The loan can be settled at any time with no penalty fee for early settlement.
Clients with a Business Loan, Business Revolving Loan or Business Booster Loan who were in good standing prior to COVID-19 qualified for the payment break for their Business Loan products.
The payment break was applicable from the date we received your signed addendum until 30 June 2020, if you had taken up this payment break. Please note that applications are now closed.
Interest and fees will accrue on your account charged at prime for the break period.
For any further queries please contact your Banker or call the Business Desk on 087 7 362 247.
Clients in distressed industries impacted by COVID-19 and the resultant lockdown were able to apply for relief from Merchant Services.
Monthly Speedpoint® device rentals and Minimum Merchant Fee (MMF) for clients in good standing were waivered for up to a 3-month period from April to June 2020.
Normal billing will resume from July 2020 and no fees or charges will be back-dated. Merchant agreements will remain a month-to-month contract and there will be no changes to your Merchant Services terms and conditions.
For any enquiries please contact the Merchant Services Help Desk on 087 575 0012.
Qualifying Business Credit Card clients on revolve were provided the option to reduce their minimum monthly payment due from 10% to 5%.
This offer was available from May until the end of July. All accounts that took up the offering will be changed back to 10% at the end of July.
Clients with Commercial Property Finance can consult their bankers regarding options to restructuring or refinance their loan.
For more information contact your banker.
Clients with Asset Based Finance can apply for a payment break on the loan for up to a 3-month period.
There are no new exclusions for COVID-19 on any FNB Life products. This means that our clients remain protected for this and all life's eventualities. Our claims processes and procedures will remain unaffected and we will continue to pay all valid claims.
The FNB Business Credit Protection Plan provides Death and Disability cover for FNB Business Overdrafts, Business Credit Cards, Business Revolving Loan and Business Term Loan, as selected, will be extended by 3 months.
To make a claim please call our claims line on 087 736 7778 or send an email to fnblifeclaims@fnb.co.za.
