We’re doing every thing we are able to that will help you throughout the crisis that is COVID-19. In the event your earnings happens to be impacted, talk with us about our credit payment relief and help choices and our 100% interest refund (valid until 19 July 2020).
For those who have been afflicted with a short-term loss in earnings, we possibly may have the ability to provide you with credit repayment relief in the shape of a repayment break and rescheduling in your loan. In the event that you choose set for this, you might be eligible for a 100% interest reimbursement from the interest charged throughout the very first a few months of a repayment break or rescheduling adopted between 26 March– 19 July 2020.
There are additionally other credit help solutions like cutting your loan instalment, building a re re payment arrangement in your loan or credit card, getting a re payment intend on your charge card or credit insurance that covers you against unexpected occasions or losings.
To use for credit relief or other assistance, select one associated with following:
- SMS your ID that is 13-digit number 30679 and stick to the prompts
- E-mail CentralisedCollections@capitecbank.co.za together with your loan account quantity when you look at the topic line
- Give us a call on 0860 66 77 18 for just one of y our agents to work with you
- Check out your nearest branch
Note: Please enable as much as 48 hours for a reply to your SMS or e-mail.
Credit relief options
Find out more about our credit re payment relief choices, 100% interest reimbursement, other credit support and credit insurance coverage with below that we may be able to help you.
Credit re re payment relief
Payment break on your own loan
- Your loan instalment is lowered to R0 for 1 – 3 months
- Centered on system calculations, the expression of the loan can be extended to guarantee you continue steadily to pay an inexpensive instalment following the payment break that is 3-month
- You can be eligible for 100% interest reimbursement in the interest charged throughout the very very first a few months as soon as you begin making loan that is consistent once once again (valid until 19 July 2020 and only applies to cost breaks or rescheduling taken up between 26 March– 19 July 2020 – see Interest reimbursement below to learn more)
Rescheduling your loan
- You will spend a low instalment for 2 – 6 months
- Your instalment will slowly increase before you get back to having to pay your normal instalment
- You can be eligible for 100% interest refund regarding the interest charged throughout the very very first a few months as soon as you start making loan that is consistent once once again (valid until 19 July 2020 and only applies to cost breaks or rescheduling taken up between 26 March– 19 July 2020 – see Interest reimbursement below easy installment loans to get to learn more)
When you may spend a lowered or no instalment throughout the re re payment break or rescheduling, interest nevertheless applies this means your total price of credit will increase. To aid with this, we have been supplying a 100% interest reimbursement regarding the interest charged throughout the first a few months to consumers whom opted set for a repayment break or rescheduling between 26 March– 19 July 2020.
How it operates
- As soon as you make 6 loan that is successful, you certainly will get a pastime refund add up to 50% regarding the interest charged through the first a couple of months. This reimbursement will be compensated straight to your loan account being a money decrease
- After an additional 6 effective repayments, you are going to receive another 50% associated with interest charged throughout the very very first a few months
- The attention reimbursement is legitimate for repayments comprised to until 31 2021 and only applies to payment breaks or rescheduling taken up between 26 March– 19 July 2020 july
- You are taking a payment that is 3-month on your loan during March 2020
- Loan balance: R100 000
- Rate of interest: 18%
- Instalments staying: 36
- Interest determined over 3-month re payment break: R4 568
- After 6 effective loan repayments (June – November 2020): A 50% interest refund of R2 284 is compensated to your loan account in November 2020
- After an additional 6 effective loan repayments (December 2020 – May 2021): Another 50% interest reimbursement of R2 284 is compensated into the loan account in might 2021
- The total interest reimbursement = R4 568 and for that reason you paid zero interest through the 3-month repayment break
Other credit help
Cutting your loan instalment
- You are able to reschedule your loan to cut back your staying instalments by expanding the word of one’s loan. This will boost your cost that is total of as interest will now be compensated over a lengthier term
- You’ll be able to reschedule your loan to cover a greater shorten and instalment the expression of your loan. This may lower your cost that is total of as interest will now be compensated more than a reduced term
Re Payment arrangement on your own loan/credit card (only when you’re in arrears)
- Available on all loans or charge cards which are in arrears
- Along with your normal instalment quantity, you are able to organize to cover the amount that is full arrears on/before your following re re payment date
- You can also organize to pay for your arrears down in 2 – 6 repayments and your instalment on the payment per month date
- Your credit profile status will stay in arrears before the arrears that are full is paid back
Re Payment plan on the bank card (as long as you’re in arrears)
- You are going to spend a hard and fast quantity every month that’ll be less than your existing month-to-month minimum payment due
- A re payment plan can range between 3 – one year
- As soon as your application is prosperous, your monthly minimum payment due is replaced because of the agreed instalment through the duration of the re payment plan
Credit insurance coverage
- The goal of insurance coverage would be to protect you against unexpected activities or losses. Protection plans is compulsory for credit loan regards to 7 months and much much longer
- Your bank card contract could add credit protection plans, please relate to your contract to learn more
- Our credit insurance coverage is geared towards covering a credit payment obligation if you are not able to spend your instalment as being consequence of death or impairment, along with specific circumstances where you have lost your earnings like:
- Death – full outstanding quantity as at date of death
- Jobless (because of circumstances away from control) or retrenchment (involuntary) – credit agreements that include credit insurance coverage and were provided before 10 May 2020: complete balance that is outstanding at date you might be notified of one’s retrenchment
- Jobless (because of circumstances away from control) or retrenchment (involuntary) – credit agreements such as credit insurance and had been given after 10 May 2020: at the most two years’ instalments, or the remaining term for the loan, or credit before the customer discovers work once more whichever may be the quickest
- Permanent disability – full amount that is outstanding at date of impairment
- Temporary impairment – no more than 12 instalments
Which means when you yourself have credit insurance coverage with us and you’re retrenched or temporarily or completely perhaps not making money, perhaps you are covered.