We’re doing every thing we are able to that will help you throughout the COVID-19 crisis. In case your earnings happens to be impacted, talk with us about our credit re payment relief and help choices and our 100% interest reimbursement (valid until 19 2020) july.
We may be able to offer you credit payment relief in the form of a payment break and rescheduling on your loan if you have been affected by a temporary loss of income. You may qualify for a 100% interest refund on the interest charged during the first 3 months of a payment break or rescheduling taken up between 26 March– 19 July 2020 if you opt in for this.
There are additionally other credit support solutions like lowering your loan instalment, building re re payment arrangement in your loan or credit card, arranging a re re payment intend on your bank card or credit insurance that covers you against unexpected occasions or losings.
To try to get credit relief or some other support, select one associated with after:
- SMS your 13-digit ID quantity to 30679 and proceed with the prompts
- E-mail CentralisedCollections@capitecbank.co.za along with your loan account quantity when you look at the topic line
- Contact us on 0860 66 77 18 for starters of 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 options, 100% interest reimbursement, other credit help and credit insurance with below that we may be able to help you.
Credit 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 word of one’s loan can be extended to guarantee you continue steadily to pay an inexpensive instalment following the 3-month payment break
- You can be eligible for 100% interest reimbursement in the interest charged through the very first a couple of months as soon as you start making loan that is consistent again (valid until 19 July 2020 and only applies to payment breaks or rescheduling taken up between 26 March– 19 July 2020 – see Interest reimbursement below to learn more)
Rescheduling your loan
- You are going to spend a diminished 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 a 100% interest reimbursement from the interest charged through the first a few months as soon as you begin making consistent loan repayments 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 find out more)
Whilst you may pay a lower life expectancy or no instalment through the re payment break or rescheduling, interest nevertheless applies meaning your cost that is total of will increase. To support this, our company is supplying a 100% interest refund from the interest charged throughout the very first three months to customers whom opted in for a repayment break or rescheduling between 26 March– 19 2020 july.
How it functions
- When you make 6 effective loan repayments, you may get a pastime reimbursement add up to 50% for the interest charged throughout the very first a few months. This reimbursement will be compensated straight to your loan account being a money decrease
- After an additional 6 repayments that are successful you certainly will get another 50% associated with the interest charged through the very very first a few months
- The attention reimbursement is legitimate for repayments composed to until 31 July 2021 and only applies to cost breaks or rescheduling taken up between 26 March– 19 July 2020
- You are taking a 3-month repayment break on your loan during March 2020
- Loan balance: R100 000
- Rate of interest: 18%
- Instalments remaining: 36
- Interest determined over 3-month re payment break: R4 568
- After 6 effective loan repayments (June – November 2020): A 50% interest reimbursement of R2 284 is compensated to your loan account in November 2020
- After an additional 6 loan that is successful (December 2020 – May 2021): Another 50% interest reimbursement of R2 284 is paid to your loan account in might 2021
- The total interest reimbursement = R4 568 and for that reason you paid zero interest through the payment break that is 3-month
Other credit support
Lowering your loan instalment
- It is possible to reschedule your loan to lessen your staying instalments by expanding the word of your loan. This may enhance your total price of credit as interest will now be compensated over a lengthier term
- It is possible to reschedule your loan to pay for a greater instalment and shorten the word of one’s loan. This can reduce your cost that is total of as interest will now be compensated more than a reduced term
Re re Payment arrangement in your loan/credit card (only when you’re in arrears)
- Available on all loans or bank cards which can be in arrears
- As well as your normal instalment quantity, you are able to organize to pay for the amount that is full arrears on/before the next payment date
- Or perhaps you can arrange to pay for your arrears down in 2 – 6 repayments together with 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 re re Payment plan on the bank card (only when you’re in arrears)
- You are going to pay a set quantity each month which is less than your current month-to-month minimum payment due
- A re re payment plan can range between 3 – 12 months
- As soon as your application is prosperous, your monthly minimum payment due is replaced utilizing the agreed instalment through the duration of the payment plan
Credit insurance coverage
- The goal of insurance coverage would be to protect you against unexpected activities or losings. Insurance policy 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 find out more
- Our credit insurance coverage is geared towards addressing a credit payment responsibility if you should be not able to spend your instalment as being a total consequence of death or impairment, in addition to specific circumstances in which you have actually lost your revenue like:
- Death – full outstanding quantity as at date of death
- Jobless (because of circumstances away from control) or retrenchment (involuntary) – credit agreements such as credit insurance and had been awarded before 10 May 2020: complete outstanding stability as at date you might be notified of the retrenchment
- Jobless (as a result of circumstances away from control) or retrenchment (involuntary) – credit agreements such as credit insurance and had been issued 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 impairment – full amount that is outstanding at date of impairment
- Temporary impairment – no more than 12 instalments
Which means that with us and you are retrenched or temporarily or permanently not earning an income, you may be covered if you have credit insurance.