We’re doing every thing we are able to to assist you to through the COVID-19 crisis. In case the income happens to be impacted, talk to 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. In the event that you decide set for this, you might be eligible for a 100% interest refund in the interest charged through the very first a couple of months of a repayment break or rescheduling taken on between 26 March– 19 July 2020.
There are other credit help options available like lowering your loan instalment, creating payment arrangement on your own loan or credit card, getting re payment intend on your bank card or credit insurance that covers you against unexpected activities or losings.
To utilize for credit relief or just about any other help, select one of several after:
- SMS your 13-digit ID quantity to 30679 and proceed with the prompts
- E-mail CentralisedCollections@capitecbank.co.za together with your loan account quantity into the topic line
- Contact us on 0860 66 77 18 for just one of y our agents to help you
- Go to your branch that is nearest
Note: Please enable as much as 48 hours for an answer 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 that individuals could possibly allow you to with below.
Credit re re payment relief
Payment break in your loan
- Your loan instalment is lowered to R0 for 1 – 3 months
- According to system calculations, the word of one’s loan might be extended to guarantee you continue steadily to pay an inexpensive instalment following the 3-month repayment break
- You might be eligible for a 100% interest reimbursement regarding the interest charged through the very very very first a couple of months as soon as you begin making constant loan repayments once once find here 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)
Rescheduling your loan
- You are going to pay a low instalment for 2 – 6 months
- Your instalment will increase before you gradually return to spending your normal instalment
- You can be eligible for a 100% interest reimbursement in the interest charged throughout the very first a couple of months as soon as you start making consistent loan repayments once 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 find out more)
Whilst you may spend a lower or no instalment throughout the re re re payment break or rescheduling, interest nevertheless applies which means that your total price of credit will increase. To aid with this, our company is supplying a 100% interest reimbursement regarding the interest charged throughout the very very first a few months to consumers whom opted set for a payment break or rescheduling between 26 March– 19 2020 july.
How it operates
- As soon as you make 6 successful loan repayments, you will definitely get a pastime reimbursement corresponding to 50% for the interest charged throughout the very very first a few months. This reimbursement will directly be paid to your loan account as a money reduction
- After an additional 6 effective repayments, you are going to get another 50% associated with the interest charged through the very very very first a few months
- The attention reimbursement is legitimate for repayments composed to until 31 July 2021 and only applies to payment 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
- Interest: 18%
- Instalments staying: 36
- Interest determined over 3-month re re payment break: R4 568
- After 6 effective loan repayments (June – November 2020): A 50% interest reimbursement of R2 284 is compensated into the 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 to your 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 support
Lowering your loan instalment
- It is possible to reschedule your loan to cut back your instalments that are remaining expanding the word of your loan. This can raise your cost that is total of as interest will now be compensated over a lengthier term
- You may want to reschedule your loan to pay for a greater instalment and shorten the expression of one’s loan. This may lower your cost that is total of as interest will now be compensated over a smaller term
Re Payment arrangement in your loan/credit card (only when you are in arrears)
- Available on all loans or bank cards which can be in arrears
- Along with your normal instalment quantity, you are able to organize to pay for the amount that is full arrears on/before the next re re payment date
- You can also organize to cover your arrears down in 2 – 6 repayments and your instalment in your payment that is monthly date
- Your credit profile status will continue to be in arrears before the full arrears quantity is paid back
Re Payment plan on the charge card (only when you’re in arrears)
- You are going to spend a set quantity each month which is less than your current minimum that is monthly due
- A re payment plan ranges between 3 – 12 months
- 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 re payment plan
Credit insurance coverage
- The goal of insurance coverage would be to protect you against unexpected occasions or losings. Insurance policy is compulsory for credit loan regards to 7 months and much much longer
- Your bank card contract could add credit insurance policy, please relate to your agreement to find out more
- Our credit insurance coverage is directed at addressing a credit payment responsibility if you are not able to spend your instalment being results of death or disability, in addition to particular situations where you have actually lost your revenue like:
- Death – full outstanding quantity as at date of death
- Unemployment (because of circumstances away from control) or retrenchment (involuntary) – credit agreements such as credit insurance and had been issued before 10 May 2020: full balance that is outstanding 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 coverage and had been provided after 10 May 2020: no more than a couple of years’ instalments, or the remaining term of this loan, or credit before the customer discovers work once again whichever is the quickest
- Permanent impairment – full outstanding quantity as at date of disability
- 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.