BancABC extends relief to customers affected by coronavirus
Correspondent | Monday April 20, 2020 11:25
In a bid to provide financial relief during this difficult time; BancABC Managing Director, Kgotso Bannalotlhe said, “These are unprecedented times for all of us. Batswana have supported BancABC throughout its growth and transformation phase, and we are committed to assisting our customers and the nation at large to navigate the difficult times ahead.
At the start of April 2020, we contributed P100, 000.00 to the National Disaster Office through the Coronavirus (COVID-19) Relief Fund to assist in the fight against the pandemic.
Today, we announce the debit relief measures we have in place for both our Retail (Individual) and Commercial (Corporate and Business Banking) clients in recognition of the significant hardships they may be experiencing.
The burdens may be, amongst others, reduced salaries, disruptions in their supply chains, reduced revenue generation, disruption in the workforce and challenges with the restriction of movement.
We have therefore, introduced the following measures to ease part of the financial burden on our customers, effective 1st April, 2020”.
1. CORONAVIRUS RELIEF MEASURES: RETAIL CLIENTS
All affected customers (or spouse) in good credit standing:
a. Are entitled to apply for a repayment holiday – a moratorium on interest and principal of a maximum of 3 months for either their personal loan, credit card or both.
b. Are entitled to a 25% discount on current digital transactional fees (SaruMoney mobile banking transactions, BancOnline corporate transactions). The Bank encourages customers to use electronic methods of payment. The Bank continues to avail visa card transactions (swiping) free.
c. Are entitled to apply for an extension in tenor of existing loans for a period of up to 6 months.
d. That have mortgage loans can apply for an increase in facilities for up to 15% of the original loan amount where home value still has appropriate security value. The percentage increase granted will depend on the maturity of the current loan and previous repayment record.
Customers (or customer’s spouse) in Good Credit Standing are Placed on Unpaid Leave
a. Are entitled to apply for a repayment moratorium for up to 3 months with a simultaneous extension of tenor by 3 months.
b. With mortgage loans are entitled to apply for an increase in credit up to a maximum of 80% of their home value at the time of the initial loan approval.
Employee Schemes
a. Customers with underutilized allowable Debt Service Ratio capacity are entitled to apply for loans utilizing the full extent of the available serviceability capacity with a reset of the loan tenor to the maximum allowed.
2. CORONAVIRUS RELIEF MEASURES: COMMERCIAL AND BUSINESS BANKING CLIENTS
All customers
a. Are entitled to a 25% discount on current BancOnline transactional fees.
Customers with Asset Backed Facilities
a. Can apply for an increase in facilities up to a maximum Loan To Value of 75% of the current Market Value of their landed assets.
b. Can apply for an extension of tenor of up to 6 months.
c. Can apply for a capital and interest moratorium for a maximum of 3 months
All customers who have had to cease trading temporarily in good credit standing
a. Are entitled to apply for a maximum 3 month repayment moratorium.
For further information, all Retail clients are requested to contact the Bank’s Customer Care line on 3993300. Commercial Banking clients are invited to contact their Relationship Manager.