Capitec to waive interest payments

City Press - Maya Fisher French


Capitec Bank clients who made use of payment breaks are set to benefit from a three-month 100% interest refund on their loans. The bank announced this relief measure last month while many South Africans are under financial strain due to the Covid-19 coronavirus pandemic.


To qualify for the interest reduction, clients will need to honour their loan instalments after the relief period. Picture: Supplied

The interest refund will be available to all clients who have taken up Capitec’s Covid-19 payment break or rescheduling relief plan between March 27 and June 30.

Gerrie Fourie, chief executive of Capitec, said: “While payment holidays offer clients the temporary financial relief needed during this time, loans still incur interest, which increases the total cost of credit.



The interest refund will be available to all clients who have taken up Capitec’s Covid-19 payment break or rescheduling relief plan between March 27 and June 30.

Gerrie Fourie, chief executive of Capitec, said: “While payment holidays offer clients the temporary financial relief needed during this time, loans still incur interest, which increases the total cost of credit.


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https://www.news24.com/citypress/personal-finance/capitec-to-waive-interest-payments-20200703


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