Nedbank has put a number of relief measures in place to offer their clients much needed cashflow relief during the COVID-19 pandemic

 24 March 2020 to 30 June 2020

• Payment holidays – you can delay your loan repayments through a three month payment holiday. Note, interest will however continue to accrue over this period
• Payment arrangements – temporary arrangement allowing you to repay a reduced amount over a limited timeframe
• Restructures – rearrangement of your current monthly repayment schedule, which may result in an increase of the original loan term
• Monthly credit card repayments – your monthly minimum repayment has been reduced from 5% to 2.5% of your outstanding balance
• Saswitch fees – from 28 March you can withdraw cash from any banks ATM without being charged the additional Saswitch fee. Normal withdrawal fees do however still apply
• Penalty fees on early investment withdrawals – for clients wishing to access fixed-term or notice investments, the early release penalty fee will be waived up to the value of R200 000
• Beyond banking support through SimplyBiz – join a community of business owners, professionals and sole proprietors for business guidance and support

•  Each case will be reviewed individually, and the most appropriate solution recommended
• There remains an obligation on clients to pay their loan agreements
• The above solutions do not result in a reduction in the clients overall obligation to service their debt
• For early release on investments funds, the client will need to confirm, in writing, that the early release request is due to income shortfall

Nedbank Debt Relief Measures

Nedbank Debt Relief Measures Brochure