We’re doing everything we are able to to assist you throughout the crisis that is COVID-19. In case your earnings happens to be impacted, talk to us about our credit re payment relief and support choices and our 100% interest reimbursement (valid until 19 July 2020).
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 help possibilities like lowering your loan instalment, creating a re payment arrangement in your loan or credit card, organizing re payment intend on your bank card or credit insurance that covers you against unforeseen activities or losings.
To utilize for credit relief or other support, select one of several after:
- SMS your ID that is 13-digit number 30679 and proceed with the prompts
- E-mail CentralisedCollections@capitecbank.co.za together with your loan account quantity into the topic line
- Give us a call on 0860 66 77 18 for just one of y our agents to work with 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
Read more about our credit re re re payment relief choices, 100% interest reimbursement, other credit help and credit insurance coverage with below that we may be able to help you.
Credit re payment relief
Payment break in your loan
- Your loan instalment is lowered to R0 for 1 – 3 months
- Considering system calculations, the word of your 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 100% interest reimbursement in the interest charged through the very very first a few months once you begin making constant 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 learn more)
Rescheduling your loan
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installment loans no credit check
- You are going to spend a lowered instalment for 2 – 6 months
- Your instalment will increase before you gradually return to spending your normal instalment
- You can be eligible for 100% interest reimbursement from the interest charged throughout the very first a few months as soon as you begin making loan that is consistent 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)
Interest reimbursement
When you may spend a lower life expectancy or no instalment throughout the re re payment break or rescheduling, interest nevertheless applies meaning your total price of credit will increase. To greatly help with this, we have been providing a 100% interest reimbursement regarding the interest charged throughout the very first a couple of months to customers who opted set for a repayment break or rescheduling between 26 March– 19 2020 july.
How it functions
- When you make 6 loan that is successful, you may receive a pursuit reimbursement corresponding to 50% for the interest charged through the very first a few months. This reimbursement will be compensated straight into the loan account being a money decrease
- After an additional 6 effective repayments, you certainly will get another 50% regarding the interest charged throughout the very first a couple of months
- The attention reimbursement is legitimate for repayments comprised to until 31 2021 and only applies to payment breaks or rescheduling taken up between 26 March– 19 July 2020 july
- You are taking a payment that is 3-month on your loan during March 2020
- Loan balance: R100 000
- Rate of interest: 18%
- Instalments staying: 36
- Interest calculated over 3-month re re re payment break: R4 568
- After 6 successful 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 compensated 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 help
Lowering your loan instalment
- You’ll reschedule your loan to lessen your instalments that are remaining expanding the word of the loan. This may enhance your cost that is total of as interest will now be compensated over a lengthier term
- You could reschedule your loan to pay for a greater shorten and instalment the expression of one’s loan. This may reduce your total price of credit as interest will now be compensated more than a smaller term
Re Payment arrangement on the loan/credit card (as long as you’re in arrears)
- Available on all loans or bank cards which are in arrears
- Along with your normal instalment amount, it is possible to organize to cover the amount that is full arrears on/before the next re re re payment date
- You can also organize to cover your arrears down in 2 – 6 repayments with your instalment in your payment that is monthly date
- Your credit profile status will stay in arrears before the complete arrears quantity is paid back
Payment plan in your charge card (as long as you’re in arrears)
- You will spend a set quantity every month which is less than your current minimum that is monthly due
- A 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 re re payment plan
Credit insurance coverage
- The objective of insurance coverage would be to protect you against unforeseen occasions or losses. Insurance policy is compulsory for credit loan regards to 7 months and much longer
- Your bank card contract could add credit protection plans, please make reference to your contract to learn more
- Our credit insurance coverage is geared towards addressing a credit payment responsibility if you should be struggling to spend your instalment being a total consequence of death or impairment, along with particular circumstances for which you have actually lost your earnings like:
- Death – full outstanding quantity as at date of death
- Jobless (as a result of circumstances away from control) or retrenchment (involuntary) – credit agreements such as credit insurance coverage and had been issued before 10 May 2020: complete outstanding stability as at date you might be notified of the retrenchment
- Jobless (due to circumstances away from control) or retrenchment (involuntary) – credit agreements offering credit insurance coverage and had been provided after 10 May 2020: at the most a couple of years’ instalments, or the term that is remaining of loan, or credit before the customer discovers work once again 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.