We’re doing everything we are able to to assist you through the crisis that is COVID-19. If the earnings happens to be impacted, talk with us about our credit re payment relief and help choices and our 100% interest reimbursement (valid until 19 July 2020).
For those who have been suffering from a short-term loss in earnings, we might have the ability to give you credit repayment relief by means of a repayment break and rescheduling in your loan. 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.
Additionally, there are other credit help solutions like lowering your loan instalment, building a re payment arrangement on your own credit or loan card, organizing re payment intend on your charge card or credit insurance that covers you against unforeseen occasions or losings.
To use for credit relief or other support, select one regarding the after:
- SMS your 13-digit ID quantity to 30679 and stick to the prompts
- E-mail CentralisedCollections@capitecbank.co.za along with your loan account quantity in the line that is subject
- Give us a call on 0860 66 77 18 for just one of our agents to work with you
- Go to your nearest branch
Note: Please enable as much as 48 hours for a reply to your SMS or e-mail.
Credit relief options
Find out more about our credit re re payment relief options, 100% interest reimbursement, other credit support and credit insurance coverage with below that we may be able to help you.
Credit re re re payment relief
Payment break on your loan
- Your loan instalment is lowered to R0 for 1 – 3 months
- Predicated on system calculations, the expression of one’s loan might be extended to guarantee you continue steadily to pay an inexpensive instalment following the 3-month repayment break
- You can be eligible for 100% interest reimbursement in the interest charged throughout the very 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 learn more)
Rescheduling your loan
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- You are going to pay a diminished instalment for 2 – 6 months
- Your instalment will increase before you gradually get back to spending your normal instalment
- You can be eligible for 100% interest reimbursement from the interest charged through the very very first three 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 learn more)
As you may spend a low or no instalment throughout the re re re payment break or rescheduling, interest nevertheless applies meaning your total price of credit will increase. To support this, we have been providing a 100% interest reimbursement from the interest charged through the very very first three months to customers whom opted set for a repayment break or rescheduling between 26 March– 19 2020 july.
How it functions
- When you make 6 effective loan repayments, you certainly will get a pastime refund add up to 50% of this interest charged throughout the very first a few months. This reimbursement will be compensated straight into the loan account as being a money decrease
- After an additional 6 repayments that are successful you will definitely get another 50% of this interest charged through the first a few months
- The interest 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 3-month repayment break on your loan during March 2020
- Loan balance: R100 000
- Rate of interest: 18%
- Instalments staying: 36
- Interest determined over 3-month payment break: R4 568
- After 6 loan that is successful (June – November 2020): A 50% interest reimbursement of R2 284 is paid 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 entire interest reimbursement = R4 568 and as a consequence you paid zero interest throughout the 3-month repayment break
Other credit help
Lowering your loan instalment
- You are able to reschedule your loan to lessen your instalments that are remaining expanding the expression of one’s loan. This can enhance your total price of credit as interest will now be compensated over an extended term
- You’ll be able to reschedule your loan to cover an increased shorten and instalment the word of your loan. This can lower your cost that is total of as interest will now be compensated over a faster term
Re Payment arrangement in your loan/credit card (as long as you’re in arrears)
- Available on all loans or charge cards which are in arrears
- Along with your normal instalment quantity, it is possible to organize to pay for the amount that is full arrears on/before the next re payment date
- You can also organize to pay for your arrears down in 2 – 6 repayments and your instalment in your payment date
- Your credit profile status will stay in arrears before the full arrears quantity is paid back
Payment plan on your own charge card (as long as you’re in arrears)
- You are going to spend a hard and fast quantity each month that’ll be less than your current minimum that is monthly due
- A re re re payment plan ranges between 3 – 12 months
- As soon as your application is prosperous, your monthly minimum payment due is replaced aided by the agreed instalment through the duration of the re re re payment plan
Credit insurance coverage
- The goal of insurance is always to protect you against unexpected occasions or losings. Protection plans is compulsory for credit loan regards to 7 months and much much longer
- Your charge card contract could add credit protection plans, please relate to your contract to find out more
- Our credit insurance coverage is targeted at addressing a credit payment obligation if you should be not able to spend your instalment as being results of death or impairment, along with specific circumstances in which you have forfeit your earnings like:
- Death – full amount that is outstanding 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 given before 10 May 2020: complete outstanding stability as at date you may be notified of one’s retrenchment
- Jobless (as a result of circumstances away from control) or retrenchment (involuntary) – credit agreements such as credit insurance coverage and were given after 10 May 2020: at the most two years’ instalments, or the term that is remaining of loan, or credit before the customer discovers work once more 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 when you yourself have credit insurance coverage with us and you are clearly retrenched or temporarily or completely maybe not earning money, you might be covered.