Stanchart offers relief package

STANDARD Chartered Bank Zambia has offered relief measures such as loan tenor extension of up to 12 months.

The financial institutions has also offered payment holidays for loan repayments across all retail loans for clients assessed to have been distressed by the Covid-19 pandemic.

This is in accordance with the measures recently announced by the Bank of Zambia which includes the K10 billion stimulus package for commercial banks.

Standard Chartered Bank Head of Retail Banking, DeepPal Singh, said relief measures included payment holidays of up to three months or tenor extension of up to 12 months for business loans.

Mr Singh said for personal loans, the institution was offering payment holiday of up to three months or loan tenor extension of up to 12 months for personal loans.

“Standard Chartered Bank recognises that the current Covid-19 pandemic will pose challenges for some of our clients’ ability to repay their loans, mortgages and credit cards.

“We are pleased to announce relief measures for clients assessed to have been distressed by the Covid-19 pandemic and who have been in good standing with the Bank,” he said in a statement.

Mr Singh said various offers were available for the credit card offering, including reduction in minimum amount due, and paying for a purchase in instalments.

He encouraged clients with good standing with the Bank to get in touch with the institution and discuss individual relief measures should they require the package.

“Standard Chartered Bank remains firmly committed to its clients and to supporting them during this challenging period of Covid-19.

“That is why the Bank has announced these relief measures for qualifying clients who have been in good standing with the Bank,” Mr Singh said.

He also said the digital banking and online banking platforms remained the most preferred mode of banking, especially during this Covid-19 pandemic.

Mr Singh encouraged its clients to utilise the digital platforms for their daily transactions.

“Clients are further encouraged to take advantage of our Online banking platform and SC Mobile to transfer funds directly from their personal accounts into their loan accounts.

“Alternatively, they can use any of the Bank’s cash deposit machines (CDM) to deposit directly into their loan accounts,” Mr Singh said.