FNB grants holiday on student loans

FNB Namibia has granted a three-month payment holiday on all student loans that are in good standing as at the end of February 2020.

Last Friday, the bank announced its decision to intensify relief efforts on individual and business customers whose financial stability has been affected by the coronavirus lockdown.

The relief that starts tomorrow, 7 April, ends on 30 June 2020 and includes other measures such as instalment cash-flow relief, during which period part or no instalments/repayments would be due. The bank also offers assistance with the processing of credit insurance claims.

FNB said no fees would be charged on any repayment relief granted over the period, however, interest and fees would continue to accumulate on outstanding balances.

The above interventions are among measures FNB Namibia has taken so far, such as discounting transactional fees and increased digital access.

“The bank continues to work with the Bank of Namibia on a variety of solutions aimed at supporting consumers and businesses through these difficult times. FNB customers, who have not yet contacted us, will soon be notified if they qualify for relief on our digital channels with this process scheduled to go live within the next week,” said the bank’s chief executive officer, Erwin Tjipuka.

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