Do you want to learn about the Absa siyasizana financial assistance in South Africa? Then check out this guide.
The covid-19 pandemic has greatly affected the economy of South Africa, and thousands of citizens have suffered financial problems.
Absa has got its customers at heart and introduced a relief program to help clients with repayment issues with any of the products.
We will first briefly explain what siyasizana is.
What Is Absa Siyasizana
This is a payment relief plan to help customers financially impacted by covid-19 get back on their feet financially.
The siyasizana fund targets individuals and businesses who have been banking with Absa.
Now that you know what siyasizana is, we will show you the credit products that can receive the fund.
What Credit Products Receive Siyasizana Assistance
You are liable for the relief funds if you have any Absa credit cards.
This product also covers an overdraft.
If you have Absa vehicle finance, you can apply for the funding too.
All clients with personal loans and home loans will receive financial assistance.
These are the credit products covered by the Absa siyasizana financial assistance in South Africa.
What Is The Funding Criteria
We will now show you the criteria followed for the siyasizana funding.
You or your business should have one or more Absa credit cards to qualify for this relief.
You need to show that you or your business is struggling to meet the agreed payments due to covid-19.
You need to have a good credit history and make previous payments on time.
This is the funding criteria for Absa siyasizana financial assistance in South Africa.
Absa Siyasizana Financial Assistance
Now that you understand the funding criteria, we will show you how this relief project works.
When you apply for relief, the Absa team will have to carry out an assessment first to confirm your financial situation.
If your application for the relief fund is successful, Absa will give you a new repayment schedule or loan term that is more lenient.
The financing is personalized such that you will receive assistance concerning your needs.
Businesses can receive specific assistance depending on their circumstances.
There is no stipulated minimum or maximum amount you can apply for.
There are both short-term and long-term solutions designed to meet your repayment obligations and consider your financial situation at that time.
This is all you need to know about the Absa siyasizana financial assistance in South Africa.