Bank Better, Live Better

Credit relief

The current COVID-19 crisis may have affected your income. Here is what you need to know if you're struggling or unable to meet all your financial obligations.

We’re doing everything we can to help our clients during this time. Where necessary, we can provide cash flow relief to give you time to recover from financial setbacks.

The credit relief options can include:

  1. Payment relief, and/or
  2. Credit insurance

Payment relief

Capitec provides payment relief in the form of rescheduling and payment breaks.We will assess your situation on an individual basis and propose a payment solution that is suitable to your circumstances.

Both options will provide you with short-term cash flow relief; however, you should know that it will increase your total cost of credit in the end.

If you can, continue to pay as much of your credit instalments as possible, and only make use of these payment relief options if you really need to.

Credit insurance

The purpose of insurance is to cover you against unforeseen events or losses. The insurance cover is underwritten by Guardrisk and is compulsory for credit terms of 7 months and longer.

Our credit insurance is aimed at covering a credit repayment obligation if you're unable to pay your instalment as a result of death or disability, as well as permanent or temporary loss of income.

This means that if you have credit insurance with us and you are retrenched and unable to earn an income or earn a reduced income due to the COVID-19 pandemic, you may be covered.

More on temporary loss of income or reduced income

In the event of temporary loss of income, the debt repayment covered will align with the reduction in income.

As an example, if you're forced to take unpaid leave during the crisis, your instalments may be paid for either:

  • A period of 12 months
  • The remaining period of the credit agreement
  • Until you can earn an income again

(Whichever is the shorter period)

In the event of a reduced income, debt repayments are covered for the portion of income that you no longer receive.   

As an example, if you only receive 40% of the income you had when taking out the loan, then 60% of the instalment may be covered for either:  

  • A period of 12 months
  • The remaining period of the credit agreement
  • Until you can earn an income again

(Whichever is the shorter period)

How to claim

To start your insurance process, here is a list of the documents that you will need:

  • Letter from your employer stating that your salary will be impacted during the lockdown and how long it will be impacted, AND/OR
  • Payslip for the period where no or limited salary/wages were paid, AND
  • UIF letter stating acceptance, the amount to be paid and date of payment, or that UIF application is declined

There is also the following minimum qualifying criteria you need to consider as per the terms of your credit insurance policy. In short:

  • You must be employed for a minimum of 3 months
  • For a retrenchment or unemployment claim, your policy must be at least 3 months old
  • It's only valid for policies taken up since 9 August 2017
  • You must have an active, up-to-date credit insurance policy (credit terms of 7 months or longer, and credit cards)
  • If you applied for UIF, your claim can only be finalised once you receive the payment, or if the UIF application is declined
  • The impact on your income must be involuntary/forced onto you. It is not applicable if you took unpaid leave voluntarily
  • Your insurance premiums must be up to date

Other useful credit insurance information

In the event that you may need cash flow relief before your credit insurance claim can be processed, it may be necessary to restructure the loan at first and then claim the credit life insurance later, once the required documentation is available.

Only once your insurance claim is finalised and approved, can it be applied to the relevant instalments. Your account will then be updated to reflect the correct capital, interest and outstanding balance amounts.   

Lastly, clients may also qualify for the following benefits under our credit insurance policy:

  • Death – full outstanding amount
  • Permanent disability – full outstanding amount
  • Temporary disability – a maximum of 12 instalments

How to get in touch

Credit rescheduling and payment breaks

To discuss a payment break or to reschedule your loan repayment, contact us on 0860 66 77 18

Credit insurance claims

Email your required documents to



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