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:
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.
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.
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:
(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:
(Whichever is the shorter period)
To start your insurance process, here is a list of the documents that you will need:
There is also the following minimum qualifying criteria you need to consider as per the terms of your credit insurance policy. In short:
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:
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 CreditInsuranceClaims@capitecbank.co.za
