COVID - 19
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Stanbic bank kenya offers loan holidays for smes and personal loans
Nairobi, March 29, 2020: Stanbic Bank Kenya has today announced a loan holiday for SMEs and its personal banking customers to cushion them against the economic disruptions caused by the Coronavirus disease (COVID-19). The loan holiday will be effective 1st of April 2020. For SMEs, it will run for up to 3 months and will apply to all SME loan facilities.
Stanbic Bank Kenya’s Chief Executive Charles Mudiwa, said, “We recognize that we are collectively affected by the Coronavirus pandemic (COVID-19) and strive to put in place contingency plans to mitigate against disruption to our customers. The reality is SMEs are going through a tough period. We are therefore committed to unlocking new solutions to allow them to continue to run their businesses efficiently. We must keep Kenya moving.”
Commercial clients can contact the bank for assessment and restructuring of their loans based on their respective industry circumstances from the Pandemic.
“We are working closely with the Central Bank of Kenya (CBK) and the Kenya Bankers Association (KBA) to consult on extra measures that we can implement to protect our customers against the adverse economic effects of the Coronavirus pandemic (COVID-19),” said Mr. Mudiwa.
Cognisant of the challenges SMEs face to access finance, we will continue being at the forefront of delivering wholesome solutions to entrepreneurs directly and through strategic alliances and partnerships, financial literacy and mentorship programmes; enhancing business and management skills, constant innovation that delivers solutions attuned to the needs of enterprise and operation models that ensures entrepreneurs can conveniently access financial services any time anywhere.
Customers who require the loan holiday will need to send requests on or before 30th March by either:
Sending an SMS to 22208 that reads “YES RH” from the number you have registered on mobile banking or
Reply “YES RH” to the email sent to your mailbox from Stanbic Bank ([email protected]).
For further information on the loan holiday and any other banking-related matters, please reach out to us through our 24/7 customer contact centre +254 (020) 32680000 or our Twitter and Facebook social media pages @StanbicKE and website www.stanbicbank.co.ke
For more information on Coronavirus disease (COVID-19), we encourage all our clients to reach the Ministry of Health hotline on +254 729 471 414 | +254 732 353 535.
Stanbic Bank Asset Finance Loan Repayment Break
As a Bank, we recognize that we are collectively affected by the Coronavirus pandemic (COVID-19) developments. We strive to put in place contingency plans to avoid potential disruptions of services for our customers.
Following directives in a statement dated 18th March 2020 by the Central Bank of Kenya, Stanbic Bank has put measures in place to alleviate the adverse economic effects our customers may face from the Coronavirus pandemic (COVID-19).
We shall provide you with a 90 days repayment break on both principal and interest on your Stanbic Bank Asset Finance loan.
How does it work?
The Bank will defer your payment instalment(s) by extending the maturity of your loan by the period of your repayment i.e. 3 months.
Subsequent instalments remain unchanged. Your normal instalment payment(s) resume in July 2020. Take note however that the applicable monthly insurance premium applicable to the loan will still be collected from your account as scheduled). It is therefore your responsibility to ensure that your account is sufficiently funded when the premium falls due.
This loan repayment break applies to both Kenya Shillings and foreign currency facilities.
The interest on the outstanding principal will continue to accrue during the repayment break period. The accrued amount will be redistributed within the repayment scheduled for the subsequent months. You will be able to see this impact on your new repayment schedule.
To enjoy this repayment break;
- Send an SMS to 22208 that reads “YES RH” from the number you have registered on mobile banking; OR
- Reply “YES RH” to the email sent to your mail box from Stanbic Bank ([email protected]) on or before 20th April 2020.
All other terms and conditions stipulated in your respective facility letter (s) remain unchanged and continue to be of full force and effect together with the Bank’s General Terms and Conditions. In the event of any ambiguity arising or conflict existing between the provisions of this notice and those of the facility letter (s), the provisions of the facility letter (s) and the Bank’s General Terms and Conditions shall prevail.
Frequently Asked Questions
1. What is a loan repayment break?
A loan repayment break is an offer that Stanbic Bank has extended to selected customers exempting them from their monthly loan repayments falling due between 22nd April 2020 to 21st July 2020, both days inclusive.
2. How do I know if I have been pre-selected for the repayment break?
You will receive an official communication from the Bank using the number you have registered on mobile banking or an email advising you of the offer.
3. Does this loan repayment break increase my future repayment amount?
No. Your loan repayment amount remains unchanged.
4. Which loans does this offer apply to?
All Asset Finance loans for selected customers.
5. Which parts of the loan will be exempted in this offer?
Principal and Interest.
6. Does this loan repayment break include insurance premiums (Motor, domestic, retrenchment and Life covers) embedded on your loan as well?
No. Ensure your account is sufficiently funded for this.
7. What happens if I respond after 20th April 2020?
This offer is limited to that fixed expiry date and your request will not be considered thereafter. If you do not opt in to the offer, please ensure that your account is sufficiently funded to meet your scheduled loan repayment.
8. How long will this offer run for?
This offer is only valid for the selected loans falling due between 22nd April 2020 to 21st July 2020, both days inclusive, and for those who will have responded by 20th April 2020.
9. How do I get my new repayment schedule to see impact of this repayment holiday on my loan
You can request for your repayment schedule either through your respective Relationship Manager, writing to our Customer Service or visiting your nearest Stanbic Bank Branch
Easily accessing your money at this time is critical and as our client once you’ve opened your account with us, you’re free to do your banking through any digital channel or device you prefer. To find out more click here - https://www.stanbicbank.co.ke/kenya/personal/Digital-Banking
AFRICA CHINA AGENT PROPOSITION
The importing process from China comes with its own set of risks and challenges for Kenyan importers. In light of COVID-19, it makes it more challenging due to the travel bans. Because we understand the risks that you may face when trading with China, Stanbic Bank has introduced the Africa China Agent Proposition. The offering is designed to assist you with connecting with the right suppliers in China and to help you source and validate the quality of goods. To find out more, click here - https://www.stanbicbank.co.ke/kenya/Business/Africa-China-Agent-Proposition
Stanbic Bank and SimbaPay have partnered to offer you a solution that allows you to make international payments via M-Pesa’s Paybill. Stanbic Bank and SimbaPay have partnered to offer you a solution that allows you to make international payments via M-Pesa’s Paybill. This solution is available to both customers and non-customers who have a Safaricom line. Send money to China, Uganda and India through paybill number 4012867 24/7 instantly
Read more - https://www.stanbicbank.co.ke/kenya/personal/Digital-Banking/Mobile-International-Payments