***** on Change in interest rate on personal loan : Revolving Loan from standard bank

Please see the Notice from the standard bank: This attitude is ******** especially in this time of the pandemic virus COVID19. The South African Reserve bank and the government have reduced the repo-rate in order to help people of this country to sustain during these difficult times. Unfortunately, the standard bank has decided to not change people's monthly repayment. This kind of attitude is perceived as a bank that does not care about the life of peoples in this country. This perceives as a bank who want to still peoples.

The prime interest rate has changed from 8.75% to 7.75% on 14 April 2020. Therefore, the variable interest rate charged on your loan account has been changed to 18.25%, which will reflect on your statement. The interest rate change is effective from 14 April 2020. Please note that the monthly repayment amount on your loan account is not affected by this rate change but the repayment term of your loan may change. If you have any questions or if you would like more information, please contact your nearest branch or call our Customer Contact Centre on ***.