COVID-19 Assistance

COVID-19 Payment Break

COVID-19 Assistance DirectAxis

DirectAxis wants to help our customers who have been financially impacted by COVID-19 with a COVID-19 Payment Break. This is a 3-month payment break, facilitated by a separate credit agreement at prime interest rate.

To combat the COVID-19 pandemic, the South African Government instituted a national lockdown to slow the spread of the virus. Government has ensured that essential services, such as banking, will remain available during the lockdown period. As part of FirstRand Bank, DirectAxis forms part of these essential financial services.

We have reconfigured our operations, enabling the majority of our staff to work from the safety of their homes, so that we can continue to give you access to the credit and insurance you may need during this time. This also allows us to help those of our customers whose financial positions have been impacted by COVID-19, through a payment break on loan repayments.

COVID-19 Payment Break

For three months, from 1 April to 30 June 2020, we will help qualifying customers who are suffering financially under the impact of lockdown and the pandemic, with a COVID-19 Payment Break.

During this time, we will pay your instalments on your behalf, freeing up your cashflow to cover other expenses and at the same time, keeping your credit status in good standing.

Here’s how it works:

  • You get a 3-month payment break: If you have a personal loan with DirectAxis and are a customer in good standing, you could qualify for a payment break on your loan repayments for a 3-month period, facilitated by a separate credit agreement
  • Prime interest rate applies: You will be charged interest on the amount of relief provided to you over this period, but this is at a significantly lower rate than the interest rate on your personal loan
  • You pay zero fees: no service or initiation fees will be charged on the relief provided
  • You can settle early: you can choose to settle this early without paying any penalties
  • Credit Insurance Claims: We will help you with processing credit insurance claims where possible. Find out if you qualify for our Personal Protection Plan.

Interest and fees will continue to accumulate on all outstanding balances.

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DirectAxis is a business unit of FirstRand Bank Limited, an Authorised Financial Services and Registered Credit Provider, NCRCP20. Direct Axis SA (Pty) Ltd, Reg no. 1995/006077/07, an authorised Financial Services Provider, FSP7249 & FSP5. 108 De Waal Road, Diep River 7800.

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Loan repayment terms range from 24 to 72 months. The maximum interest rate with regards to a DirectAxis Personal Loan is 24.75% per annum (compounded monthly). Your rate and initiation fee will be determined according to your personal risk profile.

An illustrative example of a loan at an interest rate of 24.75% per annum would be: Loan amount R50 000 plus a once-off initiation fee of R1 207.50 and a monthly admin fee of R69.00, over 72 months.

The total cost of the loan will be R 103 718.91 which is a maximum Annual Percentage Rate (APR) of 28.01%.