COVID-19 Assistance

COVID-19 Payment Break

COVID-19 Assistance DirectAxis

COVID-19 Payment Break

DirectAxis wants to help our customers who continue to be financially impacted by COVID-19. We recognise that some of our customers may feel the impact of the pandemic and subsequent lockdown for longer than others. This could be due to the type of employment or circumstances such as self-employment, with reduced or no income. 

As a result, DirectAxis will now be offering customers with existing COVID-19 Cashflow Relief Plans an opportunity to extend the payment breaks with a separate credit agreement by up to 3 months. 

COVID-19 Payment Break Extension

Pre-selected qualifying customers with an existing Payment Break plan in place, can apply for a further extension to their loan repayments of up to 3 months, from August to October 2020.

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

Here’s how it works:

  • You are offered an extension of your current payment break by up to 3 months
  • Your repayments only start at the end of the extended payment break
  • Prime interest rate applies, which is significantly lower 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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of customers use loans for education

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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 24.50% 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 24.50% 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 103 155.57 which is a maximum Annual Percentage Rate (APR) of 27.76%.