ZA Bank has rolled out its all-new debt consolidation program ‘Debt Changer’, featuring customised payment holiday of up to 6 months to help users easily manage their debts at fingertips within one app.
‘Debt Changer’ offers a maximum of 6-month payment holiday1, where users can choose when to take a break and defer repayment by one month based on their personal financial needs. No principal and interest repayments will be incurred during the period, offering users greater flexibility in handling their loan and credit card balances. By consolidating users’ debts with other banks, financial institutions and credit cards into a single loan within the ZA Bank App, the program seeks to make it easier for them to repay in one go, and to achieve the long-term goal of improving their credit ratings.
As the interest rates and repayment terms of loan schemes in the market vary, users may find it difficult to calculate the exact cost of each debt. ‘Debt Changer’ aims to address this pain point through the ‘Debt Consolidation Specialist’ service to customise cost-effective repayment solutions. Users can submit their applications via the ZA Bank App round the clock, receive a preliminary approval result, and enjoy this personalised experience upon the submission of the required documents.
Devon Sin, Alternate Chief Executive at ZA Bank, said, ‘We are pleased to introduce this new debt consolidation program to further enhance users’ digital banking experience. Paying off debts is an important element of a healthy financial lifestyle for users. With “Debt Changer”, we look forward to standing with our users in tackling their debts and planning for a hassle-free life.’
For details about ‘Debt Changer’, please visit bank.za.group/en/debt-consolidation.
- The promotion ends on 31 March 2023. For every 12-month tenor of Debt Consolidation Program drawn down, user will earn a Payment Holiday Coupon, with a maximum of 6 coupons. Upon application of a coupon, user can enjoy payment holiday for 1 instalment. During the payment holiday, user does not need to repay the principal and interest and the remaining outstanding loan amount will be deferred for 1 instalment. User can apply 1 coupon every 6 instalments during the loan tenor. If user’s ZA Bank account is not in valid and normal status, user has a history of overdue repayment for 60 days or more for any existing / historical loan held in ZA Bank or user has any overdue loans with ZA Bank or other financial institutions within 3 months, user cannot apply the coupon. Terms and conditions apply.