Don’t take the bank holiday until you have checked if you have credit insurance | South Africa

Since 2017 all bank loans, according to the attached video, are automatically covered if an event like the CV happens and you become unemployed. Banks want to give you a bank holiday so you do not make use of automatic repayments which are covered under your bank’s credit insurance policy – that you pay for every month. In other words you do not miss a payment – like you will if you take the bank holiday – because they will be paying.