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Special Financial Relief Programme (SFRP)

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Special Financial Relief Programme (SFRP)

Special Financial Relief Programme (SFRP)

Convert outstanding credit card balance and unsecured loans to a low-cost term loan to help reduce their existing debt burden – Special Financial Relief Programme (SFRP)

As the Novel Coronavirus (COVID-19) situation persists, individuals and small businesses in Singapore are facing unprecedented challenges in the near to long term.

We are here to help you tide over this stressful period.

From 6 April 2020 to 30 September 2021 we will offer impacted clients with outstanding credit card balances and unsecured loans, a low-cost term loan to help reduce their debt burden.

This SFRP will cover the following borrowers who have been impacted due to the outbreak of this pandemic.

  • Opt-in basis for borrowers who are impacted by Covid-19 (at least 25% loss of income after 1 February 2020) and proof of income impacted is required and mandatory
  • Whose repayments are between 30 and 89 days past due at the point of application
  • Singapore Citizen or Permanent Resident
  • Not on any existing debt repayment or restructuring programmes with the bank or card issuer i.e. DCP/DMP/RAS/DRP.

* For impacted clients on request. Subject to approval. Terms and conditions apply

As the Novel Coronavirus (COVID-19) situation persists, individuals and small businesses in Singapore are facing unprecedented challenges in the near to long term.

We are here to help you tide over this stressful period.

From 6 April 2020 to 30 June 2021 we will offer impacted clients with outstanding credit card balances and unsecured loans, a low-cost term loan to help reduce their debt burden.

This SFRP will cover the following borrowers who have been impacted due to the outbreak of this pandemic.

  • Opt-in basis for borrowers who are impacted by Covid-19 (at least 25% loss of income after 1 February 2020) and proof of income impacted is required and mandatory
  • Whose repayments are between 30 and 89 days past due at the point of application
  • Singapore Citizen or Permanent Resident
  • Not on any existing debt repayment or restructuring programmes with the bank or card issuer i.e. DCP/DMP/RAS/DRP.

* For impacted clients on request. Subject to approval. Terms and conditions apply

Key features of this term loan:
  • Tenure up to 5 years
  • Effective interest rate capped at 8% p.a.
  • Monthly Instalment capped at 3% of total loan amount, unless borrower requests for higher monthly Instalment amount
  • No early repayment penalty

Click here to apply or call us at +65 6747 7000

  • Tenure up to 5 years
  • Effective interest rate capped at 8% p.a.
  • Monthly Instalment capped at 3% of total loan amount, unless borrower requests for higher monthly Instalment amount
  • No early repayment penalty

Borrowers’ credit facilities with the bank will be suspended. Suspension will be lifted upon full repayment of term loan, at which time the bank can grant new unsecured credit facilities to the borrower (i.e. treated like any new customer).

CBS tagging will reflect a normal unsecured facility. i.e. not restructured

For more details on the Special Financial Relief Programme,

Call us

Call our phone banking team hotline for immediate assistance +65 6747 7000

FAQs

  • We are offering impacted clients holding outstanding credit card balances and unsecured loans, a low-cost term loan to help reduce their debt burden.

  • We are currently experiencing a high volume of requests and seek your patience and understanding. We will endeavour to process your request as soon as possible.

  • No, there are no administrative fees for processing the application as the Bank understands the difficulty you are facing.

  • The deferred payment scheme announced by MAS is for Mortgage and SME loans. This is not available for credit cards and unsecured facilities.

  • This low interest instalment plan is available only for outstanding credit card and unsecured loans. Your application will be reviewed by the bank and you will be notified on the outcome.

    If you need assistance for debt repayment or restructuring scheme, you can contact the Bank at +65 6305 9000 from 9am to 6.15pm on Mondays to Thursdays and from 9am to 4pm on Fridays. We are closed on weekends and public holidays.

    Alternatively, you can also email us at Request_CCPL@sc.com

    For Debt Consolidation Plan, you may request for a loan tenure extension of up to 5 years. You can request for this here

  • The new credit limit will be the total outstanding amount at the point of conversion into a term loan. Please be reminded that once you have opted for the conversion, you will not be able to draw down on any unutilised credit limit with, or obtain new unsecured credit facilities from the bank that is granting the SFRP Unsecured. Your credit facilities with other banks will not be affected.

  • The SFRP (Unsecured) is a special relief plan that the bank introduced to help Singapore citizens and permanent residents who are facing cash flow difficulties due to the COVID-19 fall out. Interest rate under the SFRP (Unsecured) is much lower compared to the prevailing interest rate of revolving credit facilities.

    The bank will not be able to offer the relief to the same borrower multiple times. Further, being 30days past due would generally indicate early signs of financial stress.

    Given so, it is important that you do not continue to incur further high-cost unsecured debts, which could pose financial difficulties for you down the road.

  • Your credit limit will be the total outstanding amount at the point of conversion into a loan. After which, there may be periodic reviews by the bank and the credit limit may be reduced. Please be reminded that once you have opted for the conversion, you will not be able to draw down on any unutilised credit limit.

  • The SFRP (Unsecured) will not be reflected as a restructured loan in your credit bureau report. Only a brief narrative description will be uploaded to indicate your participation in the programme.

  • The record is for analytics purpose as all credit bureau information is important to financial institutions for understanding of consumers’ credit behaviour and refinement of their target market strategy. The Bank may leverage on some of this information to provide appropriate financial advisory or tailor make suitable financial products for their customers given short term financial condition of the individual due to Covid-19 situation.

  • The narrative is akin to a “footnote” in the credit bureau report. It will be reported by the respective financial institution once a SFRP (Unsecured) is taken up. The narrative consists of information which represents product type, the last payment status, start date and end date of the relief program.

  • No, the SFRP (Unsecured) related narratives will be removed upon closure of the underlying account / at the end of the program, whichever is earlier.

Terms and Conditions