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Auto Financing Relief Scheme – FAQs

1.  I am having trouble paying my monthly instalments on time due to the Covid-19 situation. What can the Bank do for me?

We can offer you a waiver of late fees and charges at your request and will not repossess your vehicle during this time. If you are unable to service your monthly instalments, you may wish to apply for our Auto Financing Relief Scheme . Please note that this is subject to the Bank’s approval. Alternatively, you may want to consider selling your car and use the proceeds to pay off the loan in full.

2. I am unable to service my auto loan payments due to the Covid-19 situation. What can the Bank do for me?

You may wish to apply for our Auto Financing Relief Scheme. Please note that your application is subject to the Bank’s approval. This scheme is available to clients whose Auto Financing loans are current, have at least 1 year remaining on their loan, and at least 1 month’s validity on their Certificate of Entitlement (COE) at the end of the extended loan tenure. You will also need to have an up-to-date email address in our records.

3. How does your Auto Financing Relief Scheme work? Am I eligible to apply?

Our Auto Financing Relief Scheme grants a maximum deferment of up to 3 months of monthly instalments, subject to the Bank’s approval. If approved:

  • We will notify you via an email sent to your email address in our records with a letter detailing the applicable terms and conditions of the scheme
  • Your loan tenure will be extended by the number of months deferred
  • No interest will be accrued on the loan during the deferment period
  • Your monthly instalments after the deferment period will remain unchanged

Please note that the scheme is available to clients whose Auto Financing loans are current, have at least 1 year remaining on their loan, and at least 1 month’s validity on their Certificate of Entitlement (COE) at the end of the extended loan tenure.

For illustrative purposes only:

Loan Amount: $50,000 Loan Tenure: 60 months Interest Rate: 2.48%
  • Before the Auto Financing Relief Scheme

The monthly instalment amount is $936.67, and the final instalment is due January 2023

  • After the Auto Financing Relief Scheme

E.g. the Auto Financing Relief Scheme is approved for 3 months and commences from the due date in June 2020, then:

  • The hirer will not need to pay any monthly instalment for June 2020, July 2020, and August 2020.
  • Their monthly instalment of $936.67 resumes in September 2020 and remains unchanged.
  • Their loan tenure will extend by 3 months and the final instalment will be due April 2023.

4. I’ve applied for your Auto Financing Relief Scheme. When will I receive a reply?

We typically respond within 5 working days. If approved, you will be sent an email to your email address in our records. You may wish to keep a look out in your junk mail box in case. Please continue to service your monthly instalments in the meantime.

5. I’ve received approval for the Auto Financing Relief Scheme. When will my deferment start?

If you applied for the scheme at least 15 days before your upcoming due date, the deferment will start from your upcoming due date. Otherwise, it will take effect from following month after your upcoming instalment.

For example, if your upcoming due date is 1 May 2020 and you applied for the scheme on 5 April 2020 (more than 15 days before), then your deferment will start on 1 May 2020. However, if you applied for the scheme on 25 April 2020 (less than 15 days before), then your deferment will start on 1 June 2020, which is the following month’s instalment date.

6. How will the Auto Financing Relief Scheme affect my GIRO payments?

Your GIRO arrangements will not be affected. However, if you have any standing instructions, please ensure your instructions are updated in line with the scheme. We will notify you via an email sent to your email address in our records with a letter detailing the applicable terms and conditions of the scheme.