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Important Information

Relief Measures for Business Banking Clients

To support our existing Business Banking clients who are impacted by the recent COVID-19 situation, we will be offering some relief measures who may be having difficulties managing their mortgage loan, instalment loan and trade bills repayments.

Please refer to the FAQs below for more details. To apply for our relief measures, please click here.

  1. I am facing financial difficulties due to the COVID-19 situation. How can the Bank help me?
    1. SME Business Property Loan (BPL):
      The Bank can offer existing Borrower an Interest-Servicing Scheme (“ISS”) for your SME Business Property loans.This means that Borrower can request for the Bank to defer repayment of the principal amount of your loan up to 31 December 2020, during which time you are required to service only the interest amounts, to help reduce your monthly repayment commitments.
    2. Business Instalment Loan (BIL):
      From 1st Jul 2020, all existing Borrower with Business Banking Instalment Loan can apply for an Interest-Servicing Scheme (“ISS”) to lower monthly obligations. During the ISS period of up to 3 months, you are required to service the interest amounts.
    3. Business Working Capital (BWC) :
      From 1st Jul 2020, all existing borrower with trade facilities experiencing delayed trade payments can request for bill maturity extension. Approach your Relationship Manager for extension of your trade bill expiry request. The available option for bill extension is up to 60 days, with a further extension of 30 days.

    Please note that all requests are subject to our review.

  1. What documents are required to take up ISS?
    A written request indicating how the Borrower is being affected by the COVID-19 situation and reason(s) for the application will be required. You will also need to include your designation/relationship to the Borrower, and describe the industry the Borrower is in.
    You may send your respective requests to the following mailbox:

    1. Deferment of principal only and/or tenor extension – request_bb@sc.com,
    2. All others – Service.SGBizBanking@sc.com
    3. Alternatively, click here

    No additional documents are required at this point. If required, you will be informed accordingly.

  1. How long is the period for the ISS?
    It may be up to 31 December 2020, where you will be servicing only the interest amount on your loan.
  1. What is the processing time for ISS?
    Upon receipt of your written request, we will try to respond within 5 to 7 business days. However, as we are currently experiencing a high volume of requests, we seek your patience and understanding. We will endeavour to process your request as soon as possible.
  1. Will my loan tenure be extended beyond my current remaining tenure?
    No, unless a tenure extension request is specifically made, which is subject to the Bank’s review and approval.
    The Bank will re-amortise the deferment principal amount over the remaining loan period and your monthly repayment amount after the ISS period could be higher.
    You will receive a letter on your new instalment amount(s) once the ISS has ended.
  1. Will there be any administrative fees/charges for taking up the ISS?
    No, the Bank will waive the administrative charge of $1,000, as the Bank understands the difficulties you are facing.
  1. How can I update the Borrower’s email address/contact number/mailing address registered with the Bank?
    Please provide us with a written letter to update the Borrower’s email address / contact number / mailing addres
  1. Will there be any impact on the Borrower’s credit standing with the ISS applied?
    No. Please note that you are required to continue servicing the existing obligations under your loan until the request for ISS is approved by the Bank.
  1. Can I pay for the principal only instead of interest only on my loan?
    We are unable to extend this relief measure at the moment but will feedback to the Bank’s management for future consideration.
  1. When will the debt relief commence once my ISS is approved by the Bank?
    For applications submitted on and before 15th of the current month, debt relief will commence on the first working day of the 1st subsequent month from the date of request.
    For applications submitted after 15th of the current month, debt relief will commence on the first working day of the 2nd subsequent month from the date of request.
    Example, date of application is on 14th July 2020, the effective date of debt relief will commence on 3rd August 2020 once it is approved by the Bank.