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We are here for you
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. We are introducing the following relief measures for our clients who ask for financial assistance, due to the impact of the virus outbreak.
Dwaipayan Sadhu, Head of Retail Banking, Singapore, said: “We understand this can be a stressful time for everyone and we want to help our clients alleviate some financial burden in the short term, if they need it during this period. We continue to be with our clients through good times and bad, as we have over the last 160 years in Singapore.
We are here for them.”
The following relief measures are for our impacted clients upon request:
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. We are introducing the following relief measures for our clients who ask for financial assistance, due to the impact of the virus outbreak.
Dwaipayan Sadhu, Head of Retail Banking, Singapore, said: “We understand this can be a stressful time for everyone and we want to help our clients alleviate some financial burden in the short term, if they need it during this period. We continue to be with our clients through good times and bad, as we have over the last 160 years in Singapore.
We are here for them.”
The following relief measures are for our impacted clients upon request:
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Services
|
Description
|
|---|---|
| CashOne fee waiver for loan extension | Clients who are looking to extend the tenure of their cashone personal loan can enjoy a S$50 fee waiver, applicable to clients with good account standing. Clients can extend their loan tenure to a maximum of 60 months. This does not apply to any reduction in loan tenure. |
| Credit Cards and Credit Card Funds Transfer – waivers of late payment fee and late interest charges | Late payment fees and late interest charges will be waived for clients affected by Covid-19.
(Only valid from 13 February to 31 July 2020) |
| Reduced fee on EasyPay instalment plan for hospital & medical charges | Clients who convert their hospital and medical charges to an EasyPay instalment will have their one-time fee reduced from 5% to 2% (of the bill amount)
Subject to a minimum of S$500 per transaction. |
From 6 April 2020 to 30 June 2021 we will offer impacted clients with Outstanding credit card balances or personal credit line, a low-cost term loan to help reduce their debt burden.
This Special Financial Relief Programme (SFRP) will cover the following borrowers who have been impacted due to the outbreak of this pandemic. Find out more here.
From 6 April 2020 to 31 December 2020 we will offer impacted clients with Outstanding credit card balances or personal credit line, a low-cost term loan to help reduce their debt burden.
This Special Financial Relief Programme (SFRP) will cover the following borrowers who have been impacted due to the outbreak of this pandemic. Find out more here.
|
Services
|
Description
|
|---|---|
| Late fee and default fee waivers |
Late and default fees will be waived upon request. This is applicable to late payments for monthly instalments from December 2019 onwards. |
| Repricing fee waivers |
Repricing fee will be waived for clients who wish to reduce their interest rates. |
| Defer repayment of principal | We can defer your principal repayments till 31 December 2020. |
| Defer repayment of principal and interests | We can defer your full monthly instalments till 31 December 2020. |
| For more details on our relief measures for Retail Mortgages, please visit our FAQs here. | |
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Relief Scheme
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Bank’s Interest Servicing Scheme (“ISS”)
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Special Financial Relief Programme (“SFRP’)
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Extended Support Scheme – Standardised (“ESS-S”)
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|
|---|---|---|---|---|
| Loan Facility eligible | Business Instalment Loan (BIL)
Enterprise Singapore’s Enterprise Financing Scheme – SME Working Capital Loan (WCL) Business Working Capital (Trade) |
Fully secured loans such as Business Property Loan (BPL) | Enterprise Singapore’s Temporary Bridging Loan (TBL) Enhanced Enterprise Financing Scheme – SME Working Capital Loan (eWCL)
Fully secured loans such as Business Property Loan (BPL) |
|
| Application Start date | 1st Jul 2020 | 31st Mar 2020 | 2nd Nov 2020 | |
| Application End date | 15th Dec 2020 | 15th Nov 2020 | 15th Feb 2021 for clients in *Tier 3A and 3B Sectors
15th May 2021 for clients in *Tier 1& 2 Sectors *for more information on your tiering, please refer to the below ESS-S hyperlink |
|
| Debt Relief Period Expiry date
(Illustration)
|
31st Mar 2021
Illustration 1 (e.g. for application submitted between 16th Oct – 15th Nov 2020, the debt relief period shall commence in Dec 2020 and end in Feb 2021) Illustration 2 (e.g. for application submitted after 15th Nov 2020, the debt relief period shall commence in Jan 2021 and end in Mar 2021) |
31st Dec 2020
(e.g. for application submitted between 16th Oct – 15th Nov 2020, the debt relief period of one month shall end in Dec 2020) |
31st Mar 2021 for clients in *Tier 3A and 3B Sectors
(e.g. for application submitted between 2nd Nov – 15th Feb 2021, the debt relief period of up to three months shall end in Mar 2021) 30th June 2021 for clients in *Tier 1& 2 Sectors (e.g. for application submitted between 2nd Nov – 15th May 2021, the debt relief period of up to six months shall end in Jun 2021) |
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| Relief Measures – Principal deferment | Eligible existing clients with BIL and WCL can apply for deferment of principal repayment and pay only interest for 3 months with the option to extend loan tenure by the corresponding principal deferment period.
Relief is subject to Bank’s approval. |
Please see Annex to MAS’s media release of 31 March 2020, under “Defer Payment of Principal on Secured SME Term Loans”:
Click here |
Please see Annex B to MAS’s media release of 5 October 2020:
Click here |
|
| Relief Measure for BWC Trade – Bill tenure extension | Eligible existing clients with trade facilities experiencing delayed trade payments can request for bill maturity extension for up to 60 days.
Relief is subject to Bank’s approval. |
Not applicable | Not applicable | |
| Waivers of Business Banking late fees and related charges | Clients can request for a waiver of late fees and related charges (such as restructuring cost etc.). Subject to Bank’s approval. | |||
| FAQ | Please click here | Please click here | ||
For impacted clients on request. Subject to approval. Terms and conditions apply
For impacted clients on request. Subject to approval. Terms and conditions apply
Continue to bank and manage your finances while you stay safe at home. Access our digital services via Online Banking and the SC Mobile App. If you have a request or query that require our assistance, simply submit a service request.
Our branches continue with normal operating hours. If you still require assistance at our branches, we have stepped up our precautionary measures that include safe distancing, temperature screening and regular sanitising.
Continue to bank and manage your finances while you stay safe at home. Access our digital services via Online Banking and the SC Mobile App. If you have a request or query that require our assistance, simply submit a service request.
Our branches continue with normal operating hours. If you still require assistance at our branches, we have stepped up our precautionary measures that include safe distancing, temperature screening and regular sanitising.