Helping customers and our communities through COVID-19
Singapore
To help individuals in Singapore tide over the current difficult period arising from the COVID-19 outbreak, we have launched the following relief measures:
Reduced instalment scheme for residential property loans
Home loan customers can apply for reduced monthly instalment for 9 months or 31 December 2021, whichever is earlier. This also applies if you have not missed more than 3 months of instalment payment, and you are impacted by COVID-19 with at least 25% loss of income or loss of employment after 1 February 2020.
The reduced instalment is pegged at 60% of your last monthly instalment payment amount. Application closed on 30 September 2021.
Apply for reduced monthly instalment for commercial property loan
Commercial property loan customers can apply for reduced monthly instalment for 9 months, if you have not missed more than 3 months of instalment payment, and you are impacted by COVID-19 with at least 25% loss of income or loss of employment after 1 February 2020.
The reduced instalment is pegged at 60% of your last monthly instalment payment amount. Application closed on 30 September 2021.
Relief for renovation loan
From 9 November 2020: Renovation loan customers with loss of income of at least 25% after 1 February 2020 can apply to extend their loan tenures. Application closed on 30 September 2021.
Lower interest for personal unsecured credit
Credit card and personal loan customers can convert their outstanding balances to term loans at a reduced interest rate, capped at 8% (compared to the 26% typically charged on credit cards). The term of the converted loan can be up to 5 years, depending on the customer’s ability to meet the minimum monthly repayment. This option is available to customers who have suffered a loss of 25% or more of their monthly income after 1 February 2020 and are at risk of incurring substantial arrears. Application closed on 30 September 2021.
In addition, both Credit Card and EasiCredit customers will have their minimum repayment reduced to 1% of their outstanding statement balance or S$50 (whichever is higher) for 8 months starting from April 2020.
Terms and conditions apply.
Frequently asked questions on the lower interest for personal unsecured credit.
Relief for Education loan
From 9 November 2020: Education loan customers with loss of income after 1 February 2020 can apply to extend their loan tenures by up to a cumulative 3 years.
Customers who have missed more than 3 months of instalment payments at the point of application are not eligible to apply for the relief. Application closed on 30 September 2021.
Extension of Debt Consolidation Plan loan tenure
Customers can apply to extend the loan tenure for their Debt Consolidation Plan from 18 May 2019 to 30 September 2021. Existing customers, who have not missed more than 3 months of instalment payments, can apply to extend the loan tenure for up to 5 years. Application closed on 30 September 2021.
Malaysia
There will be a 6-month moratorium on mortgages and customers will not need to repay any principal amount nor interest during this period. They will also not be charged any interest on the interest that arises from the moratorium period.
From today until the end of April 2020, we will be absorbing the RM1 ATM cash withdrawal fee levied to our customers for using another bank’s ATM in the country. This is part of our concerted effort to move only within areas close to their homes during the current movement control order period.
We encourage everyone to stay home and bank at home, which can easily be done using our online banking services. But if you really need to head to the bank to use the ATM, try to stay within the vicinity of your home so you can get back quickly. By absorbing the RM1 ATM cash withdrawal fee, we are removing yet another hurdle to getting people home more quickly.
Reduction in minimum payment
Credit Cards:
Effective from 1 April 2020, the minimum monthly payment for Credit Card customers will be revised to 1% for a period of 8 months.
- Accounts within the credit limit: S$50 or 1% of the Total Statement Balance (whichever is higher) and any overdue amount.
- Accounts that are over the credit limit: 1% of the Total Statement Balance plus the amount in excess of the credit limit and any overdue amount.
Please note that from 1 December 2020, the minimum monthly repayment will revert to 3%.
EasiCredit:
Effective from 30 April 2020, the minimum monthly payment for EasiCredit customers will be revised to 1% for a period of 8 months.
- Accounts within the credit limit: S$50 or 1% of outstanding balance (whichever is higher) plus the full approved monthly instalment amount and any overdue amount
- Accounts that are over credit limit: The amount in excess of the credit line limit and S$50 or 1% of outstanding balance (whichever is higher) plus the full approved monthly instalment amount and any overdue amount.
Please note that from 31 December 2020, the minimum monthly repayment will revert to 3%.
You may choose to repay more than the minimum repayment amount, at any point in time, to avoid paying more interest.
Reduction in Minimum Payment
Effective from 30 April 2020, the minimum monthly payment for OCBC EasiCredit will be revised to 1% for a period of six months.
- Accounts within the Credit Limit: S$50 or 1% of the Total Statement Balance, whichever is greater, and any overdue amount.
- Accounts that are over the Credit Limit: 1% of the Total Statement Balance plus the amount in excess of the Credit Limit and any overdue amount.
Singapore
As the impact of COVID-19 is felt across Singapore, we understand that you may have concerns about how it could affect your business and accessibility to our business banking services.
We’ve put in place financial and cash flow relief measures as well as practical guides and information to help you achieve business continuity during this difficult period.
Temporary Bridging Loan (TBL)
As announced in Budget 2020, Temporary Bridging Loan is a government-assisted loan that provides access to working capital for your business needs. Learn more.
Enterprise Financing Scheme Trade Loan (EFS)
EFS Trade Loan covers businesses’ access to domestic and overseas trade transactions. Businesses can borrow up to $10 million. Learn more.
Defer payment of your existing OCBC Commercial Property Loan
From 2 November 2020, you can apply to defer 80% of the principal payment if you have not missed more than 1 month of instalment payment at the point of implementation.
The effective period of the deferment depends on the Industry Tier that you are in.
| Industry Tier | Effective period of deferment |
| Tier 1 and 2 industry | 1st Jan 2021 till 30th September 2021 |
| Tier 3 industry | 1st Jan 2021 till 31st March 2021 |
Please refer to Jobs Support Scheme (JSS) Notice to ascertain your industry tier.
Businesses do not have to demonstrate any impact from COVID-19 to obtain deferment. To request for a deferment, contact your Relationship Manager. If you do not have a Relationship Manager, please apply online.
Defer payment of your existing OCBC Business Loan
From 2 November 2020, you can apply to defer 80% of the principal payment of your Unsecured SME loan(s) if you have not missed more than 1 month of instalment payment at the point of implementation.
The effective period of the deferment depends on the Industry Tier that you are in.
| Industry Tier | Effective period of deferment |
| Tier 1 and 2 industry | 1st Jan 2021 till 30th September 2021 |
| Tier 3 industry | 1st Jan 2021 till 31st March 2021 |
Please refer to Jobs Support Scheme (JSS) Notice to ascertain your industry tier.
Businesses do not have to demonstrate any impact from COVID-19 to obtain deferment. To request for a deferment, contact your Relationship Manager. If you do not have a Relationship Manager, please apply online.
Credit Counselling Singapore – Sole Proprietor and Partnership Help Scheme
For sole proprietors and partnerships, with multiple creditors and unsecured debt up to S$1 million.
Extended Support Scheme - Customised
For all SMEs with multiple creditors that do not qualify for the other restructuring programmes.
How to Apply for the ESS-C?
- Please check that you meet the following eligibility criteria:
- You have credit facilities with more than 2 Financial Institutions (FIs);
- You do not qualify for the Credit Counselling Singapore’s Sole Proprietor and Partnership Scheme (SPP Scheme);
- You do not qualify for the Simplified Insolvency Programme (SIP) (if operational); and
- You have approached its FIs to restructure its credit facilities but the solutions provided were not sufficient/ suitable.
- If you meet the above criteria, please complete the ESS-C Application Package and submit it to any ONE of its FIs* (“Receiving FI”).
- The Receiving FI will performs an initial assessment to see if ESS-C is expected to be beneficial for you. If so, the Receiving FI notifies you that you have been recommended for ESS C.**
- After being notified by the Receiving FI, you will have to inform all your other FIs and submit the ESS-C Application Package to them, and arrange for a joint call with all the lenders.
- For SMEs with 2 FIs and total credit exposure of less than $10million, FIs will conduct a Business Viability Test. If the SME is assessed to be viable, Fis will coordinate and propose restructuring solutions beneficial to the SME.
- For SMEs with more than 2 FIs or total credit exposure of S$10million or more, SME to appoint an ESS Assessor***, subject to agreement by the FIs. The ESS Assessor will conduct a Business Viability Test If the SME is assessed to be viable, ESS Assessor will be in charge of coordinating with FIs and SME, and propose restructuring solutions beneficial to the SME.
* The FI must be one of the Participating FIs in the ESS C scheme: Bank of China, CIMB Bank, Citibank, DBS Bank, HL Bank, Hong Leong Finance, HSBC Bank, Indian Overseas Bank, Industrial & Commercial Bank of China, Maybank, OCBC Bank, RHB Bank, Sing Investments & Finance, Singapura Finance, Standard Chartered Bank, United Overseas Bank.
** If one FI rejects the application, SME can approach any of its other FIs for assessment and recommendation into ESS C.
*** Please refer to the list of qualified ESS Assessors here.
Disclaimer
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