Helping customers and our communities through COVID-19
To help individuals in Singapore tide over the current difficult period arising from the COVID-19 outbreak, we have launched the following relief measures:
Defer repayments for residential property loans
Home loan customers can defer payments for the principal, or both the principal and interest if you have not missed more than 3 months of instalment payment. The deferment period is until 31 December 2020.
During the payment deferment period, interest will be charged on the principal amount, but no interest will be charged on the deferred interest payment. Individuals do not need to demonstrate any impact from COVID-19 to obtain the deferment.
Defer repayment of renovation loans
Renovation loan customers can apply to defer their monthly payments up to 31 December 2020.
During the deferment period, interest will accrue only on the principal amount of the loan owing; no additional interest will be charged on the deferred instalment payments. Individuals do not need to demonstrate any impact from COVID-19 to obtain the deferment. However, individuals must not have missed more than 3 months of instalment payments prior to applying for the deferment.
Defer repayment of car loans
Car loan customers can apply to defer their monthly payments for 3 months.
During the deferment period, there will be no additional interest charged as the interest for the car loan has already been capitalised upfront. Individuals do not need to demonstrate any impact from COVID-19 to obtain the deferment. However, individuals must not have missed more than 1 month of instalment payment prior to applying for the deferment.
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.
In addition, both credit card and EasiCredit customers will have their minimum repayment reduced to 1% of their statement balance or S$50 (whichever is higher) for the next 6 months starting in April 2020.
Terms and conditions apply.
Frequently asked questions on the deferment of personal unsecured credit.
Defer repayment for education loans
Education loan customers can apply to defer their monthly payments up to 31 December 2020.
During the deferment period, interest will be charged on the deferred principal amount. There is no additional interest charged on the interest incurred during the deferment period. Customers do not need to demonstrate any impact from COVID-19 to obtain the deferment. However, if customers have missed more than 3 months of instalment payments prior to the application, you will not be able to apply for the deferment.
To find out more about our Special Financial Relief Programme for your loans and unsecured facilities such as credit cards, EasiCredit, Extra Cash Loan and education loans, please call us at 6586 5176 between 9am and 6.30pm, Mondays to Fridays, excluding public holidays.
Waiver Of Fall-Below Bank Account Service Fees and Failed GIRO Deduction Charges up to 31 December 2020
Even before the COVID-19 outbreak in 2020, OCBC Bank had already waived the fall-below fees for several types of deposit accounts. These are accounts opened by customers of FRANK by OCBC, and the Mighty Savers Programme. In addition, customers of OCBC 360 account and Monthly Savings Account enjoy a 12-month fee waiver starting from the month of account opening.
As part of OCBC Bank’s fourth tranche of COVID-19 Relief programme in Singapore announced on 29 April 2020, customers who hold other savings and current accounts such as Passbook and Statement Savings can seek a waiver of the monthly fall-below service fees. Individuals who have set up GIRO arrangements for automated deductions of payments such as insurance premiums, electricity bill and phone bill from their bank accounts can also apply to waive the fees charged by OCBC Bank for any failed deductions. We hope these fee waivers will help to alleviate the cash flow stress on our customers resulting from the unprecedented economic impact of the virus outbreak. Fees may, however, still be charged by the insurer, electricity company or telecommunication company for not receiving these payments because these fees are not imposed by the Bank.
Extension of Debt Consolidation Plan loan tenure
Customers can apply to extend the loan tenure for their Debt Consolidation Plan up to 31 Dec 2020. 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.
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
Effective from 1 April 2020, the minimum monthly payment for credit card customers will be revised to 1% for a period of 6 months. For EasiCredit customers, the effective date will start from 30 April 2020.
- 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.
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.
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. Businesses as young as 6 months can borrow up to $5 million at an OCBC interest rate of 2-3% with a waiver of all processing fees during this period. Valid till 31 March 2021. Learn more.
Enhanced Working Capital Loan (EWCL)
SME Working Capital Loan is enhanced to a maximum loan amount of $1 million to help businesses to bridge your working capital and cashflow needs. This government-assisted loan does not require any collateral and no processing fees will be charged during this period. Valid till 31 March 2021. 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 and it also compliments the current Loan Insurance Scheme (LIS). Learn more.
Loan Insurance Scheme (LIS)
Businesses can secure short-term trade financing loans with Loan Insurance Scheme (LIS). Under this scheme, 80% of the insurance premium is supported by the government hence SMEs will pay lesser premium till 31st March 2020. Learn more.
Defer payment of your existing OCBC Commercial Property Loan
If you have an existing OCBC Commercial Property Loan, you can defer payments for the outstanding principal amount up till 31 December 2020. You can also choose to extend your loan tenure by the corresponding number of months that your principal amount is deferred.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
If you have an existing OCBC Business Loan such as the OCBC Working Capital Loan, you can defer payments for the outstanding principal amount for a period of either 6 or 12 months. 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.
In view of the enhanced ‘Circuit Breaker’ measures that the Singapore government has announced, we encourage our business banking customers to use Velocity@OCBC (Business Internet Banking) and OCBC Business Mobile Banking App to manage your business accounts and transactions securely and safely online. Available 24/7, this gives you instant access and helps you to save time.
For account opening and account maintenance, you do not need to scan, fax or mail your requests during this period. Simply affix your signature electronically and email us account opening / maintenance forms such as business account updates, board resolution updates or Business Debit Card applications etc.
Kindly note that we are experiencing high volume of requests during this period but we aim to get back to you as soon as possible.
We have worked with 3rd party partners to curate a diverse option of digital solutions that can help your business digitise your operations and sell online. Exclusive offers that aim to defray costs are available for OCBC Business Banking customers. Learn more.
Practical articles for SME owners
Developed with our knowledge partners, our easy to understand, short articles aim to save businesses time by highlighting the key must-know topics ranging from government policies, to business and wellness that benefit you and your employees. Read more.
Check out these guides by industry leaders on continuity and how you can manage your business during this period.
Guide on Business Continuity
Guidelines to help businesses on business continuity planning in response to COVID-19.
GoBusiness - COVID
Latest updates and business related resources on COVID-19.
Singapore Budget 2020
For full details on the Unity, Resilience and Solidarity Budget.
There will be a 6-month moratorium on loans and SME 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.