Extended Support Scheme for Education Loan Customers | OCBC Singapore

Extended Support Scheme For Education Loan Customers

Continuous support for Education Loan customers through COVID-19

Apply to extend loan tenure on your education loan if you have not missed more than 3 months of instalment payments.

How the extension works

Frequently asked questions

When can I start applying for the loan tenure extension?
  • The application period is from 9 November 2020 to 30 September 2021.
Am I eligible for the Extended Support Scheme (ESS)?
  • You are eligible if you have lost employment or monthly income by at least 25% after 1 February 2020. Before submitting an ESS application, you must not have missed more than three months of payment.
  • We reserve the right to review each application on a case-by-case basis.
OCBC offers a loan tenure extension of up to a cumulative period of 3 years. Does it mean that my loan will definitely be extended by 3 years? Can I opt for a shorter tenure extension?
  • You may choose the tenure extension period of 1 to 3 years. The relief allows you to extend your loan tenure by up to a total of 3 years including any loan tenure extension granted under existing relief measures.
Instead of a loan tenure extension for my education loan, can I defer repayment on my education loan instead?
  • Under ESS, you are not allowed to defer repayment on your education loan. Instead, the aim of tenure extension is to lower your monthly instalment to ease your cashflow burden. Unlike a deferment, the revised repayment plan under the extended tenure allows you to continue paying down the principal amount to avoid an accumulation of debt.
If I am interested, when do I need to submit my application?
  • Applications received by the 20th of the month will be effected the following month.
I have not taken up payment deferments under SFRP, but I would like to apply loan tenure extension under ESS. Can I apply? Will my credit score be affected?
  • Yes, you may apply for loan tenure extension under ESS.
  • By applying for loan tenure extension under ESS, your loan will not be reported as restructured to the credit bureau.
  • Do note that you should make the repayments under ESS promptly so that your credit score will not be affected. Furthermore, if you do not make repayments on time, you may incur late payment fees and interest charges.
What happen if I have arrears (e.g. overdue instalments)?
  • Please pay off all your arrears incurred before your loan tenure extension application.
Interest Calculation

Opting to extend loan tenure can help ease your return to making monthly repayments, however it comes with higher overall interest costs.

HOW TO APPLY

Fill out form

Step 1

Fill out form

Wait for approval

Step 2

Wait for approval

The processing time for the application will take up to 5 working days.

Receive notification

Step 3

Receive notification

You will receive an email advising the revised loan maturity date and information on your monthly repayment amount.

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