Special Financial Relief Programme (Unsecured) is an option that is available to help individuals reduce their overall cost of outstanding unsecured debt (by converting their outstanding unsecured debt from credit cards and other revolving credit lines into a term loan).
Special Financial Relief Programme for Individuals with Personal Unsecured Credit
Supporting individuals through COVID-19
Apply to convert your high-interest outstanding balances on your existing unsecured facilities (including credit cards and personal loans) into a lower cost term loan of up to 5 years, hence lowering your debt burden. 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.
You can apply to OCBC to convert your existing unsecured credit balances to SFRP (Unsecured) if you:
- are a Singapore Citizen or Permanent Resident;
- have lost 25% or more of your income after 1 February 2020 (proof of impact on income required);
- have not made the required minimum payment for your latest statement or more (as at application date); and
- are not on any existing debt repayment or restructuring programmes with OCBC.
Please note that upon approval of SFRP (Unsecured), all your unsecured credit facilities with OCBC will be suspended and you will not be able to obtain new unsecured credit facilities from OCBC. Once SFRP (Unsecured) is fully paid off, you may request for uplift of suspension, subject to approval. Latest income documents would be required.
- 12 months
- 24 month
- 36 month
- 48 months
- 60 months
Example on how it works (for illustration purposes only):
Customer A has an outstanding balance of S$12,000 on his OCBC Credit Cards. He is also looking to better manage his monthly repayments at a lower interest cost and be able to pay off the principal amount. This is how SFRP (Unsecured) will help:
- OCBC Credit Cards
- SFRP (Unsecured)
Find out your monthly repayment
Calculate your monthly repayment
Here is how much you need to pay
Your monthly payment
- Copy of NRIC (front and back)
- Supporting Documents to provide if you are a:
- Salaried employee:
- Latest CPF Statement with minimum 12 months’ contribution (for applicants with monthly income of up to S$6,000); or
- Latest month’s payslip (and any prior month payslip indicating income reduction from 1 February 2020) or Employer's letter.
- Non salaried employee:
- Latest 3 consecutive months of bank statements (Please include additional months of bank statements to demonstrate decline in business cash flow from 1 February 2020, where necessary).
- Salaried employee:
Monthly instalment amount plus 3% of outstanding late repayment charges or S$50, whichever is higher (if applicable)
Late repayment charges
Over the counter payment/deposit
Terms and conditions
Common questionsMore questions and answers
From 6 April 2020 to 31 December 2020 (both dates inclusive).
- Singapore Citizen or Permanent Resident;
- Customer is affected by COVID-19 and have lost 25% or more of income after 1 February 2020 (proof of impact on income required)
- Existing credit card account or unsecured loan is between 30 and 90 days past due as at application date;
- Customer is not on any existing debt repayment or restructuring programmes with the bank, such as Debt Consolidation Plan (DCP), Repayment Assistance Scheme (RAS), etc.
- Loan tenor up to 5 years
- Effective interest rate capped at 8%
|Repayment period||12 months||24 months||36 months||48 months||60 months|
|Applied interest rate||4.27%||4.27%||4.27%||4.27%||4.27%|
|Effective Interest rate (EIR%)||7.79%||7.99%||8.00%||7.95%||7.89%|
- The fixed Monthly Instalment (MI) will depend on the repayment period selected by customers
- There is no early repayment penalty for the SFRP (Unsecured) Facility