MAS Special Financial Relief Programme - Covid-19 Loan Assistance in Singapore

For any commercial or industrial property loan commitments, you can defer only the loan amount up to 31 Dec 2020. Similarly, interest will not be accumulated on the deferred interest payment.

Anyone! However, you must not have any outstanding repayments as of 1 Feb 2020. This is on an opt-in basis, and you don’t have to show how you were impacted by Covid-19. You will also not be subjected to the TDSR when applying for loan deferment.

When you apply to defer your loan repayments, you can choose to extend the loan repayment period up to the corresponding deferment period. This application will also not affect your credit bureau report.

For any mortgage equity withdrawal loans secured on any residential, commercial or industrial properties, you can defer loan repayments on the loan amount or both the loan amount and interest up to 31 Dec 2020. However, this option may be different depending on your bank/financial company.

Anyone with mortgage equity withdrawal loans granted on/after 6 Apr 2020. This is on an opt-in basis, and you don’t have to show how you were impacted by Covid-19.

Similar to deferring your residential property loan, there will be no change to your loan period. After deferring your loan repayments, the loan amount and interest will need to be fully paid off over the remaining loan period. This application will also not affect your credit bureau report.

If you have any investment property loans, you may apply to switch your existing mortgage with another bank or obtain a new property loan with your current bank. You will not be subjected to the TDSR or the MSR.

After repricing your loans, and you still don’t meet the TDSR or MSR, you will not be required to commit to a debt repayment plan. This means you get to lower your monthly payments to ease your cashflow. However, do consider the penalties if you choose to refinance or reprice your loans during the lock-in period.

If you are currently taking a loan to pay for renovations, you can also choose to defer repayments of both the loan amount and interest up to 31 Dec 2020. Interest will not be accumulated on the deferred interest payments, but only on the loan amount.

Anyone. This is on an opt-in basis - you can apply as long as your loan repayments are not due for more than 90 days, and you don’t have to prove how you were affected by Covid-19.

After the loan deferment, the loan amount and the interest built upon the deferred loan will be fully paid off over the remaining loan period. This application will not affect your credit bureau report.

If you are currently repaying your car loan, and are affected by Covid-19, you can approach your respective banks/finance company to discuss a suitable repayment plan.

This is subjected to a case-by-case assessment. Your financial condition, your need for a car, current market value of the car and its estimated market value after the deferment period will be taken into account during the assessment.

You can discuss with your bank for an extension on the loan tenure, so you can ease your monthly instalments when you resume regular repayments. This application will not affect your credit report.

For students or graduates with loans for tuition fees, you can now apply to have the payment of both your study loan and the interest up to 31 Dec 2020. Interest will only be accrued on the loan amount, and interest-on-interest will be waived.

If you’re a full-time or part-time student at a local or private tertiary institution, you can opt-in for deferment of your education loan. You can apply for this as long as your loan repayments are not 90 days past due at the point of application. You don’t have to prove how you are affected by Covid-19.

After deferring your loan repayments for 2020, you will need to pay off the loan amount and interest over the remaining loan period. This application will not affect your credit bureau report.

If you have any unsecured debts from any of your credit cards or credit lines, you can apply to convert these debts into a term loan anytime from 6 Apr to 31 Dec 2020.

Only for Singaporeans and PRs. This is on an opt-in basis. You would have to show proof that as of 1 Feb 2020, there is at least a 25% loss in income due to Covid-19.

By converting your credit card debt into a term loan, you would be allowed a much lower interest rate of 8% p.a. (compared to almost 30% p.a. for credit card/line). A maximum time period of 5 years is given for you to finish paying these loans, based on your financial capability to commit to a monthly repayment. There will be no penalties on early repayments, and your credit bureau report will not be affected in any way.

If you are on a debt consolidation plan, you can apply for an extension of the loan tenure for up to 5 years, anytime from 18 May to 31 Dec 2020.

Anyone on a debt consolidation plan. This is on an opt-in basis. You would be asked to show how Covid-19 has affected your income. At the time of application, your repayments should be between 30 to 90 days past due to be eligible for this extension programme.

This will help you ease your cashflow if your income is affected by Covid-19, without affecting your credit bureau report.

If you are unable to meet the minimum sum maintained in your bank accounts, you can apply to have the fall-below service fees waived up to 31 Dec 2020. Additionally, you can apply to waive off any bank fees for any failed GIRO deductions up to 31 Dec 2020 as well.

Anyone. However, you would be asked to prove the impact of Covid-19 on your income. This will be on an opt-in basis.

If you own any life and long-term health policies, you can apply to your insurance company to defer premium payments for up to 6 months while keeping the insurance coverage during this period.

For policyholders facing financial difficulties, you can apply to defer premium payments for life and health insurance policies with premium due dates between 1 Apr to 30 Sep 2020.

If you own other general insurance policies, for your cars or homes, you can apply for a flexible instalment payment plan with your insurance company, while keeping the full insurance protection during this period.

You can apply as long as you are facing financial difficulties and find it hard to pay for premiums during this period.

You can apply to defer payment of the loan amount and only pay for interest up to 31 Dec 2020, on all fully secured loans.

Anyone. You would not need to demonstrate any impact from Covid-19. However, this is on an opt-in basis, only for business owners whose loan payments are less than 90 days past due as of 6 Apr 2020. The request may be granted upon request, but maybe denied in exceptional cases.

Loans from MAS will be at an interest rate of 0.1% p.a. for a 2-year loan tenure.

You can expect this lowered interest rates for SME loans from banks and finance companies participating in Enterprise Singapore’s Enhanced Enterprise Financing Scheme – SME Working Capital Loan and Temporary Bridging Loan Programme. These can lower borrowing costs for businesses.