|Extended Support Scheme – Standardised (“ESS-S”)|
- Partially Defer Payment of Principal
|Extended Support Scheme – Customised (“ESS-C”) |
- Restructure Loans Under Customise Schemes
# Eligible for borrowers who do not have any overdue interest payments on loan(s) under moratorium, and are not more than 30 days past due on all other loan repayments as at implementation date of the relief for the borrower.
^ Loans granted under Enterprise Singapore’s Enhanced Working Capital Loan Scheme and Temporary Bridging Loan Programme.
* The tiering of sectors is aligned with the Jobs Support Scheme (JSS) administered by IRAS. Borrowers that are not receiving wage support through JSS will be matched by their lenders to a suitable Tier according to the sectors in which they operate
The ESS-S is an opt-in scheme for small-and-medium-sized enterprise (SME) borrowers whereby:
Borrowers will need to pay instalments comprising the remaining 20 per cent principal and the interest on the loan during the deferment period.
The scheme is available to all RHB SMEs including sole proprietors and partnerships, with: i) annual sales turnover of up to S$100 million; or ii) employment size up to 200 workers, subject to the following eligibility criteria:
The determination of the borrower’s Tier is based on the Job Support Scheme (“JSS”) notice(s) or other documentation from IRAS, where available.
For cases whereby borrower is not receiving wage support through JSS, the bank may exercise its own judgement and determine the Tier for the borrower based on the definitions below.
Tier 1/2/3A/3B Sectors are defined by the Ministry of Finance as follows for JSS purposes:
For more details of the tiers, please refer to https://go.gov.sg/jss.
You should apply for the ESS-S only if you are unable to resume paying loan instalments in full after the existing relief expires.
The ESS-S is applicable to these credit facilities:
The deferment of 80 per cent of principal payment is based on the principal amount that you had been paying prior to the relief period.
The loans under SFRP will still qualify for the ESS-S so long as you do not have any overdue interest payments for them.
Loans under SFRP would qualify for the ESS-S relief so long as the loan was fully secured by the value of the collateral at the point of application for the SFRP, subjected to the other conditions on interest payments.
We may disqualify your application if you do not meet the eligibility criteria by the time the ESS-S relief is implemented for you.
You can either repay your arrears as soon as possible before applying for the ESS-S relief again, or speak to your Relationship Managers directly to discuss other forms of assistance, including loan restructuring, to help ease your financial difficulties.
You can only receive up to 1 month of ESS-S relief, subject to RHB’s approval and effective implementation date of the ESS-S relief for you.
Please approach us early if you anticipate the need to apply for the ESS-S.
You may still apply for the ESS-S after the principal moratorium of your secured loan has ended in Dec 2020, if you meet the eligibility criteria. However, the duration of the ESS-S 80% principal moratorium will start from the time that the relief is implemented for you, and end on either 31 March 2021 or 30 June 2021 depending on the Tier to which you belong.
You can submit your application between 2 November 2020 to 31 March 2021 if your business is in a sector in Tier 3, or from 2 November 2020 to 30 June 2021 if your business is in a sector in Tier 1 or Tier 2.
To apply, please contact your Relationship Manager, or call us at 1800-323 0100 for more information.
You can approach us to explore alternative arrangements if the ESS-S does not address your cashflow issues. You can consider the Extended Support Scheme – Customised (ESS-C) if you have more than one lender.
You should have more than one lender and have attempted to work out bilateral arrangements with your respective lenders.
If the arrangement is not feasible, you may approach your lender to apply for ESS-C.
You may apply to RHB Bank or any one of your lenders from 2 November 2020.
You may approach RHB Bank or any of your lenders to submit an application for the ESS-C together with supporting documents. The approached lender will then assess if the ESS-C is expected to facilitate a better outcome for you. If so, the lender will recommend you for entry into the programme.
You are required to submit an application for ESS-C to RHB or one of your lenders, accompanied by supporting documents, which include but are not limited to:
You may be disqualified from the ESS-C if you are unable to provide the necessary documents for the restructuring plan.