Singapore

Special Financial Relief Programme - SMEs FAQ

1. What is the Special Financial Relief Programme (SFRP) for Secured Loan?

Special Financial Relief Programme (SFRP) for Secured Loan entails the following:

i. Interest-only payment on the outstanding principal up to a maximum of 9 months or ending 31 Dec 2020, whichever is earlier, AND
ii. Option to extend the loan tenure by up to the corresponding Interest-only payment period, OR
iii. Re-amortised the remaining outstanding principal after the Interest-only payment period, over the remaining loan tenure.

For example:
Option A: Interest-only payment till 31 Dec 2020 with Tenure extension

  • Borrower's application for SFRP for Secured Loan approved starting from 6 April 2020 to 31 Dec 2020 (Period: 9 months).
  • Loan maturity will be extended for 9 months and outstanding loan will be re-amortised after the interest-only period over the extended loan tenure.

Option B: Interest servicing till 31 Dec 2020 without Tenure extension

  • Borrower's application for SFRP for Secured Loan approved starting from 6 April 2020 to 31 Dec 2020 (Period: 9 months).
  • No change in loan maturity.
  • Outstanding loan amount will be re-amortised after the interest-only period, over the remaining loan tenure (and your revised monthly principal and interest instalment after the interest-only period will likely be higher than your current monthly instalment)
2. Who is eligible for this Special Financial Relief Programme (SFRP) for Secured Loan?

SFRP is applicable to all our existing RHB SME customers who have:

  • Fully secured Term Loan(s); and
  • No more than 90 days past due as at 6 Apr 2020
3. When can I start applying for the SFRP for Secured Loan?

You can submit your application from 6 Apr 2020 onwards.

4. Is total debt servicing ratio (TDSR) applicable to refinancing and repricing for RHB SME customers1 ?

There is no need to compute TDSR for refinancing or repricing for RHB SME customers (applicable to investment property loans2 , including mortgage equity withdrawal loans (MWLs) but not applicable to new mortgage equity withdrawal loans for properties purchased before 6 April 2020.)

1These include individuals, sole proprietorships and special purpose vehicles set up for the purchase of property

2These include loans taken to purchase residential, commercial and industrial properties, as well as mortgage equity withdrawal loans (MWLs) secured against the value of the aforementioned properties. To be clear, MWLs secured against the value of owner-occupied properties are also availed to this temporary exemption.

RHB SME customers who are unable to meet TDSR would not need to commit to a debt reduction plan to repay 3% of their outstanding loan amount over 3 years, before they can refinance or reprice their loans.

5. Can payment deferments be offered without having to compute TDSR for existing mortgage equity withdrawal loans?

Yes.

6. How do I apply for the Relief Programme for Secured Loan?

To apply, please contact your Relationship Manager, or call us at 1800-323 0100 for more information.

In partnership with MAS and ESG, we are here to assist through this challenging period with the following support relief measures and initiatives.

Enterprise Financing Scheme (Covic-19)

Support your cash flow with the following scheme:

Enhanced SME Working Capital Loan

  • Financing of up to S$1million
  • Enjoy attractive low interest rates
  • Flexible repayment period of up to 5 years

Temporary Bridging Loan

  • Financing of up to S$5million
  • Enjoy attractive low interest rates
  • Flexible repayment period of up to 5 years

Loan Insurance Scheme (LIS) / Enterprise Trade Loan (EFS Trade)

  • Receive up to 80% subsidy for your LIS loan insurance premium
  • Financing of up to S$10million under EFS Trade

RHB SPECIAL FINANCIAL RELIEF PROGRAMME 2020 (“SFRP”) APPLICATION FORM FOR CONSUMER LOANS

Please complete and submit the application form below. We will contact you within 7 working days.
Full name
Contact number
Email address
Tick Type of loan requesting for relief
If you have more than one loan with us, list loan account number or the property address