Special Financial Relief Programme – Unsecured (Education Loan/ Renovation Loan) FAQ

1. What is the SFRP (Unsecured)?

The SFRP (Unsecured) is part of the Special Financial Relief Package (SFRP) that the financial industry, in collaboration with MAS, has put forth to help individuals affected by the COVID-19 pandemic.

The initiative offered by RHB Singapore is intended to help borrowers facing difficulties meeting repayments under their existing unsecured credit facilities, by allowing them to defer repayment of both principal and interest up to 31 December 2020.

2. Am I eligible to apply for the SFRP (Unsecured) – Education Loan/ Renovation Loan?

RHB customers may apply for a payment deferment up to 31 December 2020, if you:

  • are facing cash flow constraints during this period and have difficulties repaying your Education or Renovation loans
  • are a Singapore Citizen or Permanent Resident;
  • are not more than 90 days past due on your monthly instalments for Education Loan/ Renovation Loan with the bank (as at application date); and
  • are not on any existing debt repayment or restructuring programmes (this refers to Debt Repayment Plan (DRP), Debt Management Programme (DMP), Debt Consolidation Plan (DCP) and Repayment Assistance Scheme (RAS)) with the bank or card issuer.

During the deferment period, you will not need to make any payments and no late fees will be charged. Regular instalment payments will resume after the deferment period. However, a payment deferment will result in higher total interest costs. You should therefore consider this option only if there is a need.

Please call us at 1800 323 0100 for more information on this option and the necessary documents to be submitted.

3. What should I take note of when considering if I should apply for a payment deferment?

While you can defer the monthly instalments, interest on your loan will continue to accrue on the principal amount deferred, but no interest-on-interest will be charged during this deferment period. After the deferment period, the loan amount and interest accrued on the deferred principal will be fully amortised over the remaining loan tenure.

You can also choose to extend the tenure of your loan by the duration of the deferment period, to lower the monthly instalments following resumption of regular payments.

However, you should keep in mind that deferring payments and extending your tenure mean that you will be paying more interest in total.

Before applying for the deferment, you may wish to discuss with us; and in the case of a deferment, the payment schedule and increased interest cost. Information such as the monthly repayment amount when you resume regular repayments, as well as the total interest you will pay over the entire loan tenure before and after opting for the repayment deferment and tenure extension (if applicable) will be provided.

Please call us at 1800 323 0100 to enquire.

4. When can I start applying for this relief measures?

The application period for the SFRP (Unsecured) – Education Loan/ Renovation Loan starts from 6 May 2020. You can apply at any time before deferment period ends on 31 December 2020 if you meet the eligibility criteria (see Question 2).

You may contact us at 1800 323 0100 to find out more on the application process.

5. How long does it take for a SFRP (Unsecured) application to be approved?

The actual approval process will differ from financial institution to financial institution, depending on various factors including the volume of applications received. Nevertheless, financial institutions should generally approve your application expeditiously as long as you meet the eligibility criteria and provide the necessary documents.

6. Will my credit score be affected if I choose to defer payments for one or multiple credit facilities under my name?

If you opt for the deferment, it will not result in your loan(s) being classified as restructured loan(s) for the purposes of credit bureau reporting. Hence, your credit record will not be affected. This is irrespective of the number of loans for which you choose to defer payments.

7. What should I do if I am subsequently unable to make repayments of my loan(s)?

If you face further difficulty with your repayments under the term loan, you should call us at 1800 323 0100 immediately to explore possible options.

8. What will happen if the COVID-19 situation does not improve by 31 December 2020? Will the payment deferment period be extended?

MAS and the financial industry are closely monitoring the situation. We will continue to assess if additional relief measures are required.

9. Where can I find information on the various relief measures offered by banks and card issuers?

You can call us at 1800 323 0100 for more details and on the necessary documents to be submitted.

10. I have been prompt in making minimum repayments of my unsecured credit debts. How do I avail myself to the SFRP (Unsecured)?

You may wish to call us at 1800 323 0100 to discuss your application for your other unsecured debts.

11. I am not a Singaporean or Permanent Resident. Can I apply for the SFRP (Unsecured)?

The SFRP (Unsecured) is a special relief that banks and card issuers introduced to help Singapore Citizens and Permanent Residents who are facing cash flow difficulties due to the COVID-19 pandemic. Non-citizens and non-residents may call us at 1800 323 0100 to find out about other options available to them.

12. How can I make sure that I do not fall victim to scammers who solicit or offer me a term loan?

You should only contact us at 1800 323 0100. We will not ask for your account details, password, or OTP. You should verify any unsolicited calls, messages, or emails directly with us through the official channels.


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