Find out if you're eligible for the Special Financial Relief Programme (Unsecured)
As a special economic measure against the COVID-19 pandemic, the Monetary Authority of Singapore (MAS) has collaborated with the financial industry to introduced the SFRP (Unsecured) as part of the relief package for both individuals and SMEs. This is intended to help those who’re having difficulties meeting repayments under their existing unsecured credit facilities due to a temporary income loss or decline during this trying period.
From now until 31 Dec 2020, you may request your bank/financial institution to convert your credit card/credit line debt into a term loan (up to a maximum of 5 years) with a standardised effective interest rate of 8% p.a. To be eligible for the SFRP, you’ll need to be a Singapore citizen or PR and able to prove that you’ve lost at least 25% of your income since Feb 2020.
Do note that this is only available for impacted clients on request and subject to your bank’s approval. To find out more, check on your bank’s website or contact them directly.