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Auto Financing Relief Scheme – FAQs

1. I am unable to service my auto loan payments due to the Covid-19 situation. What can the Bank do for me?

You may wish to apply for our Auto Financing Relief Scheme. Please note that your application is subject to the Bank’s approval. This scheme is available to clients who meet the following criteria:

  1. Have experienced an income loss of at least 25% or loss of employment due to Covid-19 (income impact is also accepted for guarantors)
  2. Whose Auto Financing loans are current
  3. The financed vehicle has at least 1 month’s validity on the Certificate of Entitlement (COE) at the end of the extended loan tenure.

Do note that you will also need to have an up-to-date email address in our records.

2. How does your Auto Financing Relief Scheme work? Am I eligible to apply?

Our Auto Financing Relief Scheme grants a maximum deferment of up to 3 months of monthly instalments, subject to the Bank’s approval. If approved:

  • We will notify you via an email sent to your email address in our records with a letter detailing the applicable terms and conditions of the scheme
  • Your loan tenure will be extended by the number of months deferred
  • No interest will be accrued on the loan during the deferment period
  • Your monthly instalments after the deferment period will remain unchanged

Please note that the eligibility criteria applies.

For illustrative purposes only:

For an Auto Financing loan of $50,000 at 2.48% flat interest over 60 months, if the relief is approved for 3 months from January 2021:

Before the Auto Financing Relief Scheme After the Auto Financing Relief Scheme
Monthly instalment: $936.67

Payment: due every month

Final instalment: due January 2023

 Monthly instalment: $936.67 (unchanged)

Payment: deferred for January 2021, February 2021, March 2021

Final instalment: due April 2023 as tenure is extended by 3 months

 

3. I’ve applied for your Auto Financing Relief Scheme. When will I receive a reply?

We typically respond within 5 working days. If approved, you will be sent an email to your email address in our records. You may wish to keep a look out in your junk mailbox. In the meantime, please continue to service your monthly instalments.

4. I’ve received approval for the Auto Financing Relief Scheme. When will my deferment start?

If you applied for the scheme at least 15 days before your upcoming due date, the deferment will start from your upcoming due date. Otherwise, it will take effect from following month after your upcoming instalment.

For example, if your upcoming due date is 3 January 2021 and you applied for the scheme on 16 December 2020 (more than 15 days before), then your deferment will start on 3 January 2021. However, if you applied for the scheme on 25 December 2020 (less than 15 days before), then your deferment will start on 3 February 2021, which is the following month’s instalment date. If that is the case, you should continue to service your monthly instalment payment for January 2021.

5. How will the Auto Financing Relief Scheme affect my GIRO payments?

Your GIRO arrangements will not be affected. However, if you have any standing instructions, please ensure your instructions are updated in line with the scheme. We will notify you via an email sent to your email address in our records with a letter detailing the applicable terms and conditions of the scheme.