Extended Support Scheme (ESS)

If you are experiencing difficulties in resuming full loan repayments after the expiry of Special Financial Relief Programme (SFRP) on 31 December 2020, you may apply to make reduced home loan instalment payments pegged at minimally 60% of your monthly instalment for a period of up to 9 months. This ESS relief measure is available to customers who have taken up the SFRP, as well as customers who have not.

Features:

• Apply from 9 November 2020 to 30 June 2021.
• Make reduced instalment payments pegged at minimally 60% of your monthly instalment for a period of up to 9 months or till 31 December 2021, whichever is earlier. You may choose to extend your loan tenure by 12 months.
• After the ESS for reduced instalment period is over, the monthly instalment comprising full principal and interest will resume. These monthly instalments will be re-computed based on the outstanding loan amount and the remaining loan tenure where the monthly repayment amount will be higher. The total interest payable over the entire loan tenure will also be higher.

Eligibility:

• You have been impacted by the COVID-19 pandemic and experienced either a reduction of at least 25% in your gross monthly income or loss of employment after 1 February 2020. Applicants have to submit proof of income reduction or loss of income.
• For joint applications, assessment will be based on the combined gross monthly income of all borrowers.
• Your home loan account must be less than 90 days in arrears.

Note: While the reduced instalment payments can ease your cash flow, consider this option only if you really need to as it comes with higher overall costs and takes a longer time to pay down your loan principal amount.

Extended Support Scheme (ESS)

If you are experiencing difficulties in resuming full loan repayments after the expiry of Special Financial Relief Programme (SFRP) on 31 December 2020, you may apply to make reduced property loan instalment payments pegged at minimally 60% of your monthly instalment for a period of up to 9 months. This ESS relief measure is available to customers who have taken up the SFRP, as well as customers who have not.

Features:

• Apply from 9 November 2020 to 30 June 2021.
• Make reduced instalment payments pegged at minimally 60% of your monthly instalment for a period of up to 9 months or till 31 December 2021, whichever is earlier. You may choose to extend your loan tenure by 12 months.
• After the ESS for reduced instalment period is over, the monthly instalment comprising full principal and interest will resume. These monthly instalments will be re-computed based on the outstanding loan amount and the remaining loan tenure where the monthly repayment amount will be higher. The total interest payable over the entire loan tenure will also be higher.

Eligibility:

• You have been impacted by the COVID-19 pandemic and experienced either a reduction of at least 25% in your gross monthly income or loss of employment after 1 February 2020. Applicants have to submit proof of income reduction or loss of income.
• For joint applications, assessment will be based on the combined gross monthly income of all borrowers.
• Your loan account must be less than 90 days in arrears.

Note: While the reduced instalment payments can ease your cash flow, consider this option only if you really need to as it comes with higher overall costs and takes a longer time to pay down your loan principal amount.

Extended Support Scheme (ESS)

If you are experiencing difficulties in resuming full loan repayments after the expiry of Special Financial Relief Programme (SFRP) on 31 December 2020, you may apply for an extension of your renovation loan tenure by up to 3 years. By doing so, your monthly instalments will be reduced, thereby easing your cash flow burden. This ESS relief measure is available to customers who have taken up the SFRP, as well as customers who have not.

Features:

• Apply from 9 November 2020 to 30 June 2021.
• Extend your loan tenure by up to a total of 3 years, which will include any loan tenure extension granted under existing relief measures; your monthly instalments will be reduced since your loan is now paid over a longer period of time.
• The total interest payable over the entire loan tenure will be higher.

Eligibility:

• You have been impacted by the COVID-19 pandemic and experienced either a reduction in your gross monthly income or loss of employment after 1 February 2020. Applicants have to submit proof of income reduction or loss of income.
• For joint applications, assessment will be based on the combined gross monthly income of all borrowers.
• Your loan account must be less than 90 days in arrears.

Note: While the loan tenure extension can ease your cash flow, consider this option only if you really need to as it comes with higher interest costs and takes a longer time to pay down your loan principal amount.

Extended Support Scheme (ESS)

If you are experiencing difficulties in resuming full loan repayments after the expiry of Special Financial Relief Programme (SFRP) on 31 December 2020, you may apply for an extension of your education loan tenure by up to 3 years. By doing so, your monthly instalments will be reduced, thereby easing your cash flow burden. This ESS relief measure is available to customers who have taken up the SFRP, as well as customers who have not.

Features:

• Apply from 9 November 2020 to 30 June 2021.
• Extend your loan tenure by up to a total of 3 years, which will include any loan tenure extension granted under existing relief measures; your monthly instalments will be reduced since your loan is now paid over a longer period of time.
• The total interest payable over the entire loan tenure will be higher.

Eligibility:

• You have been impacted by the COVID-19 pandemic and experienced either a reduction in your gross monthly income or loss of employment after 1 February 2020. Applicants have to submit proof of income reduction or loss of income.
• You For joint applications, assessment will be based on the combined gross monthly income of all borrowers.
• Your loan account must be less than 90 days in arrears.

Note: While the loan tenure extension can ease your cash flow, consider this option only if you really need to as it comes with higher interest costs and takes a longer time to pay down your loan principal amount.

Effective 6 April 2020, the bank is providing a Special Financial Relief Programme (Unsecured) to customers whose incomes have been impacted by the Covid-19 pandemic.

Features:

• Term loan tenure is up to 5 years.
• The effective interest rate is capped at 8% p.a.
• Monthly instalment is capped at 3% of the total loan amount.
• No early repayment penalty.
• Your unsecured credit facilities with the bank will be suspended. Usage of your unsecured credit facilities can only be available after full repayment of the term loan.

Eligibility:

• You are a Singapore Citizen or Permanent Resident.
• You experienced a drop in income of 25% or more after 1 February 2020.
• Your Credit Card and/or CreditAble are not in arrears for more than 90 days.
• You are not on any existing debt repayment or restructuring programmes with Maybank Singapore.

As part of COVID-19 Relief Package, from 8 July 2020 till 30 June 2021, the monthly minimum payment for Maybank Personal Credit Card and Fund Transfer accounts will be reduced from 3% to 1%* of outstanding balance or S$20, whichever is higher.

*Interest applies on outstanding balance

Feature:

• The minimum payment amount of your monthly statement will be calculated at 1% of outstanding balance or S$20 (whichever is higher). Customers do not need to apply for this relief measure.

From now till 30 June 2021, SFRP (DCP) relieves your cash flow by reducing your monthly instalment amount with the extension of tenure by up to another 5 years.

Features:

• Extend your DCP tenure by up to 5 years
• Existing DCP loan interest applies

Eligibility:

• Your income has been impacted by the Covid-19 situation
• You are currently on Maybank Debt Consolidation Plan
• Your Maybank DCP loan account must be between 30 to 90 days past due at application date

Maybank and Etiqa are fully supportive of the measures announced by MAS in collaboration with the insurance associations and the financial industry to help ease the financial strain faced by individuals and businesses due to COVID-19.

Etiqa life insurance policyholders with active policies and who are financially affected by COVID-19, including policyholders who have suffered loss of job or loss of income from work or business, may defer premium payments for up to six months while maintaining insurance coverage.

Similarly, Etiqa’s individual and corporate general insurance customers, including SMEs, who are holding general insurance policies and are affected by COVID-19 financially may pay premiums by instalments. This arrangement allows flexibility while continuing to enjoy protection for individual, business and property risks.

Eligible policyholders can approach Etiqa to apply for this arrangement if your policy commencement or renewal date falls between 1 October 2020 to 31 March 2021.

For more information please visit https://www.etiqa.com.sg/important-updates/defer-premium-life/ and https://www.etiqa.com.sg/important-updates/defer-premium-general/.

To help SMEs facing cash flow difficulties to transition gradually to full loan repayments, Maybank customers may choose to defer up to 80% of your principal loan repayments from 1 January 2021 to 30 June 2021, depending on the tier your business belongs to under the extended Job Support Scheme (JSS). This support measure is also open to customers who are previously not under the Special Financial Relief Programme (SFRP) but are now facing cash flow challenges.

Eligibility:

The scheme is available to all SMEs including sole proprietors and partnerships, with:

• annual sales turnover of up to S$100 million; or
• employment size of up to 200 workers, subject to the following eligibility criteria:
  • No overdue interest payments on loans under moratorium; and
  • All other loan repayments are no more than 30 days past due.

You may apply to Maybank from 2 November 2020 onwards via an online form. Please note that the application is subject to the Bank’s approval.

To help SMEs tide over this challenging period, SMEs can tap the following government-assisted loans under Enterprise Financing Scheme (EFS):

• Enhanced Enterprise Financing Scheme – SME Working Capital Loan (EFS-WCL)
  The maximum loan quantum has been raised from $600,000 to $1 million, granting greater financing support for SMEs from 1st April 2020.
  
  Eligible enterprises under the Enhanced EFS-WCL may apply for up to 1 year deferral of principal repayment to help manage their debt, subject to assessment by the Participating Financial Institutions (PFIs). Find out more here.
   
• Temporary Bridging Loan Programme (TBLP)
  Eligible enterprises may borrow up to $5 million under the TBLP, with the interest rate capped at 5% p.a., from 1st April 2020.
  
  Eligible enterprises under the TBLP may also apply for up to 1 year deferral of principal repayment to help manage their debt, subject to assessment by the PFIs. Find out more here.
   

Due to the current COVID-19 situation, we truly understand our existing medical care merchants may face a situation where their patients would prefer to have their regular medication supplies replenished and delivered to their residential address. Therefore, together with our business partners Red Dot Payment Pte Ltd and uParcel Courier Services, we have implemented an eCommerce Solution to assist our merchants to collect payments and provide delivery services efficiently.

• e-Invoicing eCommerce Solution
  We have worked with Red Dot Payment, one of Singapore’s top e-commerce service providers, to help implement an e-Invoicing eCommerce solution for your establishment to email and collect payments via Visa and Mastercard cards. A merchant portal will also be provided to allow real-time tracking of the payments and the generation of reports for payment reconciliations. In appreciation of our customers’ support towards Maybank’s Visa and Mastercard merchant programme, Red Dot Payment will charge a nominal fee of S$200 during service roll out, and thereafter, the annual fee will be waived to support you further.

• Delivery Solution
  To facilitate the local delivery of medication supplies, we have also engaged our business partner uParcel who will assist our medical care merchants in this area. Their charges vary in accordance with the chosen time and urgency of the delivery assignment. In the event that your establishment has already engaged a courier service provider, this portion is optional for you. 

To find out more on the assistance above, please contact Maybank Cards at corp_ma@maybank.com.sg or 1800-629 2265.

To help our F&B merchants during these difficult times, Maybank would like to invite our F&B merchants from the Visa and Mastercard merchant programme to leverage our Maybank TREATS SG Lifestyle Mobile App to advertise your offers to our app users for free.

To take part in this, we just need a photograph which your establishment would like to showcase in our TREATS SG Lifestyle Mobile App and a description of the F&B offer.

Maybank TREATS SG Lifestyle Mobile App was launched in the third-quarter of 2018. Essentially our lifestyle mobile app serves to communicate with our tech-savvy customers via push notifications or SMS real-time information on exclusive retail and dining offers, reward item redemptions and credit card applications etc.

To find out more on the assistance above, please contact Maybank Cards at corp_ma@maybank.com.sg or 1800-629 2265.

At Maybank, your well-being and safety is our top priority. In view of the current COVID-19 situation, we have taken additional precautionary measures to ensure a safe environment for our customers and staff.

We are pleased to inform you that 17 Maybank branches are open to serve your banking needs. Click here to find out more.

Please note that we have implemented the following measures for your safety:

• Visitors must check-in using SafeEntry and undergo temperature screenings at all branches and Maybank premises.
• Customers are required to wear a mask and sanitise their hands before entering the premises.
• Social distancing measures such as reducing the number of customers in the branch at a given time and spacing out queues and seats.
• Priority assistance will be given to vulnerable groups such as elderly and pregnant women.
• Hand sanitisers are also available in all branches.

Customers are encouraged to make use of self-service banking facilities, online banking or the mobile banking app to do their banking securely whenever possible. Contact us at 1800-MAYBANK (1800-629 2265) or (65) 6533 5229 (Overseas) for assistance on our platforms.

We will continue to stay vigilant about evolving scenarios and comply with nationwide control measures. Customers can also visit the Ministry of Health website (www.moh.gov.sg) for the latest updates.

In line with safe distancing measures, we are pleased to be able to provide video-conferencing to serve your investment and insurance related needs so that you may continue to take advantage of investment opportunities in the comfort and safety of your home.

Details:

• Please reach out to your Maybank Privilege Personal Financial Executive or Personal Financial Advisor and Premier Relationship Managers. If you do not have an advisor, kindly contact us at at 1800-629 2265 / (65) 6533 5229 (Overseas).
• Your assigned Relationship Manager will contact and schedule a session based on a date and time of your convenience.
• Video Conferencing can now be conducted via Webex.

Eligibility:

• Privilege and Premier clients

With the easing of circuit breaker, we will be reinstating our face-to-face wealth advisory services for clients. We encourage clients to make use of the video conference wealth advisory whenever possible. If you are unable to access video conferencing, please make an appointment with us.

These are the safe management measures in place for your safety and well-being.

• Please make an appointment to secure your face-to-face advisory appointment slot.
• We accept walk-ins however they are subject to the availability of an appointment slot.
• You are required to check-in using SafeEntry and undergo temperature screenings before entering all Maybank branches and premises.
• Ensure that you wear a mask and sanitise your hands before entering the premises.
• Please complete the appointment declaration form.

For Maybank Privilege customers, please reach out to your Personal Financial Executive or Personal Financial Advisor. If you do not have an advisor, do contact us at 1800-536 9888 (Local) or (65) 6536 9888 (Overseas).

For Maybank Premier customers, please reach out to your dedicated Relationship Managers or contact us at 1800-536 7888 (Local) or (65) 6536 7888 (Overseas).

In addition, Etiqa Insurance Singapore has introduced Financial Assistance Benefit for COVID-19 to all insured persons* of life protection and insurance savings plans.

In the unfortunate event that insured persons are diagnosed with COVID-19, they will receive complimentary coverage for hospitalisation benefits of S$100 daily (up to 10 days) for patients in stable condition and S$200 daily (up to 5 days) for those in the Intensive Care Unit (ICU), including a lump sum payment of S$50,000 in the event of death.

This will help minimise the financial impact and disruption to their daily lives. To find out more, visit www.etiqa.com.sg/covid19.

* This excludes customers who contracted or are suspected to have the virus before 13 February 2020.

The impact of COVID-19 has affected the abilities of charities to provide food and meals to those in need. At the same time, many local F&B businesses are also struggling to survive.

To ensure that vulnerable groups in our community continue to have access to food, Food Bank has partnered with local F&B establishments to support businesses and people in need through its Feed the City campaign. Feed the City also partners with Eat for Good, a collaborative initiative by NVPC’s Company of Good.

Donate a Meal Today!

To support this initiative, Maybank will match donations on our Giving.sg campaign page in support of Food Bank. To start off, we will donate the first 1,000 meals to be prepared by social enterprise Samsui Kitchen.

Our goal is to fund 20,000 meals, and we need your help. Together, we can feed the city! #SGUnited.

To donate, visit this link or scan the QR Code below.: