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.

Please register your ESS application before 30 September 2021.

Features:

• 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.

Please register your ESS application before 30 September 2021.

Features:

• 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.

Please register your ESS application before 30 September 2021.

Features:

• 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.

Please register your ESS application before 30 September 2021.

Features:

• 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.

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 July 2021, the monthly minimum payment for Maybank Personal Credit Card and Fund Transfer accounts will be reduced from 3% to 2%* 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 2% of outstanding balance or S$20 (whichever is higher). Customers do not need to apply for this relief measure.

From now till 30 September 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 and 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. Eligible policyholders can approach Etiqa to apply for this arrangement if your policy commencement or renewal date falls between 1 October 2020 and 31 December 2021. For more information, please https://www.etiqa.com.sg/important-updates/defer-premium-life/ .

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

Eligibility:

The scheme is available to all eligible 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 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.

Acceptance of the ESS-S offer has to be received and processed by the Bank before 10 August 2021.

Note: *ESS-S for eligible borrowers in Tier 1 and 2 sectors has extended to 30 September 2021. Not applicable for Tier 3A and 3B sectors.

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

• Temporary Bridging Loan Programme (TBLP)
  Eligible enterprises may borrow up to S$3 million under the TBLP, with the interest rate capped at 5% p.a., from 1 April 2021. 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 encourage you to make use of self-service banking facilities, online banking or the mobile banking app to do your banking securely whenever possible.

Currently, all 18 Maybank branches are open to serve your banking needs. Please note that we have implemented the following measures for your safety at our branches:

• Visitors must check-in using the TraceTogether app or token at all branches and Maybank premises.
• Customers are required to wear a mask and sanitise their hands before entering the premises.
• Social distancing measures are in place, such as limiting 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 the elderly and pregnant women.
• Hand sanitisers are also available in all branches.

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. Get in touch with us at 1800-MAYBANK (1800-629 2265) or (65) 6533 5229 (Overseas) for assistance on our platforms. 

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:

• Video conference wealth advisory can now be conducted via Webex.
• For Maybank Premier clients, please reach out to your dedicated Relationship Manager or get in touch with us at 1800-536 7888 (Local) or (65) 6536 7888 (Overseas).
• For Maybank Privilege clients, please reach out to your Personal Financial Advisor. If you do not have an advisor, get in touch with us at 1800-536 9888 (Local) or (65) 6536 9888 (Overseas).

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 for a face-to-face wealth advisory.

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 at maybank.sg/apt.
• Visitors must check-in using TraceTogether app or token at all branches and Maybank premises.
• Ensure that you wear a mask and sanitise your hands before entering the premises.

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

For Maybank Premier clients, please reach out to your dedicated Relationship Manager or get in touch with 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.

Etiqa is extending its free Financial Assistance Benefit for COVID-19 vaccine side effects to all existing and new individual customers of Maybank Singapore Limited, in addition to all life and eligible general insurance customers of Etiqa Insurance Singapore.

The complimentary benefit covers the side effects of COVID-19 vaccination with a Hospitalisation Benefit of up to S$1,000 over a maximum of 10 days, and an Intensive Care Unit Benefit of up to S$1,000 over a maximum of 5 days.  Application is not required and coverage is free of charge.

As Singapore continues to roll out its COVID-19 vaccination programme in its steady hopes of gradual return to normalcy, Etiqa offers certainty of protection, which the insurer hopes will encourage more people to take the vaccine. This is in line with Etiqa’s motto to make the world a better place, and its commitment to facilitating Singapore’s recovery from the crisis. For more information and full terms and conditions, please visit https://www.etiqa.com.sg/covid19-updates/vaccine-benefits/.

Maybank Singapore and The Majurity Trust have launched Singapore’s first interest-free recyclable grant to help small, promising charities. The S$2 million Maybank Momentum Grant will provide capital and capacity support for small charities that are struggling due to the Covid-19 pandemic. The grant seeks to enable the charities to continue their work with communities-in-need.

A key component of the Maybank Momentum Grant is a capacity-building process that grantees will undergo. Grant administrator, The Majurity Trust in partnership with Tri-Sector Associates and funder, Maybank Singapore, will roll out a series of masterclasses and mentorship programmes for the grantees. These charities will also be offered a Maybank Community Package, comprising SME banking solutions and a suite of subsidised digital solutions.

For more information or application, please visit https://www.majurity.sg/momentum.