COVID-19: Relief measures and digital solutions for individuals

  • Seeing you through to better timesSeeing you through to better times

    Seeing you through to better times

    The COVID-19 pandemic has deeply impacted lives and livelihoods. While many uncertainties remain, we want you to know that we are committed to supporting you through this challenging period.

    #UnitedForYou

Latest advisory

  • UOB, together with the industry, is offering an extension of support measures via the Extended Support Scheme (ESS), aimed at helping those facing cash flow difficulties transition gradually to full loan repayments. Applications for ESS for property loans will start on 9 November 2020.
  • As we stay home and stay safe, we encourage you to use our digital banking services such as UOB Mighty and Personal Internet Banking or our phone and self-service banking services wherever possible.
  • Keep safe against cybercrimes. Online and phone scams are on the rise. Never disclose your Personal Internet Banking username, password, One-Time Password (OTP), banking account or credit/debit card details to anyone. More on staying safe online.
View more details
 

Help for Individuals

We want to help relieve your financial worries during these trying times. As part of the industry's Special Financial Relief Programme (SFRP), we are offering the following relief measures for you.

Property loans

  • Defer both principal and interest payments for your UOB property loan up to 31 December 2020. This means that payment of your monthly instalment will resume from January 2021.
  • We will extend your loan tenor according to the duration of the deferment period.
  • Interest will continue to accrue on the principal amount deferred but we will not charge you interest on your interest amount during the deferment period.
  • To be eligible, your loan account must not be in arrears for more than 90 days.

FAQs on SFRP (Mortgage)

 

Relief measures under the SFRP will end on 31 December 2020. For extended relief, you may apply for the Extended Support Scheme (ESS) starting 9 November 2020.
View ESS FAQs: UOB Property Loan Reduced Instalment Plan

 

Apply for SFRP (mortgage)

Car loans

  • You can apply to defer the payment of your car loan or hire purchase agreement. Applications will be assessed on a case-by-case basis.
  • We will take into account factors such as your financial situation, need for the use of a motor vehicle, the current market value of the motor vehicle and its estimated market value after the deferment period (if applicable).

FAQs on UOB Car Loan Repayment Relief Programme

 

Apply for relief (car loans)

Credit cards / Personal loans

You can convert your outstanding unsecured loan balances from your UOB credit card or UOB Cashplus account to a new personal loan with loan tenor of up to five years, at a reduced effective interest rate of eight per cent from 6 April 2020 to 30 June 2021.

Rates & Tenors
Loan tenors (months) Processing fee (%)  Effective interest rates (% p.a.) Flat rates (% p.a.)
12 0 8 4.39
24 4.27
36 4.27
48 4.30
60 4.33

This option is available to all Singaporeans and Permanent Residents who have suffered a loss of 25 per cent or more of their monthly income after 1 February 2020 and who are at risk of incurring substantial arrears. Arrears should also not be for more than 90 days.

FAQs on Special Financial Relief Programme (Unsecured)

 

Apply for relief (unsecured loans)

 

Debt Consolidation Plan (DCP)

From now to 30 June 2021, you can extend the loan tenor of your existing Debt Consolidation Plan for up to 5 years.

This option is available for borrowers whose repayments are between 30 and 90 days past due at the point of application.

The extension in the loan tenor of the DCP will not cause the loan to be reflected as a restructured loan in your credit bureau report.

How it works:
Illustration
Original loan amount S$60,000
Interest rate 4.50% p.a.
Original loan tenor (months) 72
No. of months instalment has been "charged/billed" 30
Tenor extension period (months) 48
  No tenor extension With tenor extension
Remaining tenor (months) 42 90
Monthly instalment S$1,058.33 S$560.61
Total interest payable S$16,200 S$23,003.13

As loan tenor extensions will result in higher overall interest costs, we encourage you to carefully consider the accumulated interest costs you will eventually have to bear, and balance this against your need for temporary cashflow relief.

FAQs on DCP Loan Tenor Extension

If you do not have an existing UOB DCP, you may apply for one here.

 

Apply for relief (Debt Consolidation Plan)

Account fees

If your income has been impacted by the COVID-19 situation, we have two relief measures to help you manage your personal savings/current accounts.

Waiver of minimum balance fees

  • You can apply for a waiver of your accounts’ minimum balance fees until 31 December 2020.
  • We will assess each application on a case-by-case basis, taking into account factors such as the impact of the pandemic on your income and if you are unable to meet the relevant minimum average daily or monthly balances for your personal bank account(s).

Waiver of returned GIRO fees

  • You can apply for waiver on returned GIRO fees incurred due to failed GIRO transactions that have been set up previously for automated payment deductions.
  • We will assess each application on a case-by-case basis, taking into account factors such as the impact of the pandemic on your income.
  • Please note that you may still be charged by third-party billing organisations for failed payments, including late payment fees, if applicable.

FAQs on UOB Deposit Account fees and charges relief

 

Apply for relief (account fees)

 

SFRP and your credit bureau report

1. Will my credit report be impacted if I were to take up any form of assistance offered under the Special Financial Relief Programme (SFRP) such as the payment deferment programme or lower-interest personal unsecured credit facilities?
The subject loan granted under the SFRP will not be reflected as a restructured loan in your credit bureau report. A brief description will be reflected in your credit bureau report to indicate your participation in the programme.

2. How will the description indicating my participation in the SFRP in my credit bureau report impact me?
The record is for analytics purposes. Information from the credit bureau is important to enable financial institutions to understand consumers’ credit behaviour and to inform their market strategy to serve customers better. Financial institutions may use some of this information to provide appropriate financial advisory or financial products for their customers given the short term financial condition of individuals due to the COVID-19 situation.

You will still be eligible to take up new loans with UOB even if you are participating in the SFRP, unless otherwise specified in the terms of the relief measure you have taken up, such as SFRP (Unsecured).

Your participation in the SFRP will not result in the reduction of your existing credit limits or credit lines with us, nor will it impact your application for new loans or higher credit limits with us.

3. How will my participation in SFRP be reflected in my credit bureau report?
Your participation in the SFRP will be reflected as a footnote in the credit bureau report. It will include information such as the specific SFRP relief measure(s) you have taken up, the most recent payment status, start date and end date of the relief programme.

4. Will this information remain in my credit bureau report permanently?
No, all SFRP-related information will be removed upon closure of the underlying account / at the end of the programme, whichever is earlier.

Bank and Pay Digitally

UOB Mighty and UOB Internet Banking

We are committed to providing you with the usual services with minimal disruption and maximum convenience with UOB Mighty and UOB Personal Internet Banking during this period so that you can continue to bank in the safety and comfort of your home anytime.

Key services available include:

Stay Safe Online

Practise good digital hygiene

During this period, you may receive calls related to contact tracing, or from scammers impersonating bank or government officials. Please remain vigilant and do consider adopting these best practices to keep your personal data safe:

  • Be alert. Do not share any personal information, your bank account (including user ID, password and OTP) and credit card details with anyone. Never grant remote access of your computer to anyone.
  • Be cautious. No government officials or those who are involved in the contact tracing exercise will ask for banking information or require remote access of your computer.
  • Be safe. Contact us at 6255 0160 if you have received a dubious call, or have inadvertently disclosed your personal or banking information. If you believe you have been a victim of fraud, please call 999 immediately for police assistance.

Learn more about protecting yourself against scams