Special Financial Relief Programme

We care about the well-being of our customers and our community.  We are offering relief measures to our existing customers with retail banking account, mortgage or unsecured credit facilities (Credit Card, Personal Line of Credit, Personal Loan or Debt Consolidation Plan) to help ease your financial burden and access basic banking services during this period.

In good and bad times, we are here to help. Together We Thrive.

• Mortgages
• Unsecured
  
• Debt Consolidation Plan
  
• Retail Banking Accounts
  

If your finances are impacted during this COVID-19 outbreak, HSBC can help you by deferring your monthly mortgage repayment till 31 December 2020 by giving you the option to either (1) defer repayment of the principal portion of your monthly instalment while you repay only the interest; or (2) the full monthly repayment (principal and interest) while the interest continues to accrue during this period.

• Existing HSBC Home Loan customers with cashflow constraint due to COVID-19 situation
• Applicants' monthly repayment must not be more than 90 days past due

To find out more, leave us your contact details and we will be in touch within 5 working days (during office hours).

To apply, please complete the form and email to sfrpmortgage@hsbc.com.sg.

If your personal finances are impacted by the COVID-19 situation and you are facing challenges in repaying your unsecured credit facilities with HSBC, we can help to convert your current outstanding balance into an instalment plan under the Special Financial Relief Programme (SFRP).

SFRP (Unsecured) will convert your existing outstanding balances into an instalment plan at an effective interest rate of 8% p.a. for tenor of up to 5 years.

Upon successfully converting your outstanding balance into an instalment plan under SFRP (Unsecured), please note that you will be unable to use your existing unsecured credit facilities until the full repayment of the instalment plan. 

Applicant must meet the following criteria:

• Singaporean or Singapore Permanent Resident
• Existing customers with HSBC Credit Card, Personal Line of Credit and/ or Personal Loan product(s), and outstanding amount(s) in each product is between 30 and 90 days past due.
• Finances have been impacted by COVID-19 situation, resulting in reduction of at least 25% of monthly income after 1 February 2020 
• Not enrolled under any existing debt repayment schemes (e.g. Debt Consolidation Plan (DCP), Repayment Assistance Scheme (RAS), Debt Management Plan (DMP) or Debt Relief Plan (DRP) with any Financial Institutions) 

Please note that

• application for SFRP (Unsecured) will start from 6 April to 31 December 2020.
• no cancellation is allowed upon submission.
  

If your personal finances are impacted by the COVID-19 situation and you are facing challenges in repaying your Debt Consolidation Plan with HSBC, we can help you reduce your monthly repayment amount by extending the tenor of your Debt Consolidation Plan for up to 5 years (please note that the total interest payable throughout the tenor of your Debt Consolidation Plan will be increased accordingly).

Applicants must meet the following criteria:

• They hold an existing HSBC Debt Consolidation Plan
• The outstanding amount in respect of their HSBC Debt Consolidation Plan is between 30 and 90 days past due
• Loss of income of at least 25% after 1 February 2020
  

Please note that

• You may apply for SFRP (Debt Consolidation Plan) from 18 May 2020 to 31 December 2020.
• Upon approval of your application, we will inform you of the estimated revised monthly repayment amount and total interest payable via email. After you have acknowledged this, the tenor of your Debt Consolidation Plan will be extended accordingly. 
• We will notify you via a letter when the tenor of your Debt Consolidation Plan has been extended. You are required to continue making the current monthly repayments in respect of your Debt Consolidation Plan until such extension takes effect. 

If your personal finances are impacted by the COVID-19 situation and you are facing challenges in maintaining the minimum average daily or monthly balances in your banking accounts, we're here to help.

As part of HSBC's SFRP relating to COVID-19 outbreak, you can now opt in for a waiver of the Below Balance Fee on your retail banking account.

For failed GIRO deduction charges, there is no need to apply. HSBC will not levy these charges between 6 May 2020 and 31 Dec 2020.

Please note that the application for SFRP (Retail Banking Accounts) will start from 6 May till 31 December 2020¹ (both dates inclusive).