MAS, along with the industry associations, announced a second package of measures to support those facing financial difficulties due to the COVID-19 pandemic. This second package will extend the scope of relief for individuals to other types of loan commitments and will allow them continued access to affordable basic banking services. These relief measures involve deferring repayment of commercial and industrial property loans and new mortgage equity withdrawal loans; extending loan tenure of existing debt consolidation plans; reducing debt obligations; and ensuring access to basic banking services.
On March 31, 2020, MAS and the financial industry announced the first industry support package to help individuals and businesses affected by the COVID-19 pandemic. As the economic outlook remains challenging, the latest package of measures will provide further support to affected individuals. Similar to the first industry support package, this second set of relief measures for individuals will be provided by financial institutions on an opt-in basis, the financial situation of each individual is different. Applications for these relief measures will start from May 06, 2020, except for the loan tenure extensions for debt consolidation plans, which will be open for application from May 18, 2020.
Keywords: Asia Pacific, Singapore, Banking, COVID-19, Loan Repayment, Credit Risk, MAS
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