CIMB offers relief to Singapore retail customers amid virus outbreak

CIMB Bank Singapore is extending its relief package to help consumer banking customers tide over the coronavirus outbreak, following the Monetary Authority of Singapore's support measures announced last week.

Under the CIMB Mortgage Loan, individuals can defer payment of monthly instalments for HDB, commercial and private property loans in Singapore, as well as for overseas mortgage loans in Australia, London and Malaysia up till Dec 31, 2020. This is available on an opt-in basis as long as the account is no more than 90 days past due as at April 6, CIMB said in a statement on Monday.

Deferred payment is also being extended to the CIMB Renovation & Education Loan. This is eligible for Singapore citizens and permanent residents with income loss of at least 25 per cent after Feb 1. Applicants are required to furnish proof of loss of income due to Covid-19. Additionally, the account has to be between 30 days and no more than 90 days past due as at the date of application.

CIMB customers will also have the option to convert their outstanding unsecured debt from credit card and other revolving credit lines into a relief loan, with tenure of up to five years. The relief loan will not be reflected as a restructured loan in customers' credit bureau report. Full repayment can be made before the end of the loan tenure without any penalties, and there will be no additional interest charged on the outstanding balance.

In light of stricter government measures that prohibit dining out in Singapore from April 7, CIMB credit card holders can link their card to their GrabPay Wallet and make payment with it to receive up to S$10 worth of GrabFood promotion codes till May 31.

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