Loan Restructuring & Hardship Support
We understand that financial circumstances can change unexpectedly. Whether you have experienced a job loss, a medical emergency, a significant reduction in income, or other unforeseen events, we are committed to working with you to find a manageable path forward. Our hardship support programme offers a range of options to help you stay on top of your loan commitments during difficult times.
When to Reach Out
If you are struggling to make your loan repayments or anticipate difficulty in the near future, we encourage you to contact us as early as possible. Early communication gives us the best opportunity to explore all available options before your account falls into arrears. There is no penalty or negative consequence for contacting us to discuss hardship — it is a standard and confidential process designed to help you.
Common situations where hardship support may be appropriate include:
- Involuntary job loss or redundancy
- Significant reduction in income or working hours
- Serious illness, injury, or disability affecting your ability to work
- Death of a spouse, partner, or family member who contributed to household income
- Unexpected major expenses such as medical bills or emergency home repairs
- Natural disaster or other events impacting your financial situation
- Separation or divorce resulting in a change to your financial circumstances
Hardship Support Options
Depending on your situation, we offer several forms of assistance. The most appropriate option will depend on whether your financial difficulty is temporary or longer-term, and the type of loan you hold.
Repayment Holiday (Payment Deferral)
A repayment holiday allows you to temporarily pause your loan repayments for a specified period, giving you breathing room while you stabilise your financial situation.
| Feature | Details |
|---|---|
| Duration | 1 to 6 months (assessed case by case) |
| Eligible loan types | Personal loans, home loans, vehicle loans |
| Interest during deferral | Interest continues to accrue and is added to the outstanding balance |
| Impact on tenure | Loan tenure is extended by the duration of the repayment holiday |
| Credit reporting | Approved repayment holidays are not reported as missed payments |
A repayment holiday is best suited for borrowers experiencing a temporary disruption who expect to resume full repayments within a few months.
Reduced Repayment Arrangement
If you can still make some payments but not the full instalment amount, we may arrange a reduced repayment plan for a temporary period. During this time, you pay an agreed lower amount, and the shortfall is redistributed over the remaining loan tenure.
- Reduced repayments can be set at a level you can manage — for example, 50% or 75% of your regular instalment
- The arrangement is typically reviewed every 3 months
- Interest continues to be calculated on the outstanding balance
- Once your circumstances improve, repayments revert to the standard or recalculated amount
Loan Tenure Extension
Extending your loan tenure spreads your remaining balance over a longer period, which reduces your monthly repayment amount on a permanent basis. This is a good option if your income has decreased permanently and you need a lower ongoing commitment.
| Loan Type | Maximum Extension |
|---|---|
| Personal loan | Up to 12 additional months (maximum total tenure 72 months) |
| Home loan | Up to 5 additional years (subject to age limit at maturity) |
| Vehicle loan | Up to 12 additional months (subject to vehicle age restrictions) |
Please note that extending your tenure will result in more interest being paid over the life of the loan, even though your monthly repayment is lower. We will provide a clear comparison so you can make an informed decision.
Interest Rate Concession
In certain circumstances, we may offer a temporary reduction in your interest rate to lower your monthly repayment burden. Rate concessions are assessed on a case-by-case basis and are typically offered for a period of 6 to 12 months, after which the rate reverts to the original contractual rate.
Debt Consolidation
If you hold multiple loans or credit card balances, consolidating your debts into a single loan with a lower interest rate and one monthly repayment can simplify your finances and reduce your overall repayment burden. Our debt consolidation loan is available for borrowers with total unsecured debts exceeding a certain threshold and is subject to credit assessment.
How to Apply for Hardship Support
You can request hardship assistance through any of the following channels:
- Phone: Call our dedicated hardship support line at 1800-XXX-XXXX. Our hardship team is available Monday to Friday, 8:00 AM to 8:00 PM, and Saturday, 9:00 AM to 1:00 PM
- Online: Submit a hardship request through internet banking under "Loans" then "Financial Hardship." Complete the online form outlining your circumstances and the type of support you are seeking
- Email: Send an email to hardship@bank.com with your full name, account or loan number, a description of your circumstances, and your preferred contact number
- Branch: Visit any branch and ask to speak with a hardship support officer. Appointments are available to ensure privacy
Information We May Request
To assess your hardship application, we may ask you to provide the following:
- A brief written explanation of your financial circumstances and the cause of hardship
- Your current income details (payslips, benefit statements, or other income evidence)
- A summary of your monthly expenses and financial commitments
- Supporting documentation related to the cause of hardship (e.g., termination letter, medical certificate, separation agreement)
What to Expect After Your Request
- Acknowledgement: We will acknowledge receipt of your hardship request within 2 business days
- Assessment: A dedicated hardship officer will review your application and may contact you for additional information or to discuss your options
- Outcome: You will receive a written response within 10 business days outlining the assistance offered, any changes to your loan terms, and next steps
- Review: If the proposed arrangement does not meet your needs, you can discuss alternative options with your hardship officer or request a review
Your Rights
You have the right to request hardship assistance at any time during the life of your loan. Your request will be treated confidentially and assessed on its merits. An approved hardship arrangement will not adversely affect your credit report when the arrangement is maintained. If your request is declined, we will explain the reasons and inform you of alternative options, including external financial counselling services that are available at no cost.
We are here to help. If your circumstances change during an active hardship arrangement, please contact us so we can adjust the support accordingly.