Hire Purchase Financing/-i
FAQ
1. What is instalment payment moratorium for Hire Purchase (HP) Financing?
It is a temporary deferment or suspension of Hire Purchase (HP)/AITAB Hire Purchase-i (AITAB HP-i) payment obligation for a limited period of time.
During this period, our customers with HP / AITAB HP-i facility that meet the eligibility criteria are given the option to apply for HP/AITAB HP-i Moratorium.
During this period, our customers with HP / AITAB HP-i facility that meet the eligibility criteria are given the option to apply for HP/AITAB HP-i Moratorium.
2. Why is the enrolment for the moratorium being revised for Hire Purchase (HP) Financing?
The revision is done to ensure that our customers are fully aware of the moratorium package. We have provided illustrations and there are options available to suit different financial circumstances.
3. What are the options available for consumers upon enrolling for the moratorium?
There are 2 options available:
Please refer to our illustration table here.
-
You may enrol into the moratorium programme (from 1 April until 30 Sept 2020) and continue to pay same monthly instalment from Oct 2020 until Original Maturity.
You will need to make full payment of the 6 months deferred instalment on Original Maturity Date with lump-sum payment. No additional interest / profit charges. -
You may enrol into the moratorium programme (from 1 April until 30 Sept 2020) and continue to pay same monthly instalment from Oct 2020 until Original Maturity Date.
You will need to settle the 6 months deferred instalment with an extension of 6 months at end of Original Maturity Date with no additional interest / profit charges.
Please refer to our illustration table here.
4. Is the Bank charging additional interest/profit during the moratorium period?
No additional interest / profit will be incurrred during and after the moratorium period.
5. How long is the deferment period?
The deferment period is from 1 April 2020 to 30 September 2020 i.e. six (6) months.
6. Who is eligible?
- All individuals, small and medium-enterprises (SME)
- HP facility that are not in arrears exceeding 90 days as at 1 April 2020.
7. Do I need to apply for the moratorium?
You are now required to formally confirm and agree to the terms of the moratorium by completing the Consent Form here.
8. Will this deferment have any impact on my CCRIS records?
There will be no impact on your CCRIS records during the deferment period.
However, if your account is currently in arrears as at 1 April 2020, the arrears status will remain the same until 30 September 2020, unless you choose to pay off the arrears during the deferment period.
However, if your account is currently in arrears as at 1 April 2020, the arrears status will remain the same until 30 September 2020, unless you choose to pay off the arrears during the deferment period.
9. I want to continue with my HP payments. Do I need to inform Bank?
There is no need to inform the bank if you do not want moratorium. Please continue to pay your instalments as per usual.
10. I have chosen not to participate in the scheme based on the earlier process. Do I need to submit a new request?
There is no need to submit a new request. We have received your instruction about not participating in the scheme. Please continue to pay your instalments as usual.
11. Will my HP financing maturity date be automatically extended after the moratorium period?
Yes. The HP financing maturity date will consequently be extended for up to 6 months. However, you have option to pay off the deferred instalments at any earlier time.
Apply now if you would like to enjoy the Moratorium by filling up the form here.
