CIMB Singapore launches relief scheme for commercial banking clients

All principal and interest on all term loans have been automatically deferred.

CIMB Singapore has launched the CIMB Biz Relief Scheme for its pandemic-hit commercial banking customers, the bank announced in a press release.

The relief scheme will add to the special relief financial programme that the bank will offer in accordance to the Monetary Authority of Singapore’s guidelines on SME financing issued on March 31.

Under the new relief scheme, all commercial banking customers will automatically be pre-approved for deferment of both principal and interest on all term loans, regardless of level of security and collaterals.

All trade bills maturing between 1 April 2020 and 30 June 2020 will be extended for up to 180 days.

Further, an additional 90 days will be added to the existing approved tenure for fresh drawings of trade bills covering all new drawings on or before 30 June.