Regulatory Alerts2021-06-29
Added
MAS Notice 1113: Rules for Motor Vehicle Loans
The Monetary Authority of Singapore issued Notice 1113 to establish regulatory conditions for motor vehicle loans granted by merchant banks. The notice mandates specific requirements regarding total credit facilities, loan tenure, purchaser contributions, and verification procedures. These rules took effect on 1 July 2021, replacing the previous 2013 notice to ensure stricter oversight of lending practices.
Notices
Published Date: 29 June 2021
Rules merchant banks must follow when granting motor vehicle loans, including loan tenure and loan-to-value limits.
Motor Vehicle Loans
Issued pursuant to:
Banking Act (Cap. 19) section 55
Applies to:
Merchant Bank (Locally Incorporated)
,
Merchant Bank (Branch)
View Notice
Notice 1113 Motor Vehicle Loans
(410.1 KB)
This notice applies to all merchant banks in Singapore. It sets out the conditions governing motor vehicle loans, including:
Total credit facilities of the borrower.
Tenure of loan.
Contributions from purchaser or hirer.
Verifications to be conducted by merchant banks.
Agreements and types of vehicles excluded from these conditions.
See explainer:
Rules for Motor Vehicle Loans
01 July 2021 MAS Notice 1113 dated 29 June 2021 takes effect.
01 July 2021 MAS Notice 1113 dated 25 February 2013 is cancelled .
06 May 2020 MAS Notice 1113 (Amendment) 2020 (308.6 KB) takes effect.
27 May 2016 MAS Notice 1113 (Amendment) 2016 (109.4 KB) takes effect.
16 Apr 2013 MAS Notice 1113 (Amendment 3) 2013 takes effect. MAS Notice 1113 last revised on 15 April 2013 (184.5 KB) .
06 Apr 2013 MAS Notice 1113 (Amendment 2) 2013 takes effect.
08 Mar 2013 MAS Notice 1113 (Amendment) 2013 takes effect. 26 Feb 2013 MAS Notice 1113 dated 25 February 2013 takes effect.