Regulatory Alerts2013-11-29
Added · Updated
MAS Notice 635 on Unsecured Credit Facilities to Individuals
Banks in Singapore must verify that Singaporean citizens and permanent residents have an annual income of at least $20,000 before granting unsecured non-card credit facilities. The notice mandates that banks conduct comprehensive credit bureau checks prior to issuing new facilities or increasing aggregate credit limits, and requires signed borrower requests and consent for any credit limit amounts. Specific exemptions apply to certain loan purposes, including education, medical treatment, renovation, and share financing, subject to defined conditions and caps.
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