Regulatory Alerts2020-05-05
Added
Notice 642 Motor Vehicle Loans
The Monetary Authority of Singapore issued Notice 642 to establish regulatory conditions for motor vehicle loans granted by all banks in Singapore. The notice mandates specific requirements regarding total credit facilities, loan tenure, purchaser contributions, and mandatory verifications. It also defines excluded vehicle types and agreements to ensure prudent lending practices under the Banking Act.
Notices
Last Revised Date: 05 May 2020
Rules 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:
Full Bank (Locally Incorporated)
,
Full Bank (Branch)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
View Notice
Notice 642 Motor Vehicle Loans
(302.2 KB)
This notice applies to all 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 banks.
Agreements and types of vehicles excluded from these conditions.
See explainer:
Rules for Motor Vehicle Loans
06 May 2020 MAS Notice 642 (Amendment) 2020 (307.7 KB) takes effect.
27 May 2016 MAS Notice 642 (Amendment) 2016 (109.2 KB) takes effect.
16 Apr 2013 MAS Notice 642 (Amendment 3) 2013 takes effect. MAS Notice 642 last revised on 15 April 2013 (258.9 KB) .
06 Apr 2013 MAS Notice 642 (Amendment 2) 2013 takes effect.
08 Mar 2013 MAS Notice 642 (Amendment) 2013 takes effect.
26 Feb 2013 MAS Notice 642 dated 25 February 2013 takes effect.