MAS enforces new credit cap

MAS enforces new credit cap

Singapore Business Review·2017-12-17 07:05

Financial institutions can refuse individuals with debts amounting to six times their monthly income.

The Monetary Authority of Singapore (MAS) announced a new measure to help borrowers limit "excessive" unsecured debts.

According to an announcement, the Credit Limit Management Measure will cap the additional unsecured credit that a financial institution (FI) may extend to a borrower whose outstanding unsecured debts exceed six times his monthly income.

The measure will roll out on 1 January 2018.

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