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FIs disallowed from granting further unsecured credit to borrowers whose outstanding interestbearing unsecured debt aggregated across FIs exceed the borrowing limit as specified by MAS for 3 consecutive months or more (“borrowing limit”). The borrowing limit is:

(a) 24 times monthly income with effect from 1 June 2015;

(b) 18 times monthly income with effect from 1 June 2017; and

(c) 12 times monthly income with effect from 1 June 2019.

How can a borrower determine his unsecured debt, aggregated across FIs?

From 1 April 2015, the credit bureau report will split the unsecured debt into interest- 9 bearing and non-interest bearing debt. Only interest-bearing unsecured debt will be taken into account for the purpose of the borrowing limit.


For more information on the credit reports, please see question 15. For more information on how to obtain a credit report, please refer to the websites of Credit Bureau (Singapore) Pte Limited at www.creditbureau.com.sg and DP Credit Bureau Pte Ltd at www.dpcreditbureau.sg.

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