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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 is a borrower’s income determined?

FIs have the flexibility to decide on the income records to use, based on their internal credit assessment policy. Aside from employment income (e.g. salary and bonuses), FIs may also factor in non-employment income (e.g. rental income) when determining a borrower’s income.

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