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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.

Is there any flexibility granted to borrowers whose aggregate unsecured interest-bearing already exceed 12 times their monthly income, before the borrowing limit is implemented on 1 June 2015?

The borrowing limit is phased in over 4 years. This is to provide borrowers more time to adjust to the limit.


In addition, FIs will have the flexibility not to suspend credit for a borrower whose interestbearing unsecured debt already exceeds 12 times his monthly income before 1 June 2015. This flexibility is for a transition period up to end-May 2019. FIs may do so to these borrowers on an exceptional and case-by-case basis, subject to their own credit assessment.


If, on 1 June 2019, the borrower’s aggregate unsecured debt still exceeds 12 times his monthly income for 3 months or more, FIs must then suspend his unsecured credit cards and unsecured credit facilities.

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