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Regulations & Policies

What is the current borrowing limit for unsecured facilities?

The industry-wide borrowing limit took effect on 1 June 2015 and it is progressively lowered over 4 years:
 

·24 times monthly income from 1 June 2015;

·18 times monthly income from 1 June 2017; and

·12 times monthly income from 1 June 2019.
 

The current borrowing limit is at 12 times your monthly income.
 

If you have accumulated outstanding unsecured debt (i.e. unpaid, interest-bearing balances) exceeding 6 times your monthly income, a financial institution (FI) will not be allowed to grant you any increase in credit limit or any new unsecured credit facilities that will cause your total credit limit to exceed 12 times your monthly income.
 

For full details on the MAS Credit Limit Management Measure, please visit www.mas.gov.sg and www.abs.org.sg

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