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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.

Why do different FIs have different income information and records?

Different FIs may have different income records of a single borrower if the borrower had provided his income documents to the FIs at different points in time. For example, an FI that had obtained income documents from the borrower when he first started work may have a lower level of income in its records, as compared to another FI that had obtained income documents from the same borrower after he had worked for several years.

 

This is why we encourage borrowers to update their income records with FIs, so as to avoid inadvertent suspension of their credit facilities as a result of outdated income information.

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