• CIMB Pulse
  • Banking With Us
  • Digital Services
  • Promotions
  • Help & Support
  • Quicklinks
CIMB Pulse
Banking With Us
Digital Services
Promotions
Help & Support
Quicklinks
Savings Strategies
Investing My Money
Travel Tips
Planning For My Future
Thinking About Insurance
CIMB FIRST
Accounts
Cards
Loans & Financing
Investments
Insurance
Other Services
CIMB Clicks
Payment & Transfers
Latest Promotions
Events
Rates & Charges
Download Center
FAQ
Ways to Bank
Regulations & Policies
Security & Fraud

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 has MAS set the final borrowing limit at 12 times a borrower’s monthly income?

As this is the first time that such an industry-wide borrowing limit is being introduced, MAS will be phasing in the limit over four years with a higher limit of 24 times monthly income at the start. This will give borrowers and FIs more time to adjust to the new rule. The final limit of 12 times a borrower’s monthly income is not intended to be representative of a prudent level of unsecured debt.

 

Most borrowers should aim to stay below the 12 times monthly income limit. As unsecured borrowings typically attract high interest costs, it is not financially prudent for a borrower to accumulate significant credit card and unsecured debt over prolonged periods of time. MAS will continue to monitor the situation closely and make adjustments if necessary.

Looking for More Questions?

Back to FAQ Home

For More Enquiries

Email Us

Drop us an email and we'll get back to you.

Email Now

Let Us Call You

We are contactable 24/7.

Let Us Call You

Talk To An Expert

Visit us at our branches nationwide.

Find a Branch

You are about to enter a third party website & CIMB Group's Privacy Policy will cease to apply.

This link is provided for your convenience only and shall not be considered or construed as an endorsement or verification of such linked website or its contents by CIMB Group.

 

CIMB Group makes no warranties as to the status of this link or information contained in the website you are about to access.

 

Do you wish to proceed?

Yes, please proceed

Oops! It looks like you need to upgrade your browser.

The browser (or version) that you are currently using will not allow you to fully experience our website.
Select your preferred browser below and upgrade now!