Income Update for Credit Cards and Unsecured Loans
At a Glance
If your total interest-bearing outstanding balances1 on all credit cards and other unsecured credit facilities with banks and other credit card issuers in Singapore exceed the industry-wide borrowing limit2 for 3 consecutive months, you will generally not be able to:
- charge new amounts to your existing credit card(s) and/or use other unsecured credit facilities with all financial institutions;
- obtain credit limit increases on your existing credit card(s) and/or other unsecured credit facilities with all financial institutions;
- obtain new credit cards or other unsecured credit facilities from all financial institutions.
Refer to Revised unsecured credit rules FAQ for more details
1 These include amounts rolled over on credit cards and balances outstanding on unsecured loans that accrue interest. Such balances do not include amounts charged to credit cards that are fully repaid by their due dates, and amounts outstanding on interest-free instalment payment plans. If, however, interest is imposed on a particular instalment due to late payment, the instalment amount will be included.
2 The borrowing limit is 24 times of your monthly income and will be progressively be lowered to 18 times your monthly income from 1 June 2017, and 12 times of your monthly income from 1 June 2019.
Mandatory documents required
|For Singapore Citizens and Permanent Residents|
|Salaried Employee|| |
|Variable/Commission-based Employees|| |
|Employment Pass with at least 6 months validity; and |
1 Your salary must be credited via GIRO, to your own DBS/POSB Account for the last 3 consecutive months and your current annual income meets our minimum income criteria. Salary credited into joint account will not be considered.
2 Please note that your CPF documents submitted online with SingPass is only available for up to 7 days from the date of your submission.
3 You can now download your Income Tax Income Notice of Assessment at myTax Portal with your Singpass or IRAS Pin. The service is free. Log on to https://mytax.iras.gov.sg for more details.