Revised Unsecured Credit Rules by MAS

Due to MAS regulations on Balance-To-Income (BTI) ratio, your unsecured credit facilities limit cannot exceed 12 times of your monthly income. Read on to find out more.

If your total interest-bearing outstanding on all credit cards and unsecured credit facilities with all Financial Institution (FI) in Singapore exceed the industry-wide borrowing limit for 3 consecutive months, your account will be suspended and you will 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;
  • Apply new credit cards or other unsecured credit facilities from all financial institutions.

Account Suspended Account Not Suspended
  • Reactivate your suspended credit facilities with your updated income documents.
Note: The uplifting of suspension is subject to the banks’ credit assessment.
  • Arrange to settle or reduce your outstanding balances immediately.
    (Applicable to unsecured credit lines with DBS and/or other banks in Singapore)
  • Submit your latest income documents to the bank for review.
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What are the documents required?
For Singapore Citizens and Permanent Residents
Salaried Employee
  1. Salary Crediting into DBS/POSB Account1; or
  2. Latest Computerised Payslip; or
  3. Latest 12 months’ CPF contribution History Statement2; or
  4. Latest Income Tax Notice of Assessment3 with (B) or (C)
Variable/ Commission-based Employees
  1. Latest 12 months’ CPF contribution History Statement2; or
  2. Latest Income Tax Notice of Assessment3
Self-Employed
  1. Latest 2 years’ Income Tax Notice of Assessment3
For Foreigners
Employment Pass with at least 6 months validity; and

  1. Latest Computerised Payslip; or
  2. Company Letter certifying Employment and Salary (in Singapore dollar currency), dated within 3 months from the date of credit card application.
  3. Latest Income Tax Notice of Assessment3 with (A) or (B)
Note:
  • 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.

What is the Borrowing Limit?
The industry-wide borrowing limit took effect on 1 June 2015 and it is progressively lowered over 4 years.
  • 24 times of your monthly income from 1 June 2015;
  • 18 times of monthly income from 1 June 2017; and
  • 12 times of monthly income from 1 June 2019.

Note:
  • Your limit is computed by taking your aggregate interest-bearing unsecured outstanding balance across all FIs, divided by monthly income. To find out more on the computation, please refer to the below frequently asked questions.
Frequently Asked Questions

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