Notices
 Last Revised Date: 05 May 2020

Notice 642 Motor Vehicle Loans

Rules banks must follow when granting motor vehicle loans to individuals, including loan tenure and loan-to-value limits.

Issued pursuant to:

Banking Act (Cap. 19) section 55

Applies to: Full Bank (Locally Incorporated) , Full Bank (Branch) , Wholesale Bank (Branch) , Wholesale Bank (Locally Incorporated)
View Notice Notice 642 Motor Vehicle Loans (302.2 KB)

This notice applies to all banks in Singapore. It sets out the conditions governing motor vehicle loans, including:

  • Total credit facilities of the borrower.
  • Tenure of loan.
  • Contributions from purchaser or hirer.
  • Verifications to be conducted by banks.
  • Agreements and types of vehicles excluded from these conditions.

See explainer: Rules for Motor Vehicle Loans 

Amendment Notes

 

06 May 2020
MAS Notice 642 (Amendment) 2020 (307.7 KB) takes effect.

16 Apr 2013
MAS Notice 642 (Amendment 3) 2013 takes effect. MAS Notice 642 last revised on 15 April 2013 (258.9 KB).
06 Apr 2013
MAS Notice 642 (Amendment 2) 2013 takes effect.
08 Mar 2013
MAS Notice 642 (Amendment) 2013 takes effect.

26 Feb 2013
MAS Notice 642 dated 25 February 2013 takes effect.