RadX Moderator February 25, 2009 Share February 25, 2009 Chun bo??? Minimum income for unsecured credit facilities cut to S$20K/yr: MAS By SIOW LI SEN Financial institutions (FI) from March 1 can offer unsecured credit facilities to individuals with a lower annual minimum income of $20,000 from the current $30,000, the Monetary Authority of Singapore (MAS) said on Wednesday. ↡ Advertisement Link to post Share on other sites More sharing options...
Friendstar Supercharged February 25, 2009 Share February 25, 2009 they'r trying to drive more toward bankrupcy Link to post Share on other sites More sharing options...
RadX Moderator February 25, 2009 Author Share February 25, 2009 at times like these..they shld increase it man....and what with the IR coming soon??? Link to post Share on other sites More sharing options...
Speedsun Clutched February 25, 2009 Share February 25, 2009 Maybe to discourage low income to go to loansharks. Link to post Share on other sites More sharing options...
Sparks Neutral Newbie February 25, 2009 Share February 25, 2009 I thought at times like this banks are more cautious about lending. Then alot of people will qualify. Maybe to create more jobs for those working in the credit processing department in banks. Link to post Share on other sites More sharing options...
Seaweed 1st Gear February 25, 2009 Share February 25, 2009 Good Brains in MAS @ WORK !!!! Just hope we don't become a little AMERICA in time to come ..... Link to post Share on other sites More sharing options...
Arowana1 1st Gear February 25, 2009 Share February 25, 2009 gosh our million dollar scholars so high up in ivory tower until dunno the whole world is in s--t due to easy credit? Link to post Share on other sites More sharing options...
Lab4games 1st Gear February 25, 2009 Share February 25, 2009 (edited) read wrongly. not credit card. Edited February 25, 2009 by Lab4games Link to post Share on other sites More sharing options...
Watergun Neutral Newbie February 25, 2009 Share February 25, 2009 Banks prefer those customers who can't settle full payment. Fresh grads can now shop and pay by installments. The banks are betting against their age. They can't be retiring or do nothing for the rest of their lives. That is why we see many young couples 'hiong-hiong' commit expensive condos and loans approved. Worst case, parents can help them to pay. This indirectly boost up the sales for retailers. The cycle goes on... Link to post Share on other sites More sharing options...
Nhyone 4th Gear February 25, 2009 Share February 25, 2009 No choice, times are bad, FI also need business. Link to post Share on other sites More sharing options...
Picanto 3rd Gear February 25, 2009 Share February 25, 2009 read wrongly. not credit card. it does apply to credit cards as well. Link to post Share on other sites More sharing options...
Watwheels Supersonic February 25, 2009 Share February 25, 2009 Chun bo??? Minimum income for unsecured credit facilities cut to S$20K/yr: MAS By SIOW LI SEN Financial institutions (FI) from March 1 can offer unsecured credit facilities to individuals with a lower annual minimum income of $20,000 from the current $30,000, the Monetary Authority of Singapore (MAS) said on Wednesday. Yeah boy. Why are they encouraging ppl to take up loan? What is usually the interest rate for such loan? Anyway I think this is useful for those who have emergency or urgent needs. I dunno what is the criteria for such loans to be approved. It can be quite jialat if it can be easily approved. Link to post Share on other sites More sharing options...
Vextan 1st Gear February 25, 2009 Share February 25, 2009 so you think people who earn less dont need and deserve loan is it ? i think this is a good move to help those who need it mor than the high earners. Link to post Share on other sites More sharing options...
Albeniz Turbocharged February 25, 2009 Share February 25, 2009 I am against this new scheme. Just like the 10-year car loan, it is likely to lure young people into deeper debts. Link to post Share on other sites More sharing options...
Peqasus 1st Gear February 25, 2009 Share February 25, 2009 looks like SG doing the South Korean trick. Link to post Share on other sites More sharing options...
Babyckh 5th Gear February 25, 2009 Share February 25, 2009 Deh, what toking u?....it's a loan, not a giveaway....need to return on time and plus interest as well...what deserving or not? Link to post Share on other sites More sharing options...
Starian Clutched February 25, 2009 Share February 25, 2009 it does apply to credit cards as well. Open your eyes and read carefully here ---------------------------------------------- Under the revised rules, the minimum annual income requirement for unsecured credit facilities will be lowered from $30,000 to $20,000. The above apply to credit line eg. Ready Credit(citibank) or Cashline(DBS) The minimum annual income for credit cards remains unchanged at $30,000 for individuals at or below 55 years, and $15,000 for individuals above 55 years. Credit card rule remain unchanged, READ the line properly please. if need to, make or wear your spectacle. Link to post Share on other sites More sharing options...
Watwheels Supersonic February 25, 2009 Share February 25, 2009 Deh, what toking u?....it's a loan, not a giveaway....need to return on time and plus interest as well...what deserving or not? Forgive him lah. He goes to charitable bank that's why have to see deserving or not. ↡ Advertisement Link to post Share on other sites More sharing options...
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