Rise in Number and Proportion of Motorcycle Loans with Zero Downpayment

Debated in Parliament on 28 Feb 2023.

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Mariam Jaafar asked the Prime Minister about any rise in the number and proportion of motorcycle loans requiring zero downpayment.
Tharman Shanmugaratnam, speaking for the Prime Minister, stated there is no legislative minimum downpayment for motorcycle loans, but financial institutions may set their own as part of credit risk management.
He noted that currently no local banks offer motorcycle loans with zero downpayment.
The Government does not collect data on such loans, whether from financial institutions, licensed moneylenders, or unregulated motorcycle dealers.

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Full Transcript

Mariam Jaafar

Ms Mariam Jaafar asked the Prime Minister whether MAS has seen a rise in the number and proportion of motorcycle loans with zero downpayment required.

Tharman Shanmugaratnam (for the Prime Minister)

There is no minimum downpayment for a motorcycle loan required in legislation. However, individual financial institutions (FIs) may require a minimum downpayment as part of their credit risk management. Currently, none of the local banks offers motorcycle loans with zero downpayment.

The Government does not collect data on loans which may be used to purchase motorcycles, whether they are granted by FIs, licensed or exempt moneylenders, or unregulated motorcycle dealers.1

Summary written by AI (learn more)

Mariam Jaafar asked the Prime Minister about any rise in the number and proportion of motorcycle loans requiring zero downpayment.
Tharman Shanmugaratnam, speaking for the Prime Minister, stated there is no legislative minimum downpayment for motorcycle loans, but financial institutions may set their own as part of credit risk management.
He noted that currently no local banks offer motorcycle loans with zero downpayment.
The Government does not collect data on such loans, whether from financial institutions, licensed moneylenders, or unregulated motorcycle dealers.

Questions identified by AI (learn more)

Rise in Number and Proportion of Motorcycle Loans with Zero Downpayment | PAPERCUTS

Rise in Number and Proportion of Motorcycle Loans with Zero Downpayment

Debated in Parliament on 28 Feb 2023.

Summary written by AI (learn more)

Mariam Jaafar asked the Prime Minister about any rise in the number and proportion of motorcycle loans requiring zero downpayment.
Tharman Shanmugaratnam, speaking for the Prime Minister, stated there is no legislative minimum downpayment for motorcycle loans, but financial institutions may set their own as part of credit risk management.
He noted that currently no local banks offer motorcycle loans with zero downpayment.
The Government does not collect data on such loans, whether from financial institutions, licensed moneylenders, or unregulated motorcycle dealers.

Questions identified by AI (learn more)

Full Transcript

Mariam Jaafar

Ms Mariam Jaafar asked the Prime Minister whether MAS has seen a rise in the number and proportion of motorcycle loans with zero downpayment required.

Tharman Shanmugaratnam (for the Prime Minister)

The Government does not collect data on loans which may be used to purchase motorcycles, whether they are granted by FIs, licensed or exempt moneylenders, or unregulated motorcycle dealers.1

Summary written by AI (learn more)

Mariam Jaafar asked the Prime Minister about any rise in the number and proportion of motorcycle loans requiring zero downpayment.
Tharman Shanmugaratnam, speaking for the Prime Minister, stated there is no legislative minimum downpayment for motorcycle loans, but financial institutions may set their own as part of credit risk management.
He noted that currently no local banks offer motorcycle loans with zero downpayment.
The Government does not collect data on such loans, whether from financial institutions, licensed moneylenders, or unregulated motorcycle dealers.

Questions identified by AI (learn more)

Rise in Number and Proportion of Motorcycle Loans with Zero Downpayment

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Questions Identified

Full Transcript

Mariam Jaafar

Tharman Shanmugaratnam (for the Prime Minister)

Summary

Questions Identified

Rise in Number and Proportion of Motorcycle Loans with Zero Downpayment

Summary

Questions Identified

Full Transcript

Mariam Jaafar

Tharman Shanmugaratnam (for the Prime Minister)

Summary

Questions Identified