Written Answer

Rise in Number and Proportion of Motorcycle Loans with Zero Downpayment

28 February 2023 · Prime Minister's Office

Speakers

Tharman Shanmugaratnam (Senior Minister and Coordinating Minister for Social Policies) Mariam Jaafar

Transcript

1 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.

Mr 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