Channel NewsAsia

S'pore car loans fall for 18th straight month in January

Car loans fell for the 18th straight month in January, as rules introduced last year to cap the amount of money people can borrow for motor vehicle purchases damped lending.

SINGAPORE: Car loans fell for the 18th straight month in January, as rules introduced last year to cap the amount of money people can borrow for motor vehicle purchases damped lending.

Banks in Singapore had S$10.5 billion worth of car loans on their books last month, a drop from S$10.7 billion in December 2013.

The outstanding amount of car loans last month was down 16 per cent from a year ago.

Overall Singapore dollar lending by banks rose, however, to S$582.2 billion in January from S$574.2 billion in December, helped by increased lending to businesses.

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