Hire-Purchase (Rate of Interest on Overdue Instalments) Notification
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Hire-Purchase (Rate of Interest on Overdue Instalments) Notification
Status:
Not current version (version history — see timeline)
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| Hire-Purchase Act |
(Chapter 125, Section 33(c))
| Hire-Purchase (Rate of Interest on Overdue Instalments) Notification |
| N 1 |
| REVISED EDITION 1990 |
| (25th March 1992) |
| [27th August 1982] |
| Citation |
| 1. This Notification may be cited as the Hire-Purchase (Rate of Interest on Overdue Instalments) Notification. |
| Rate of interest |
| 2. The rate of interest payable by a hirer on overdue instalments shall be 3% per annum above the prevailing prime lending rate of banks in Singapore on the first day of each quarter. |
| Prevailing prime lending rate |
| 3. The “prevailing prime lending rate of banks in Singapore” in paragraph 2 means the average prime lending rate at any particular time of the Development Bank of Singapore Ltd., the Oversea-Chinese Banking Corporation Ltd., the United Overseas Bank Ltd. and the Overseas Union Bank Ltd. |
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Last updated 1 May 2024
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Last updated 1 May 2024
Singapore Statutes Online is provided by the Legislation Division of the Attorney-General's Chambers of Singapore.