Hire-Purchase Act |
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. |