SINGAPORE, Feb. 25 (Xinhua) -- The Monetary Authority of Singapore (MAS) announced on Wednesday the revised rules for unsecured credit to financial institutions.

    Starting from March 1, 2009, the minimum annual income requirement for unsecured credit facilities will be lowered from 30,000 to 20,000 Singapore dollars (from 19,600 to 13,000 U.S. dollars), the country's central bank said.

    The MAS said the revised rules aim to update the unsecured credit rules imposed on financial institutions to address developments within the industry, and to ensure a more consistent regime for granting of unsecured credit in Singapore.

    "The revised rules will allow access to unsecured credit to more individuals who may have occasional genuine borrowing needs," the MAS said.

    However, the minimum annual income for credit cards remains unchanged at 30,000 Singapore dollars (about 19,600 U.S. dollars) for individuals at or below 55 years of age and 15,000 Singapore dollars (about 9,800 U.S. dollars) for individuals above 55 years of age.