Singapore legislation
Schedule 2
Schedule 2
Information for prospective hirers
SECOND SCHEDULESections 1(4) and 3(1) and (3)Information for prospective hirersPROPOSED HIRE-PURCHASE AGREEMENT RELATING TO1..............1 Insert description of goods.ItemDescription1.Cash price of the goods For motor vehicles, the cash price should be reflected as —
price of motor vehicle; and (b)price of the certificate of entitlement2.Applied interest rate3.Effective interest rate4.Your instalments under the hire-purchase agreement will be paid every _______ day(s)/week(s)/month(s)5.Amount of each instalment6.Number of instalments7.Total interest8.Processing fees (if any)9.Other fees/charges, e.g. insurance charges, freight charges, etc. (please specify, if any)10.Total fees/charges (item 8 + item 9)11.Total interest plus total fees/charges (item 7 + item 10)12.Total amount payable (item 1 + item 11)13.Date of commencement of instalment payments ADDITIONAL CHARGES the owner will impose charges for early settlement of hire-purchase agreement:14.The method for calculating the balance payable upon early settlement2:2 Owner should explain the method for calculating the balance payable upon early settlement and give an example of the balance payable after a specified number of years.__________________________________ E.g. after _____ years, the balance payable is:__________________________________15.Early settlement fees (if any)16.Processing fees (if any)17.Notice period required (if any) ADDITIONAL CHARGES the owner will impose for assignment of right, title and interest under the hire-purchase agreement to new owner:18.The method for calculating the balance payable upon assignment3:3 Owner should explain the method for calculating the balance payable upon assignment and give an example of the balance payable after a specified number of years.__________________________________E.g. after _____ years, the balance payable is:__________________________________19.Processing fees (if any)20.Notice period required (if any) INTEREST RATE the owner will impose for overdue instalments:21.The interest charged will be _______ (on the overdue amount)22.Processing fees (if any)