Businesses continued to borrow more money at a faster pace from banks in November, according to preliminary data released Tuesday by the Monetary Authority of Singapore.

Total bank lending rose by 2.1 per cent compared to the previous month to $565.8 billion, accelerating from the growth of 1.4 per cent seen in October.

Compared to November last year, total loans rose by 17.4 per cent.

Much of that increase was due to business loans, which rose to $341.4 billion. That's up by 2.8 per cent compared to the previous month, better than the 2 per cent increase seen in October.

Business loans jumped 23.3 per cent in November compared to the previous year. Consumer loans also saw an uptick in November to reach $224.4 billion.

Loans to consumers slowed on a year-on-year basis to 9.6 per cent, down from 10.4 per cent in October.