> Special Self Insured Loan Scheme

The interest rate are as follows:

Period of Loan	Interest Rates
1 – 60 Months	5.00 % flat per annum
61 – 72 Months	5.25 % flat per annum
73 – 84 Months	5.50 % flat per annum
85 – 96 Months	6.00 % flat per annum
97 – 108 Months	6.25 % flat per annum
109 – 120 Months	6.50 % flat per annum

Repayment period ranges from 12 to 120 months. The sum to be repaid will be deducted monthly from the member’s salary. Two advance instalments will be deducted upfront from the loan amount.

Available to Ordinary Members of the Co-operative provided that the total deductions from the member’s pay packet do not exceed 50% of the gross salary.

Minimum loan limit is $5,000 per member. The maximum ceiling is fixed at $100,000 per member. Quantum of loan given by the Co-operative will depend on the score garnered by the member under the Co-operative’s Crediting Rating System. The Co-operative reserves the right to approve the loan, approve the loan with guarantor(s) procured by the loan applicant or reject the loan. Members will be informed of the outcome by the staff upon the receipt of the loan application by the Co-operative.

Latest Original Payslip must be furnished by the member at the time of loan application.

Loan will be insured under a group credit policy. The insurance premium will be levied and deducted upfront from the loan amount. In the event of a member’s death, the insurer will reimburse the Co-operative the outstanding balance that the deceased had owed.

The group credit policy exclusions are:

• Suicide, while sane or insane, within first year from Date of Entry

• Total Permanent Disability caused directly or indirectly, wholly or partly, by self-destruction or any attempt there at within 12 months from the Entry Date, while sane or insane.

Administrative levy will be imposed for each approved application of loan.

Credit Rating Loan Scheme

EASI-Loan Scheme

Special Self Insured Loan Scheme

	Hundred-Percent Loan Scheme
	Gratuities Loan Scheme
	The Millennium Loan Scheme