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The interest rate are as
follows:
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Period
of Loan
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Interest
Rates
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Less than 12 months
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5.5% flat per annum
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12 months to 24 months
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5.5% flat per annum
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More than 24 months to 36 months
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5.75% flat per annum
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More than 36 months to 48 months
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5.875% flat per annum
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More than 48 months to 60 months
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6.00% flat per annum
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Repayment period ranges from 12 to 120 months. The sum to be
repaid will be deducted monthly from the member’s salary. Two advance
installments will be deducted upfront from the loan amount.
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Approval to be sought from the
insurance company providing the default loan coverage if the loan repayment
period exceeds 60 months.
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For members who length of membership
is less than 12 months, the interest rate will be pegged 1% per annum
higher than the standard.
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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.
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Minimum loan limit is $20,001 per member. The maximum ceiling
is fixed at $50,000 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.
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Latest Original Payslip must be furnished by the member at the
time of loan application.
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Administrative levy will be imposed for each approved
application of loan.
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