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                                    > Special Self Insured Loan Scheme

 

The interest rate are as follows:

 

Period of Loan

Interest Rates

Less than 12 months

5.5% flat per annum

12 months to 24 months

5.5% flat per annum

More than 24 months to 36 months

5.75% flat per annum

More than 36 months to 48 months

5.875% flat per annum

More than 48 months to 60 months

6.00% 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 installments will be deducted upfront from the loan amount.

Approval to be sought from the insurance company providing the default loan coverage if the loan repayment period exceeds 60 months.

For members who length of membership is less than 12 months, the interest rate will be pegged 1% per annum higher than the standard.

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 $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.

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

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

 

 

 

 

 

EASI-Loan Scheme

 

Special Self Insured Loan Scheme

 

Hundred-Percent Loan Scheme

Gratuities Loan Scheme

The Millennium Loan Scheme