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Interest rate pegged at 3% above the Co-operative's prevailing
one-year fixed deposit rate. Interest will be deducted upfront from the
loan amount.
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Repayment is through a post-dated cheque given to the
Co-operative at the time of loan application.
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Available to Ordinary Members of the Co-operative who are
retiring from the Home Team Agencies in six months' time from the time of loan
application. The members concerned must be eligible for pension.
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Minimum loan limit per member is $5,000/-. The maximum ceiling
is $30,000 per member. The
member would be informed of the result by the staff at the time of loan
application.
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Application of loan is on an invitation basis issued by the
Co-operative. The invitation letter would be given to the member six months before the day of
retirement.
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The letter of retirement issued by Manpower Division as well
as the letter of pension computation must be produced by members for the loan
application.
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The Co-operative would purchase a Group Credit
Policy
on behalf of members at their expense. The beneficiary of the policy is the
Co-operative. In the event of a member's accidental death, the insurance
company would reimburse the Society which will waive all claims on the
estate of the deceased. The necessary insurance premium would be deducted
upfront from the loan amount.
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