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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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