Effective Commencement Date

1st January 2002

Interest Rate

§ Less than one year of membership with the Co-operative (1% per annum more than standard rate which is 5% currently)

§ One year membership or more with the Co-operative

6% per annum

5% per annum

Admin Levy

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

Loan Amount

Up to $15,000. Minimum amount $500/-.

Repayment Period

Up to 60 months. Minimum 6 months. The sum to be repaid will be deducted monthly from member’s salary. Two advance instalments will be deducted upfront from the loan amount.

Group Credit Policy

The Co-operative will purchase a group credit policy to insure the Co-operative against death and total permanent disability of members for any member taking out a loan. This will be at the Co-operative’s expense. The sum insured will be based on the monthly outstanding loan with the Co-operative.

The 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

In-house Insurance Premium Rates

Repayment Period	Premium Rates w.e.f 1st January 2002
Not exceeding 12 months	1.4% of loan amount
More than 12 months but not exceeding 24months	2.1% of loan amount
More than 24 months but not exceeding 36 months	2.8% of loan amount
More than 36 months but not exceeding 48 months	3.5% of loan amount
More than 48 months but not exceeding 60 months	4.8% of loan amount

§ The in-house insurance premium will be deducted upfront from the loan amount.

§ There will be no refund on the in-house insurance premium even in the event of early redemption of loan.

§ The Co-operative reserves the right to adjust the rates without prior notice to members after taking into consideration the incidence of loan defaults.

Membership

§ Membership less than 6 months

§ No loan shall be given to the member without an accompanying letter from his/her superior.

§ The amount of loan shall not exceed 2 times of monthly salary (basic salary plus allowance) or $5,000 whichever is lesser.

§ A bigger amount of loan could be granted on a case-by-case basis subject to a 50% deduction guideline and the member’s remaining length of service with the Home Team Agencies.

§ Guarantor(s) will be required.

§ The interest rate shall be at a premium of 1% per annum over standard (currently 5% per annum).

§ The repayment period shall not exceed 24 months.

§ The insurance premium will be levied and deducted upfront from the loan amount.

§ Advance subscription is payable.

§ Other terms and conditions apply.

§ Membership of other durations

ENHANCED MILLENIUM LOAN SCHEME (wef 1^st July 2007)

Months	<12 Mths	< 24 Mths	< 36 Mths	< 48 Mths	< 60 Mths	≥ 60 Mths
Interest	6% p.a.	5% p.a.	5% p.a.	5% p.a.	5% p.a.	5% p.a.
Admin Levy	$10/-	$10/-	$10/-	$10/-	$10/-	$10/-
Repayment Period	Up to 24 months	Up to 36 months	Up to 42 months	Up to 48 months	Up to 54 months	Up to 60 months
Loan Amount*	Up to 2 times monthly salary or $5,000 whichever is lesser, no guarantor required	Up to 2 times monthly salary or $7,000 whichever is lesser, no guarantor required	Up to 3 times monthly salary or $9,000 whichever is lesser, no guarantor required	Up to 4 times monthly salary or $11,000 whichever is lesser, no guarantor required	Up to 5 times monthly salary or $13,000 whichever is lesser, no guarantor required	Up to 6 times monthly salary or $15,000 whichever is lesser, no guarantor required

* A bigger amount of loan (up to maximum of $15,000) could be granted on a case-by-case basis subject to a 50% deduction guideline and the member’s remaining length of service with the Home Team Agencies. Guarantor(s) will be required.

Please fill in the Loan Assessment Form and fax to us at 6334-8497 together with the required documents.

For more information on the scheme please contact the Co-operative at 63348055.

	Credit Rating Loan Scheme
	EASI-Loan Scheme

Special Self Insured Loan Scheme

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