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Effective Commencement Date
1st February 2011
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Interest Rate
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Type
of Loan
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Repayment
Period
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Revised
Interest Rate
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Remarks
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Study Loan
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Less
than 12 months to 24 months
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5%
flat per annum
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Maximum of S$15,000 per borrower.
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More
than 24 months to 36 months
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5.25%
flat per annum
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Admin Levy
Administrative levy will be
imposed for each approved application of loan
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Repayment Period
Repayment period
ranges from 6 to 36 months. The sum to be repaid will be deducted monthly
from the member’s salary. Two advance instalments will be deducted up front
from the loan amount.
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Loan Amount
The loan amount to be granted will
depend on whether the member’s salary can take in the monthly deduction.
The monthly instalment should not exceed 50% of the member’s gross salary.
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Eligibility
All ordinary members
with 3 years of membership are welcome to apply for study loans under this
Scheme, provided that the total deductions from the member’s pay packet do
not exceed 50% of the gross salary. The following documents must be
furnished a the time of loan application:
- Latest
Original Payslip. The Co-operative has to ensure that total deductions
inclusive of the instalment from the new loan should not exceed 50% of
gross pay. This is the guideline given by the Ministry of Finance
which the Co-operative has to adhere to. Hence, the payslip is an
important document for the Co-operative to determine on the quantum of
loan to be given to a member as well as the repayment period for the
loan.
- Invoice
or letter of Demand for Course Fee. The Co-operative would issue the
cheque to the educational institute as indicated.
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