Loan
The Co-operative offers comprehensive and flexible loan facilities up to 8 times your basic salary. Reasonable interest rates with flexible repayment are available for the following types of loans:
- Instant Credit Loan
- Marriage Assistance Loan
- Parenthood Assistance Loan
- Renovation Loan
- Education Loan
- Personal Loan
- Instant Credit Loan
This is a pre-approved instant cash loan available for members who do not have any outstanding loan/s with the co-operative.
This will provide instant credit for members who can use this facility as an emergency source of funds or for an urgent need.
Loan Eligibility is one time of basic salary, including shift allowance. The interest rate is 6% flat pa, repayable over 12 or 24 months.
- Marriage Assistance Loan
To assist members to handle their wedding expenses and manage their financial situation especially for young members who are at the start of their career and family life.
The interest rate for Marriage Loan is 5% flat pa. Repayment terms will be based on 12 months, 24 months, 36 months.
- Parenthood Assistance Loan
The co-operative supports the Government’s move to encourage married couples to have more children and promote parenthood with married couples. This loan is intended to assist parents to handle the childbirth and other expenses relating to it and to manage their financial situation especially if they are at the start of their career and family life. This loan will provide financial assistance for expenses relating to and from:
- conception and birth of child/children regardless of the birth order.
- Pre or postnatal hospital/medical expenses.
- Expenses for the mother’s confinement service and the baby birth celebrations.
- Expenses for Assisted Conception Procedures.
- Other expenses relating to the new born.
- Renovation Loan
To provide an easy and convenient loan with competitive interest to members who wish to renovate their homes. Members are required to include an accurate quotation from their contractor(s). The loan disbursement will be made to the contractor(s). Progress payment to the contractor could also be made upon request.
The renovation invoice, quotation or estimate from the appointed contractor to substantiate the loan application.
The applicant’s loan eligibility, including outstanding loans in the Co-operative should not more than 8 times his basic salary, including shift allowance or up to S$40,000, whichever is lower.
The interest rate for Renovation Loan is 4% flat pa with the repayment based on 12 months, 24 months, 36 months, 48 months and 60 months.
- Education Loan
This loan is applicable to members or their children for full time or part time tertiary education in a local university or full time studies in an overseas university.
This is applicable for full time or part time undergraduates of NUS, NTU, SIM or SMU and full time students from overseas universities. The student has to be a member of the Co-operative or a child of a member of the Co-operative.
This loan covers up to 80% of tuition fee.
The interest rate for Education Loan is 4% pa on monthly rest and repayment terms will be based on 12 months, 24 months, 36 months, 48 months and 60 months.
- Personal Loan
The Personal loan provides a loan up to 8 times basic salary, including permanent shift allowance. This loan can be used for personal reasons especially credit card loans, giving the members a saving on the interests charged by the credit card companies. Interest for his loan is 5% pa flat, repayable over a maximum of 60 months.
Notes:- Applicants are required to purchase the Loan Default insurance. The insurance is managed by NTUC INCOME. The rates will be based on the loan amount and GST is also charged.
- A Statement from the Credit Bureau Singapore must accompany all loan applications.
All interest rates are subject to change
Interest rate at the point of granting the loan shall apply throughout the loan period.
Loan entitlement for every member is subject to a maximum of 8 months' salary for all existing loans in his account with the Co-operative and the maximum monthly repayment sum cannot exceed 25% of his monthly salary.
