| Loan Requirements |
| Loans>> Loan Requirements |
- The society shall introduce such loan schemes as the Board may determine from time to time.
- A Member (‘the applicant’) must be a Member of the Society for atleast 6 months. An exception may be allowed for a shorter period if there are good reasons acceptable to the Credit Committee.
- An applicant shall submit his loan application on the Society’s prescribed form together with a Photostat copy of his NRIC; payslip and any other documents as called upon by the Credit Committee.
- The surety should preferably be a member or civil servant or any other person who is gainfully employed.
- A Non-Refundable administration fee of 5% for an approved loan is
chargeable. This will be deducted upfront from the approved loan. Any
variation to the administration fee shall be subject to the prior approval of
the Board of Directors.
- A topping up of the applicant’s thrift savings account up to 30% or such other
the approved loan.
- The first month’s instalment of the approved loan may be deducted upfront from the approved loan as processing of a GIRO application may on the average, take about a month for the applicant ‘s bank to approve. Such deduction is to be decided by the Credit Committee.
- A member may be allowed to withdraw his subscription (thrift savings) less $2,000
to offset full settlement of his outstanding loan with the Society subject to payment
of 20% levy on the interest payable on the remaining loan balance
- Any borrower who has defaulted for more than 2 months is liable to have his loan recalled and his thrift savings and savings off settled against the Outstanding loan.
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