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Types of Loan
Loans>>Types of Loan


1. 100% secured loan within members’ saving with the co-operative
2. 80% secured [collateral furnished by member] of the loan amount  
3. Unsecured easy loan not exceeding $2,000 repayable within 4 months
4. Unsecured emergency loan not exceeding $5,000 repayable within 1 year               
5. Unsecured loans not exceeding $20,000 repayable with 60 months

All loans granted shall not exceed $20,000 combined amount of item 3 to 5
and 50% of his salary deduction from his employer or GIRO deduction through his bank account.

The Co-operative may charge the borrower expenses associated with the granting of
loans, such as making searches on creditworthiness of the borrower and sureties, and
other fees, including accrued interest, legal fees, charges etc, as required.

The Co-operative have the right to recall any loan granted from the borrower
or his sureties either as misrepresentation at material time of application or
defaulted for more than 2 consecutive months.

The Co-operative may impose a late payment fee of $20.00 per month or other amount 
necessary to recover the loan repayment defaulted on the month due. 

100% SECURED LOAN

Member or borrower can apply for loan up to his total thrift savings with the co-operative .  The interest rate shall be 5% per annum.

UNSECURED EASY LOAN

Member or borrower can apply for easy loan up to $2,000 for payment of remittance, festive need or any other urgent financial help.  The interest rate shall be 5% per annum subject to loan repayment period within 4 months.

UNSECURED EMERGENCY LOAN

Member or borrower can apply for emergency loan up to $5,000 for payment of remittance, festive need or any other urgent financial help.  The interest rate shall be 6% per annum subject to loan repayment period within 12 months.

UNSECURED SPECIAL LOANS 

Member or borrower can apply for special loan up to $30,000 for the purpose of any financial assistance, study loan, medical expenses or bad debts  The interest rate shall be 6% per annum subject to furnishing of one surety as guarantor plus administrative fee of 5% and loan repayment period between 12 and 60 months as the case may be.
In order to apply for the loan, the member must qualify to be a member for at least 1 year and should have specified sum in his or her thrift savings.

GENERAL INFORMATION ON LOAN APLLICATION

All borrowers or sureties are to be Singaporean and free from any loan from other
co-operative societies. 

A non- Citizen including PR (Malaysian) can apply for loans within their own savings or loans not exceeding $15,000 provided they secure the co-operative with 2 guarantors as security [Singapore citizens].

The non-citizen shall furnish NRIC or work permit/employment pass and also furnish a valid address in Singapore and overseas.

DEFINITION OF MEMBER

Ordinary members who shall be employees of Singapore Customs.  The Board may, in its sole discretion, allow retirees of Singapore Customs or officers transferred to other departments to continue as Ordinary members or as Associate members.

DEFINITION OF ASSOCIATE MEMBER

Associate Members, who shall be members’ spouse and children above 16 years of age; or retirees of Singapore Customs or officers of Singapore Customs transferred to other department as approved by the Board of Directors from time to time, subject to payment of such fees as the Board may decide upon provided that such members shall have no voting rights but shall be entitled to participate in such savings schemes and loan schemes as the Society may introduce from time to time.”

 REMAINING AS ASSOCIATE MEMBER AFTER RETIREMENT

A member retaining his membership after retirement shall make arrangements himself for the prompt payment of all his dues to the co-operative.

 

 

 

 

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