Helping you get the best out of your retirement!

Loan Amount

The Gratuities Loan Scheme is available to all Ordinary Members who are retiring from the Home Team Agencies in six months from the time of the loan application, and are eligible for pension.

Under this scheme, you can obtain a minimum loan of $5,000 and a maximum loan of $50,000.

You will receive your money in 3 working days from the date of signing the loan agreement. It will be credited into your bank account.

Required Documents

You must produce the letter of retirement issued by the Manpower Division and the letter of pension computation for the loan application.

Group Credit Policy

Police Co-op will purchase a Group Credit Policy on behalf of members at their expense. The beneficiary of the policy is Police Co-op. In the event of accidental death, the insurance company will reimburse Police Co-op, which will then waive all claims on the estate of the deceased member. The necessary insurance premium will be deducted upfront from the loan amount.

The exclusions are:

  • Suicide while sane or insane, within 12 months from the 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 date of entry, while sane or insane

Repayment Period

You will repay the loan by issuing a post-dated cheque made payable to “The Singapore Police Co-operative Society Ltd”at the time of loan application.

Interest Rate

The interest rate is pegged at 3 to 5% above Police Co-op’s prevailing one-year fixed deposit rate. The interest will be deducted upfront from the loan amount.

Police Co-op reserves the right to revise the interest rate at its own discretion.

Loan Assessment Form