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Loan Amount
| Savings Scheme | Using Subscription Savings | Using other savings except Subscription Savings |
| Loan Limit | Subscription balance less $500 less outstanding loan (if any) | Up to Savings Amount |
You will receive your money in 3 working days from the date of loan approval. It will be credited into your bank account.
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
Required Document
You must submit your latest Original Payslip at the time of loan application. Based on the guideline set by the Ministry of Finance, Police Co-op has to ensure that total deductions, inclusive of the instalment from your new loan, do not exceed 50% of your gross monthly salary. Hence, your payslip will help to determine the loan quantum and repayment period of your loan.
Administrative levy
Administrative levy will be imposed for each approved application of loan.
Repayment Period
The repayment period ranges from 12 to 60 months. The instalment will be deducted monthly from your salary. Two advance instalments will be deducted upfront from the loan amount.
Interest Rate
The interest rate is 3% flat per annum. Police Co-op reserves the right to revise the interest rate at its own discretion.
Last Updated on April 8, 2020