Loans from credit co-operatives do not form part of the indebtedness under IM declaration.
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
Repayment Period
The repayment period ranges from 1 to 3 months. You may opt to repay the loan in full upon the expiry of the loan or offset the loan against your savings.
Interest Rate
The interest rate is 0.25% flat per month. Interest will be deducted upfront from the loan amount. Police Co-op reserves the right to revise the interest rate at its own discretion.
Last Updated on October 16, 2020