Do you know what you are signing up for on that loan agreement? Know your options. Read the fine prints.

Loan Amount

The loan quantum under this Scheme is as follows:

Direct deductions from member’s salaryNo direct deductions from member’s
salary (GIRO etc)
Minimum Loan Limit$500$500
Maximum Loan Limit (excluding education, medical and renovation loans)$40,000 or 6 times of member’s gross monthly income whichever is lower$20,000 or 4 times of member’s gross monthly income whichever is lower

The loan limit does not apply to education, medical and renovation loans. Each case will be determined on its own merit. Renovation loan has a loan limit of $30,000.

A larger loan may be granted to members under deserving or hardship cases. Please refer to the Special Self Insured Scheme for more details.

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 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

  • Latest Original Payslip;
  • Credit Bureau Report (for accumulated loan of $10,000 or more);and
  • Documents to Support the Loan Application if necessary. Compulsory for education, medical, renovation and credit card loan.


The repayment period ranges from 6 to 60 months. The installments will be deducted monthly from your salary. Two advance installments will be deducted upfront from the loan amount.

Administrative Levy

Administrative levy will be imposed for each approved application of loan.

Interest Rate

Repayment Periodfor Members with 12 months of membership or longerfor Members with less than 12 months of membership
< 12 months5.5% flat / annum6.5% flat / annum
12 months to 24 months5.5% flat / annum6.5% flat / annum
>24 months to ≤ 36 months5.75% flat / annum6.75% flat / annum
>36 months to ≤ 48 months5.875% flat / annum6.875% flat / annum
>48 months to ≤ 60 months6% flat / annum7.0% flat / annum

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

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Last Updated on May 28, 2023