The loan quantum under this Scheme is as follows:
The loan limit does not apply to education, medical and renovation loans. Each case will be determined on its own merit.
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
- 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 will be imposed for each approved application of loan.
Police Co-op reserves the right to revise the interest rate at its own discretion.