A member is only eligible to access regular long-term loan facility of the Society upon the attainment of 24 months continuous contribution account with the Society. For short-term loan, an arrangement can be made upon the successful consideration of members’ short-term loan request, subject to his duration of membership and contribution balance. Turnaround time for treatment of application is contingent upon applicant’s financial position with the society in line with the forgoing and availability of fund. Typically, value is availed to the applicant within one week of application.
A member is entitled to two categories of the Society’s loan. Short-term loan and long-term loan. For short-term, a member is eligible to apply for a maximum of an amount equal to the member’s contribution account balance as at the period of application, subject to his / her duration of membership while long-term loan is accessible up to 150% of the member’s contribution account balance as at the same date subject to duration of membership (24 years).
A Long Term Loan is a loan that is repaid over a period of 24 Months from the date of collection of the loan. A member can collect up to double of the member’s total contributions as at date of applying for the loan. The Principal and the Interest elements of the loan are repaid together over this period of 24 months deducted through Payroll at source(HR). Long Term Loan attracts an interest rate of 10.56% per annum
A Short Term Loan is loan that is repayable within Three (3) Months with One Bullet Payment of both Principal and Interest. The Interest Rate for Short Term Loan is 5.28% Flat. This loan is not processed through the Payroll and you will be required to submit a post dated check to the tune of the principal and interest as a collateral.
The prevailing Interest rates for long-term and short-term facilities are 10.56% (over 2 years) and a flat 5.28% respectively. However, the total amount repayable will be the aggregation of the principal and the computed interest.