Loans

General Rules

  1. Only POLWEL Ordinary Members are eligible to apply for loans.
  2. POLWEL reserves the right to reject the loan application without assigning any reason whatsoever.
  3. For settlement of outstanding loans, members are encouraged to pay through the following methods:
    1. Transfer via internet banking
    2. Issue a cheque or obtain a cashier’s order made payable to ‘POLWEL Co-operative Society Limited’
  4. A Cash Payment Service Charge of S$50 will be imposed for the closing of loans in cash.

For enquiries or more information, please contact our Financial Services Division at 6235 6428 or email us at polwel@polwel.org.sg.

POLWEL can help members source for the product and extend a loan for the purchase.

Tenure:
  • Up to 60 months
Interest:
  • 6.5% p.a.
Loan Amount:
  • Credit limit up to 6x officer’s monthly gross salary
  • Overall deduction of instalment must not exceed 50% of net salary including any fixed allowances
Documents Required:
  • NRIC
  • Warrant Card
  • Latest Payslip
  • Original Quotation / Invoices
  • Credit Bureau Report if loan quantum exceeds $10,000

 

Guarantors

Guarantors must be of equivalent or higher rank with equivalent or higher salaries.

a) Loans between $2,001 to $6,000
b) Loans above $6,000
a) 1 Guarantor who must be a serving member of the Home Team
b) 2 Guarantors who must be serving members of the Home Team
Documents of Guarantors Required:
  • NRIC
  • Warrant Card or Staff ID Card
  • Latest Payslip
  • Latest Bank Statement or ATM Slip
  • Credit Bureau Report for Loan Amount of $10,000.00 and above

 

Other Terms & Conditions

  • Upon loan approval, Admin Fee ($15) + Loan Default Cover Fee ($50) payable upfront
  • Loan will be disbursed directly to the vendor
  • Additional documents may be required
  • Repayment schedule at the discretion of POLWEL (POLWEL may deduct from AWS as well)

 

 

POLWEL’s Service Loan is extended to members for various purposes, such as marriage, road tax, car insurance, etc.

Tenure:
  • Up to 60 months
Interest:
  • 6.5% p.a.
Loan Amount:
  • Credit limit up to 6x officer’s monthly gross salary
  • Overall deduction of instalment must not exceed 50% of net salary including any fixed allowances
Documents Required:
  • NRIC
  • Warrant Card
  • Latest Payslip
  • Original Quotation / Invoices
  • Credit Bureau Report if loan quantum exceeds $10,000

 

Guarantors

Guarantors must be of equivalent or higher rank with equivalent or higher salaries.

a) Loans between $2,001 to $6,000
b) Loans above $6,000
a) 1 Guarantor who must be a serving member of the Home Team
b) 2 Guarantors who must be serving members of the Home Team
Documents of Guarantors Required:
  • NRIC
  • Warrant Card or Staff ID Card
  • Latest Payslip
  • Latest Bank Statement or ATM Slip
  • Credit Bureau Report for Loan Amount of $10,000.00 and above

 

Other Terms & Conditions

  • Upon loan approval, Admin Fee ($15) + Loan Default Cover Fee ($50) payable upfront
  • Loan will be disbursed directly to the relevant organisation
  • Additional documents may be required
  • Repayment schedule at the discretion of POLWEL (POLWEL may deduct from AWS as well)

 

POLWEL’s Medical Loan is extended to help defray medical expenses incurred by members for themselves or their immediate family members (spouse, children, parents or siblings).

Tenure:
  • Up to 60 months
Interest:
  • 6.5% p.a.
Loan Amount:
  • Credit limit is subject to assessment
  • Overall deduction of instalment must not exceed 50% of net salary including any fixed allowances
Documents Required:
  • NRIC
  • Warrant Card
  • Latest Payslip
  • Documents relating to the expense
  • Proof of relationship (for loans taken to cover medical expenses of immediate family members)
  • Credit Bureau Report if loan quantum exceeds $10,000

 

Guarantors

Guarantors must be of equivalent or higher rank with equivalent or higher salaries.

a) Loans between $2,001 to $6,000
b) Loans above $6,000
a) 1 Guarantor who must be a serving member of the Home Team
b) 2 Guarantors who must be serving members of the Home Team
Documents of Guarantors Required:
  • NRIC
  • Warrant Card or Staff ID Card
  • Latest Payslip
  • Latest Bank Statement or ATM Slip
  • Credit Bureau Report for Loan Amount of $10,000.00 and above

 

Other Terms & Conditions

  • Upon loan approval, Admin Fee ($15) + Loan Default Cover Fee ($50) payable upfront
  • Loan will be disbursed directly to the medical institution
  • Additional documents may be required
  • Repayment schedule at the discretion of POLWEL (POLWEL may deduct from AWS as well)

 

POLWEL’s Education Loan seeks to assist members to cover their tuition fees.

Tenure:
  • Up to 60 months
Interest:
  • 6.5% p.a.
Loan Amount:
  • Credit limit is subject to assessment
  • Overall deduction of instalment must not exceed 50% of net salary including any fixed allowances
Documents Required:
  • NRIC
  • Warrant Card
  • Latest Payslip
  • Documents relating to the expense
  • Proof of relationship (for loans taken to cover educational expenses of immediate family members)
  • Credit Bureau Report if loan quantum exceeds $10,000

 

Guarantors

Guarantors must be of equivalent or higher rank with equivalent or higher salaries.

a) Loans between $2,001 to $6,000
b) Loans above $6,000
a) 1 Guarantor who must be a serving member of the Home Team
b) 2 Guarantors who must be serving members of the Home Team
Documents of Guarantors Required:
  • NRIC
  • Warrant Card or Staff ID Card
  • Latest Payslip
  • Latest Bank Statement or ATM Slip
  • Credit Bureau Report for Loan Amount of $10,000.00 and above

 

Other Terms & Conditions

  • Upon loan approval, Admin Fee ($15) + Loan Default Cover Fee ($50) payable upfront
  • Loan will be disbursed directly to the educational institution
  • Additional documents may be required
  • Repayment schedule at the discretion of POLWEL (POLWEL may deduct from AWS as well)

 

Renovation loans are extended to assist members with their home renovation needs.

Tenure:
  • Up to 60 months
Interest:
  • 6.5% p.a.
Loan Amount:
  • Credit limit of $30,000
  • Overall deduction of instalment must not exceed 50% of net salary including any fixed allowances
Documents Required:
  • NRIC
  • Warrant Card
  • Latest Payslip
  • Original Renovation Quotation / Invoice, signed by both Contractor and Loan Applicant
  • Home Ownership Proof
  • Credit Bureau Report if loan quantum exceeds $10,000

 

Guarantors

Guarantors must be of equivalent or higher rank with equivalent or higher salaries.

a) Loans between $2,001 to $6,000
b) Loans above $6,000
a) 1 Guarantor who must be a serving member of the Home Team
b) 2 Guarantors who must be serving members of the Home Team
Documents of Guarantors Required:
  • NRIC
  • Warrant Card or Staff ID Card
  • Latest Payslip
  • Latest Bank Statement or ATM Slip
  • Credit Bureau Report for Loan Amount of $10,000.00 and above

 

Other Terms & Conditions

  • Upon loan approval, Admin Fee ($15) + Loan Default Cover Fee ($200) payable upfront
  • Loan will be disbursed directly to the renovation contractor
  • Additional documents may be required
  • Repayment schedule at the discretion of POLWEL (POLWEL may deduct from AWS as well)