PRODUCT LOAN
   
Administrative Rules

1. Ordinary Members (PCWF)
2. Interest rate is 6.5% p.a
3. Credit up to 5 years
4. Loan quantum of up to 6 x monthly gross salary
5. Overall deduction must not exceed 50% of gross salary
6. Loan payment to be made to vendor only
7. Final approval of loan is at the discretion of POLWEL's Management
8. The admin rules serve as a guideline only and not as an approval of loan

To be furnished by Loan Applicant

1. NRIC
2. Warrant Card
3. Latest payslip
4. To produce original quotation/invoice of items
5. Family particulars (parents or spouse)
6. Credit Bureau report for loan amount of $10,000 & above
7. $2,001 to $6000 - 1 (One) S'porean Home Team Guarantor
8. $6,001 & Above - 2 (Two) S'porean Home Team Guarantor
    - Guarantor to bring along NRIC, Warrant Card, payslip, CBS Statement, bank Statement or ATM Slip.
    - First Installment and admin fee to be paid upon loan approval.
    - Guarantor must be of equivalent or higher rank with equivalent or higher salary.

    -------------------------------------------------------------------------------------------------------------------------
  SERVICE LOAN
   

* Marriage
* Maternity
* Travel & Tour
* Funeral
* Car Insurance & Road Tax
* Others

   
Administrative Rules

1. Ordinary Members (PCWF)
2. Interest rate is 6.5% p.a
3. Credit up to 5 years
4. Loan quantum up to 6 x monthly gross salary
5. Overall deduction must not exceed 50% of gross salary
6. Payment to vendor only
7. Final approval of loan is at the discretion of POLWEL's Management
8. The admin rules serve as a guideline only and not as an approval of loan

To be furnished by Loan Applicant

1. NRIC
2. Warrant Card
3. Latest Payslip
4. Invoice or receipts or quotations relating to the expenses
5. Credit Bureau report for loan amount of $10,000 & above
6. Family particulars (parents or spouse)
7. $2,001 to $6,000 - 1 (One) S'porean Home Team Guarantor
8. $6,001 & Above - 2 (Two) S'porean Home Team Guarantor
    - Guarantor to bring along NRIC, Warrant Card, payslip, CBS Statement, bank statement or ATM Slip.
    - First installment, admin fee & loan default cover deduction upfront from loan.
    - Guarantor must be of equivalent or higher rank with equivalent or higher salary.

    -------------------------------------------------------------------------------------------------------------------------
  MEDICAL & EDUCATION LOAN
   
Administrative Rules

1. Ordinary Members (PCWF)
2. Interest rate is 6.5% p.a
3. Credit up to 5 years
4. Loan quantum subject to assessment; medical loan is to defray essential medical treatment
5. Applicable for immediate family members (Proof of relationship is required)
6. Final approval of loan & credit is at the discretion of POLWEL's Management
7. The admin rules serve as a guideline only and not as an approval of loan

To be furnished by Loan Applicant

1. NRIC
2. Warrant Card
3. Latest Payslip
4. Invoice or receipts or quotations relating to the expenses
5. Payment to vendor only
6. Family particulars (parents or spouse)
7. Proof of relationship
8. Credit Bureau report for loan amount of $10,000 & above
9. $2,001 to $6,000 - 1 (One) S'porean Home Team Guarantor
10. $6,001 & Above - 2 (Two) S'porean Home Team Guarantor
    - Guarantor to bring along NRIC, Warrant Card, payslip, CBS Statement, bank statement or ATM Slip.
    - First installment, admin fee & loan default cover deduction upfront from loan.
    - Guarantor must be of equivalent or higher rank with equivalent or higher salary.

    -------------------------------------------------------------------------------------------------------------------------
  RENOVATION LOAN
   
Administrative Rules

1. Ordinary Members (PCWF)
2. Interest rate is 6.5% p.a
3. Credit up to 5 years.
4. Loan quantum maximum $30,000 for owner occupied property
5. Overall deduction must not exceed 50% of gross salary
6. Final approval of loan is at the discretion of POLWEL's Management
7. The admin rules serve as a guideline only & not as an approval of loan

To be furnished by Loan Applicant

1. NRIC
2. Warrant Card
3. Latest Payslip
4. Invoice or receipts or quotations relating to the expenses
5. Payment to Renovation Contractor only
6. Family particulars (parents or spouse)
7. Home Ownership Proof
8. Credit Bureau report for loan amount of $10,000 & above
8. $2,001 to $,6000 - 1(One) S'porean Home Team Guarantor
9. $6,001 to $30,000- 2 (Two) S'porean Home Team Guarantors
    - Guarantor to bring along NRIC, Warrant Card, payslip, CBS Statement, bank statment or ATM slip.
    - First installment, admin fee & loan default cover deduction upfront from loan
    - Guarantor must be of equivalent or higher rank with equivalent or higher salary.

    -------------------------------------------------------------------------------------------------------------------------

In line with the nation’s push on cashless payments, members of POLWEL are encouraged to move towards cashless transactions be it for settlement of outstanding loans or placement of Fixed Deposits. You may do so through a transfer via internet banking. Alternatively, you can issue a cheque or obtain a cashier's order made payable to ‘POLWEL Co-operative Society Limited’. These methods provide for greater convenience and security.

With effect from 1 April 2017, a Cash Payment Service Charge of S$50 will be imposed for the closing of loans or placement of Fixed Deposits in cash.

Copyright 2011. POLWEL Co-operative Society Limited. All Rights Reserved.