Loans

General Rules

  1. Only POLWEL Ordinary Members are eligible to apply for loans.
  2. For early settlement of loan (with more than 6 months of repayment), 80% rebate on the remaining interest will be given.
  3. For settlement of outstanding loan, members can pay through the following methods:
    1. Transfer via internet banking
    2. Transfer via PayNow UEN
    3. Cheque/ Cashier’s Order

For enquiries or more information, please contact our Financial Services Division at 6235 6428 (option 1) or email us at fsd@polwel.org.sg.

Education Loan is extended to assist members to cover for their own and/or their immediate family members’ tuition fees for academic qualifications or course fees for professional certifications.

Interest Rate:
  • 4.0% p.a.
Tenure:
  • Up to 60 months
  • Shall not exceed a maximum period of 6 months prior to retirement
Loan Amount:
  • Credit limit is subjected to assessment
Applicable Fees:
  • Admin Fee: $20
  • Loan Default Cover Fee (LDCF)
    Loan Amount LDCF
    $10,000 and below $50
    Above $10,000 $150
    Above $30,000 $200
    Above $50,000 $250
  • All fees are payable upfront upon loan approval
Other Information:
  • Repayment schedule to be determined at the discretion of POLWEL (part of AWS pay out may be deducted).
  • Loan will be disbursed directly to the educational institution or training organisation.
  • Education Loan can be taken up for the member himself/ herself or for the member’s immediate family member(s)*.
  • Interest is computed on Straight-Line basis.
  • Loan approval is subjected to POLWEL based on our internal credit evaluation and we reserve the right to reject the loan application without assigning any reason whatsoever.

*Immediate family member(s) include spouse, children, parents and siblings.
Guarantor Requirements

Loan Amount Number of Guarantor Required
$20,000 and below No guarantor required
Above $20,000 1
  • Another PCWF member or
  • Loan applicant’s immediate family member* who fulfills ALL the following qualifying criteria:
    • Singaporean
    • Age 21 and above
    • Not an undischarged bankrupt or undergoing bankruptcy proceedings.

*Immediate family members include spouse, children, parents and siblings.

 

Documents Required:

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card (if applicable)
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report CBS Report
Loan Application Form Guarantor Application Form
Original invoice(s) or payment receipt(s) from education institution or training organisation Proof of relationship (for guarantors who are loan applicant’s immediate family member)
Proof of relationship (for loans covering immediate family members)

Additional documents may be required for assessment of loan application.

Marriage Loan is extended to assist members to fund for their dream wedding.

Interest Rate:
  • 4.0% p.a.
Tenure:
  • Up to 60 months
  • Shall not exceed a maximum period of 6 months prior to retirement
Loan Amount:
  • Credit limit of $50,000 or up to six times officer’s monthly gross salary, whichever is lower
Applicable Fees:
  • Admin Fee: $20
  • Loan Default Cover Fee (LDCF)
    Loan Amount LDCF
    $10,000 and below $50
    Above $10,000 $150
    Above $30,000 $200
  • All fees are payable upfront upon loan approval
Other Information:
  • Repayment schedule to be determined at the discretion of POLWEL (part of AWS pay out may be deducted).
  • Loan will be disbursed directly to the vendor(s).
  • Interest is computed on Straight-Line basis.
  • Loan approval is subjected to POLWEL based on our internal credit evaluation and we reserve the right to reject the loan application without assigning any reason whatsoever.
Guarantor Requirements

Loan Amount Number of Guarantor Required
$20,000 and below No guarantor required
Above $20,000 1
  • Another PCWF member or
  • Loan applicant’s immediate family member* who fulfills ALL the following qualifying criteria:
    • Singaporean
    • Age 21 and above
    • Not an undischarged bankrupt or undergoing bankruptcy proceedings.

*Immediate family members include spouse, children, parents and siblings.

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card (if applicable)
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report CBS Report
Loan Application Form Guarantor Application Form
Original invoice(s) or payment receipt(s) from vendor(s) Proof of relationship (for guarantors who are loan applicant’s immediate family member)

Additional documents may be required for assessment of loan application

Bundle of Joy Loan seeks to assist members financially with their impending new arrival to the family. It is intended to help defray medical expenses incurred by the member or the member’s spouse, including the costs for assisted fertility treatments, maternity, infancy care and any related complications.

Interest Rate:
  • 4.0% p.a.
Tenure:
  • Up to 36 months
  • Shall not exceed a maximum period of 6 months prior to retirement
Loan Amount:
  • Up to $25,000
  • Loan amount above $25,000 is subjected to assessment
Applicable Fees:
  • Admin Fee: $20
  • Loan Default Cover Fee (LDCF)
    Loan Amount LDCF
    $10,000 and below $50
    Above $10,000 $150
    Above $30,000 $200
    Above $50,000 $250
  • All fees are payable upfront upon loan approval
Other Information:
  • Repayment schedule to be determined at the discretion of POLWEL (part of AWS pay out may be deducted).
  • Loan will be disbursed directly to the medical institution(s).
  • Loan will be processed from the 3rd trimester onwards.
  • For the purpose of fertility treatment(s), loan will be processed upon the 1st visit.
  • Bundle of Joy Loan can be taken up for the member herself or for the member’s spouse.
  • Interest is computed on Straight-Line basis.
  • Loan approval is subjected to POLWEL based on our internal credit evaluation and we reserve the right to reject the loan application without assigning any reason whatsoever.
Guarantor Requirements

Loan Amount Number of Guarantor Required
$20,000 and below No guarantor required
Above $20,000 1
  • Another PCWF member or
  • Loan applicant’s immediate family member* who fulfills ALL the following qualifying criteria:
    • Singaporean
    • Age 21 and above
    • Not an undischarged bankrupt or undergoing bankruptcy proceedings.

*Immediate family members include spouse, children, parents and siblings.

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card (if applicable)
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report CBS Report
Loan Application Form Guarantor Application Form
Original invoice(s) or payment receipt(s) from medical institution(s) Proof of relationship (for guarantors who are loan applicant’s immediate family member)

Additional documents may be required for assessment of loan application

Renovation Loan is extended to assist members to renovate their dream home.

Interest Rate:
  • 4.0% p.a.
Tenure:
  • Up to 60 months
  • Shall not exceed a maximum period of 6 months prior to retirement
Loan Amount:
  • Up to $30,000
Applicable Fees:
  • Admin Fee: $20
  • Loan Default Cover Fee (LDCF)
    Loan Amount LDCF
    $10,000 and below $50
    Above $10,000 $150
  • All fees are payable upfront upon loan approval
Other Information:
  • Repayment schedule to be determined at the discretion of POLWEL (part of AWS pay out may be deducted).
  • Loan will be disbursed directly to the renovation contractor.
  • Renovation Loan is only applicable to be taken for renovation of owner-occupied property only.
  • Interest is computed on Straight-Line basis.
  • Loan approval is subjected to POLWEL based on our internal credit evaluation and we reserve the right to reject the loan application without assigning any reason whatsoever.
Guarantor Requirements

Loan Amount Number of Guarantor Required
$20,000 and below No guarantor required
Above $20,000 1
  • Another PCWF member or
  • Loan applicant’s immediate family member* who fulfills ALL the following qualifying criteria:
    • Singaporean
    • Age 21 and above
    • Not an undischarged bankrupt or undergoing bankruptcy proceedings.

*Immediate family members include spouse, children, parents and siblings.

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card (if applicable)
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report CBS Report
Loan Application Form Guarantor Application Form
Original renovation quotation (signed off by renovation contractor and loan applicant) or invoice(s) Proof of relationship (for guarantors who are loan applicant’s immediate family member)
Proof of home ownership

Additional documents may be required for assessment of loan application

Eco-Reno Loan is extended to assist members to renovate their dream home that incorporates eco-friendly features.

Interest Rate:
  • 3.8% p.a.
Tenure:
  • Up to 60 months
  • Shall not exceed a maximum period of 6 months prior to retirement
Loan Amount:
  • Up to $30,000
Applicable Fees:
  • Admin Fee: $20
  • Loan Default Cover Fee (LDCF)
    Loan Amount LDCF
    $10,000 and below $50
    Above $10,000 $150
  • All fees are payable upfront upon loan approval
Other Information:
  • Repayment schedule to be determined at the discretion of POLWEL (part of AWS pay out may be deducted).
  • Loan will be disbursed directly to the renovation contractor(s).
  • Eco-Reno Loan is only applicable to be taken for renovation of owner-occupied property only.
  • Interest is computed on Straight-Line basis.
  • Loan approval is subjected to POLWEL based on our internal credit evaluation and we reserve the right to reject the loan application without assigning any reason whatsoever.
  • To be eligible for this loan, the renovation quote submitted must fulfil at least six requirements in the “Eco-Reno Loan Checklist”.
Guarantor Requirements

Loan Amount Number of Guarantor Required
$20,000 and below No guarantor required
Above $20,000 1
  • Another PCWF member or
  • Loan applicant’s immediate family member* who fulfills ALL the following qualifying criteria:
    • Singaporean
    • Age 21 and above
    • Not an undischarged bankrupt or undergoing bankruptcy proceedings.

*Immediate family members include spouse, children, parents and siblings.

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card of Staff ID Card Warrant Card of Staff ID Card (if applicable)
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report CBS Report
Loan Application Form Guarantor Application Form
Original renovation quotation (signed off by renovation contractor and loan applicant) or invoice(s) Proof of relationship (for guarantors who are loan applicant’s immediate family member)
Proof of home ownership

Additional documents may be required for assessment of loan application

POLWEL can help members cover the costs of high value purchases and / or commodity services, by extending a loan for the purchase / subscription.

Interest Rate:
  • 6.5% p.a.
Tenure:
  • Up to 60 months
  • Shall not exceed a maximum period of 6 months prior to retirement
Loan Amount:
  • Minimum loan quantum of $2,000
  • Credit limit of $50,000 or up to six times officer’s monthly gross salary, whichever is lower
Applicable Fees:
  • Admin Fee: $20
  • Service Fee: 1% of product’s Recommended Retail Price (RRP)
  • Loan Default Cover Fee (LDCF)
    Loan Amount LDCF
    $10,000 and below $50
    Above $10,000 $150
    Above $30,000 $200
  • All fees are payable upfront upon loan approval
Other Information:
  • Repayment schedule to be determined at the discretion of POLWEL (part of AWS pay out may be deducted).
  • The loan can be taken on a combination of products and / or commodity services purchased or subscribed.
  • Interest is computed on Straight-Line basis.
  • Product(s) will be procured by POLWEL.
  • Loan approval is subjected to POLWEL based on our internal credit evaluation and we reserve the right to reject the loan application without assigning any reason whatsoever.
Guarantor Requirements

Loan Amount Number of Guarantor Required
$20,000 and below No guarantor required
Above $20,000 1
  • Another PCWF member or
  • Loan applicant’s immediate family member* who fulfills ALL the following qualifying criteria:
    • Singaporean
    • Age 21 and above
    • Not an undischarged bankrupt or undergoing bankruptcy proceedings.

*Immediate family members include spouse, children, parents and siblings.

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card (if applicable)
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report CBS Report
Loan Application Form Guarantor Application Form
Product(s) specifications Proof of relationship (for guarantors who are loan applicant’s immediate family member)

Additional documents may be required for assessment of loan application

Medical Loan is extended to help defray medical expenses (for essential medical treatments that qualify for claims under Medisave) incurred by members for themselves or their immediate family members.

Interest Rate:
  • 4.0% p.a.
Tenure:
  • Up to 60 months
  • Shall not exceed a maximum period of 6 months prior to retirement
Loan Amount:
  • Credit limit is subjected to assessment
Applicable Fees:
  • Admin Fee: $20
  • Loan Default Cover Fee (LDCF)
    Loan Amount LDCF
    $10,000 and below $50
    Above $10,000 $150
    Above $30,000 $200
    Above $50,000 $250
  • All fees are payable upfront upon loan approval
Other Information:
  • Repayment schedule to be determined at the discretion of POLWEL (part of AWS pay out may be deducted).
  • Loan will be disbursed directly to the medical institution(s).
  • Medical Loan can be taken up for the member himself/ herself or for the member’s immediate family member(s)*.
  • The list of approved medical treatments is available at MOH website at https://www.moh.gov.sg/healthcare-schemes-subsidies/medisave
  • Interest is computed on Straight-Line basis.
  • Loan approval is subjected to POLWEL based on our internal credit evaluation and we reserve the right to reject the loan application without assigning any reason whatsoever.

*Immediate family member(s) include spouse, children, parents and siblings.
Guarantor Requirements

Loan Amount Number of Guarantor Required
$20,000 and below No guarantor required
Above $20,000 1
  • Another PCWF member or
  • Loan applicant’s immediate family member* who fulfills ALL the following qualifying criteria:
    • Singaporean
    • Age 21 and above
    • Not an undischarged bankrupt or undergoing bankruptcy proceedings.

*Immediate family members include spouse, children, parents and siblings.

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card (if applicable)
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report CBS Report
Loan Application Form Guarantor Application Form
Original invoice(s) or payment receipt(s) from medical institution(s) Proof of relationship (for guarantors who are loan applicant’s immediate family member)
Proof of relationship (for loans covering immediate family members)

Additional documents may be required for assessment of loan application

Emergency Loan is extended to assist members and their immediate family members to defray expenses arising from essential, urgent and unplanned situations.

Examples:

  • Unexpected death of a loved one
  • Sudden unemployment of member’s next-of-kin
  • Short-term caregiving needs
  • Emergency pet surgery
  • Urgent car repairs
  • Other extenuating circumstances (evaluated on a case-by-case basis).
Interest Rate:
  • 3.8% p.a.
Tenure:
  • Up to 30 months
  • Shall not exceed a maximum period of 6 months prior to retirement
Loan Amount:
  • Up to $50,000 or six times of officer’s monthly gross salary, whichever is lower
Applicable Fees:
  • Admin Fee: $20
  • Loan Default Cover Fee (LDCF)
    Loan Amount LDCF
    $10,000 and below $50
    Above $10,000 $150
    Above $30,000 $200
  • All fees are payable upfront upon loan approval
Other Information:
  • Repayment schedule to be determined at the discretion of POLWEL (part of AWS pay out may be deducted).
  • Option for direct disbursement of funds to service provider(s) or merchant (s) and/or receive cash disbursement of up to 1 month’s gross salary or $5,000, whichever is lower.
  • Interest is computed on Straight-Line basis.
  • Loan approval is subjected to POLWEL based on our internal credit evaluation and we reserve the right to reject the loan application without assigning any reason whatsoever.
Guarantor Requirements

Loan Amount Number of Guarantor Required
$20,000 and below No guarantor required
Above $20,000 1
  • Another PCWF member or
  • Loan applicant’s immediate family member* who fulfills ALL the following qualifying criteria:
    • Singaporean
    • Age 21 and above
    • Not an undischarged bankrupt or undergoing bankruptcy proceedings.

*Immediate family members include spouse, children, parents and siblings.

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card of Staff ID Card Warrant Card of Staff ID Card (if applicable)
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report CBS Report
Loan Application Form Guarantor Application Form
Invoice/ Quotations/ Receipts Proof of relationship (for guarantors who are loan applicant’s immediate family member)
Bank Details showing Name and Bank account number bearing the bank’s logo/ name

Additional documents may be required for assessment of loan application