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 early settlement of loan (with more than 6 months of repayment), 80% rebate on the remaining interest will be given.
  4. For settlement of outstanding loan, members can pay through the following methods:
    1. Transfer via internet banking
    2. Cheque/ Cashier’s Order

For enquiries or more information, please contact our Financial Services Division at 6235 6428 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
  • Immediate family members include spouse, children, parents and siblings

 

Guarantors

  • Must be serving member(s) of the Singapore Police Force
  • Must be of equivalent or higher rank with equivalent or higher salaries
Loan Amount Number of Guarantors Required
$6,000 and below 1
Above $6,000 2

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report (for loans exceeding $10,000) CBS Report (for loans exceeding $10,000)
Proof of relationship (for loans covering immediate family members)
Original invoice(s) or payment receipt(s) from educational institution or training organisation

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
    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 vendor(s)
  • Additional documents may be required

 

Guarantors

  • Must be serving member(s) of the Singapore Police Force
  • Must be of equivalent or higher rank with equivalent or higher salaries
Loan Amount Number of Guarantors Required
$6,000 and below 1
Above $6,000 2

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report (for loans exceeding $10,000) CBS Report (for loans exceeding $10,000)
Original invoice(s) or payment receipt(s) from vendor(s)

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.

 

Guarantors

  • Must be serving member(s) of the Singapore Police Force
  • Must be of equivalent or higher rank with equivalent or higher salaries
Loan Amount Number of Guarantors Required
$6,000 and below 1
Above $6,000 2

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report (for loans exceeding $10,000) CBS Report (for loans exceeding $10,000)
Original invoice(s) or payment receipt(s) from medical institution(s)

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
    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 renovation contractor

 

Guarantors

  • Must be serving member(s) of the Singapore Police Force
  • Must be of equivalent or higher rank with equivalent or higher salaries
Loan Amount Number of Guarantors Required
$6,000 and below 1
Above $6,000 2

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report (for loans exceeding $10,000) CBS Report (for loans exceeding $10,000)
Original renovation quotation (signed off by renovation contractor and loan applicant) or invoice(s)
Proof of home ownership

Additional documents may be required for assessment of loan application

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

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 amount of $2,000
  • Credit limit of up to 6x officer’s monthly gross salary
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
    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)
  • The loan can be taken on a combination of products
  • Product(s) will be procured by POLWEL

 

Guarantors

  • Must be serving member(s) of the Singapore Police Force
  • Must be of equivalent or higher rank with equivalent or higher salaries
Loan Amount Number of Guarantors Required
$6,000 and below 1
Above $6,000 2

 

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report (for loans exceeding $10,000) CBS Report (for loans exceeding $10,000)

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)
  • Additional documents may be required.
  • Immediate family members include spouse, children, parents and siblings

Guarantors

  • Must be serving member(s) of the Singapore Police Force
  • Must be of equivalent or higher rank with equivalent or higher salaries
Loan Amount Number of Guarantors Required
$6,000 and below 1
Above $6,000 2

Documents Required

Applicant Guarantor
NRIC NRIC
Warrant Card or Staff ID Card Warrant Card or Staff ID Card
Latest 3 months’ payslip Latest 3 months’ payslip
CBS Report (for loans exceeding $10,000) CBS Report (for loans exceeding $10,000)
Proof of relationship (for loans covering immediate family members)
Original invoice(s) or payment receipt(s) from medical institution(s)

Additional documents may be required for assessment of loan application