Submit ORD Letter ( Applicable for Uniformed Personnel )
Be 55 years & below
Loan Amount
4 times the gross salary or $20,000/- whichever is lesser for
member with less than 12 months membership
OR
8 times the gross salary or $20,000/- whichever is lesser for
members with more than 12 months membership
Repayment Period
Minimum repayment period shall be between 12 months and 48
months in equal monthly installment
Interest Rate
6% per annum
Search Fee
A sum of $6.00 being bankruptcy search fee shall be deducted
from the loan amount
Overlapping Loan
Members may apply for a further loan even before a previous
loan is fully repaid. In this case, the outstanding amount will be
added to the new loan.
Members who have an outstanding loan shall be eligible for
only 2 overlapping loans. Further loan shall be granted only after
settlement of old loan.
Insurance Premium
Insurance Company shall stand surety for the loan. A small
premium, depending on the repayment period, shall be deducted from
the loan amount and shall be paid to the Insurance Company. (In the
event the borrower defaults, the Society shall claim the outstanding
loan from the Insurance Company which in turn will claim the amount
from the borrower)
The applicable premium rates are:
Repayment
Period
Premium
Not
exceeding 12 months
2.30% of
Loan Amount
More than 12 months but
not exceeding 18 months
2.85% of Loan
Amount
More than
18 months but not exceeding 24 months
3.45% of
Loan Amount
More than
24 months but not exceeding 30 months
3.90% of
Loan Amount
More than
30 months but not exceeding 36 months
4.50% of
Loan Amount
More than 36 months but
not exceeding 42 months
5.15% of Loan Amount
More than
42 months but not exceeding 48 months
5.75% of
Loan Amount
Please click here for Download a Unsecured Loan Application Form and mail it to us.
