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FAQ About Personal Loan

Do  I  need  to  be  a  member  to  apply  for  a  Personal  loan  with  TCC?

  • Yes

 

What  is  the  interest  rate?

  • 6.99% per annum  (flat rate)

 

What  are  the  criteria  of  being  an  applicant?

  • Must be Singaporean or PR
  • Age requirement: Above 21- below 60
  • Gainfully employed with a min basic income of $1,200 per month.
  • Must be a confirmed employee
  • Must not have loan with other co-operative or legal suits.
  • Spouse  to  be  joint  applicant ( if married )

 

What  is  the  maximum  loan  amount  can  I  apply  with  TCC?

  • 50,000(depending on applicants income, to be assessed upon submission of all documents.

 

What  is  the  maximum  repayment  term  of  the  loan?

  • 3 - 5 years

 

Is  there  any  processing  fees?

  • Yes, it would be from 3% - 5%.
  • This can be added to the loan.

         

How  many  guarantor (s) do  I  have  to  provide  for  the  loan  application?

  • Within 2 times the basic salary - 1 guarantor ( Max $5000.00 )
  • Above 2 times the basic salary – 2 guarantors
  • The number of guarantors required can change time to time based on income accessibility and credit evaluation and may be required to provide additional guarantors.

What  are  the  criteria  of  being  a  guarantor?

  • Singaporean only
  • Age requirement: Above 21-below 55
  • Min basic salary of $1500 per month for loans below $10,000 & a minimum basic of  $2000 per month for loans above $10,000
  • Must be a confirmed employee
  • No loans with TCC or other co-operatives or legal suits
  • Should not be an existing guarantor for any loans with TCC.
  • Preferably to get family members or relatives as sureties, however if it is not possible due to some situation, friends can be the sureties.

** Spouse  cannot  stand  as  surety.

 

What  must  an  applicant (s) bring  when  applying  for  a  loan  with  TCC?        

  • NRIC
  • Latest Pay slip or original letter from company stating salary and no of years in services.
  • CPF contribution history (15mths)
  • Marriage certificate (if loan is applied with spouse)
  • Past 1 years Notice of assessment
  • (Applicable to loan amount of $10,000 and above only)
  • If on commission based, to get past 3 months commission statement.
  • If self employed, past 2 years notice of assessment & Roc (extract copy)
  • CBS (Credit Bureau Search) from Credit Bureau Singapore.                                 

www.creditburea.com.sg (using your singpass)

This can also be obtained from Singpost.

Moneylender Credit Bureau https://www.mlcb.com.sg/

  • Any supporting documents.
  • Additional documents shall be required on a case-by-case basis.

 

What  documents  are  required  for  surety(ies)?

  • NRIC
  • Latest Pay slip or original letter from company stating salary and no of years in services.
  • Past 1 years Notice of assessment
  • CPF contribution history (15months)
  • If on commission basis to get past 3 months commission statement.
  • If  self employed, past 2 years notice of assessment & Roc (extract copy)
  • Additional documents shall be required on a case-by-case basis.

What  is  the  mode  of  repayment?

  • Giro
  • Upfront payment for loan will be collected upon signing the loan agreement.
  • There will be 1% of the loan amount will be charged as Cancellation charges should you withdraw when a loan is approved or after signed the loan agreement.

 

Any  other  matters  for  applicants  to  note?

  • To provide co-op statement if the applicants or sureties have an existing loan with another co-operative.

                    *Term and condition are subject to changes.

 

What  are  the  operating  hours  of  TCC  Ltd?

  • Mon to Fri – 8.45am till 6pm
  • Sat – 9.00am till 1pm
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