PART I – WHAT AND HOW MUCH TO PAY
How much do I have to pay to join the co-operative?
The entrance fee to join the co-operative is $5/- which is deducted on the
first month of membership.
To be a member of the co-operative, you will need to be a shareholder. You
will have to pay $25/- once only to buy 25 shares, that is, at $1/- per share.
As a shareholder, you will be able to earn dividend yearly. The amount will be
decided by the co-operative at its Annual General Meetings.
How much do I need to save in the co-operative?
You need to save a minimum of $10/- to a maximum of $50/- per month under the
Subscription Account.
The co-operative also has a Savings Account which is optional. You may make a
savings deposit of not more than 30% of the total deductions of your monthly
salary.
These two sums are deducted through your salary each month However, if you
are no longer working, your monthly deduction can be deducted through GIRO.
PART II – SUBSCRIPTION ACCOUNT AND SAVINGS DEPOSIT
What is the difference between Subscriptions Account and Savings
Deposit?
Savings Account is withdrawable any time and amount which is lesser than
$700/- will be paid in cash. You are required to produce your NRIC upon
withdrawal of savings.
However, Subscriptions Account balances are refunded to members when they
leave the co-operative. Under special circumstances, he may withdraw from the
Subscription Account.
What is the payout rate for these accounts?
For Subscription Account
Dividend is declared yearly based on business performance.
For Savings Deposit
AUPE Multi-purpose Co-operative is offering 1% interest per annum for Year 2010.
Interest will be computed monthly and made payable based on balances on 31
December. If Savings Deposits are withdrawn earlier than this date, the interest
will be based on the last completed month. Rates will be determined by the Board
of Directors from time to time.
If I were to resign from the co-operative, how soon can I receive the
money under my Subscription Account?
Savings under the Subscriptions Account is refunded to you normally 12 months
after notice of resignation. Under special circumstances, you may request for
earlier withdrawal subject to approval of the Board of Directors.
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If I have an existing loan now and I intend to resign from the
Co-operative, must I settle the outstanding amount first?
Yes, a member is required to settle his outstanding amount with the
co-operative before he leaves.
PART
III – TERM DEPOSIT ACCOUNT
1. What is Term Deposit Account?
The co-operative's Term Deposit Account (TDC)
is similar to the Fixed Deposit Accounts
offered by Banks. For Term Deposit, you can choose to deposit a minimum
of $500 for a
period of 6, 12, or 18 months. The interest earned is usually higher
than that offered by
other financial institutions.
2. Will I be penalised if I make a
premature withdrawal?
No, you do not need to pay for any admin fees
if you withdraw your TDC prematurely. Due
to the fact that we are offering better interest than the others, we do
not calculate pro-rated
interest for early withdrawal.
PART IV - LOAN ELIGIBILITY AND INTEREST
RATE
1. Loan Application - Document
Required
In order to serve you better, please get ready
the following documents to show to our staff:
a) Your original NRIC; and
b) Your original latest pay slip.
In addition, if your monthly salary is $1500
and above, you will need to produce the following:
a) Your Personal Credit Report to enable us
to assess your financial standing; (This may be
obtained from Credit Bureau (S) Pte Ltd at 72 Anson Road, #11-03
Anson House, Singapore
079911. Telephone No: 65656363. The cost of the report is $5 (plus
7% GST). The report
should be submitted to us with all the pages intact).
b) Your latest financial statements from all
banks and Credit Cards companies listed in the said
Personal Credit Report, if any; and
c) Your statements from financial
institutions and hire purchase companies if you have
purchased goods on hire purchase instalment plan.
If your monthly salary is less than $1,500, a
Personal Credit Report is usually not required.
However, our staff has the discretion to request for a Personal Credit
Report as and when
necessary.
2. How much can I loan?
Unsecured Loan
You can loan up to a maximum of 8 month of your salary under our Personal Loan
Scheme
subject to credit assessment.
Secured Loan
You can borrow up to 100% of your total savings (subscriptions, savings and term
deposits)
with the Co-operative.
3. When can I be eligible for a
loan?
Unsecured Loan
You may apply for a loan after 6 months of membership. If you require a loan
urgently, you
may apply for one before the 6-month period. The Board of Directors may grant
the loan on
the merits of each case.
Secured Loan
Immediate. As long as there is credit balance with the Co-operative.
4. Am I able to get a loan approved on
the spot?
You may apply over our counter for a loan which is not
exceeding $30,000/-. Applications
are assessed and approved on the spot provided they meet the requirements. If
you apply
via our speedy loan service, our staff will follow up with your application and
if successful,
inform you to collect the cheque on an appointed day and time.
5. Can the loan amount be determined
over the phone?
Members are required to submit their necessary
documents for credit assessment before we
can determine the amount of loan to be approved.
6. What is the interest rate for loan application?
For secured loan, the interest rate is from 4% to 5% per annum depending on
the period of
repayment. Loan interest is charged at 6% flat per annum for unsecured loan.
PART V - OTHER BENEFITS
1. What other benefits is the Co-operative offering to
members?
$10,000 Hospitalisation Benefit for Member
The Co-operative gives $20/- per day to members who are hospitalised in any
Singapore
hospitals subject to a maximum of $5,000 per calendar year and up to a total of
$10,000
for the entire period of membership.
Study Awards for Members' children
The Co-operative gives out Study Awards to members' children from primary to
tertiary
levels yearly.
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