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FREQUENTLY ASKED QUESTIONS |
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PART I – WHAT AND HOW MUCH TO PAY |
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Q1 |
How much do I have to pay to join the co-operative? |
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Q2 |
How much do I need to save in the co-operative? |
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PART II – SUBSCRIPTION ACCOUNT AND SAVINGS DEPOSIT |
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Q3 |
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Q4 |
What is the payout rate for these accounts? |
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Q5 |
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Q6 |
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PART III – TERM DEPOSIT ACCOUNT |
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Q7 |
What is Term Deposit Account? |
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Q8 |
Will I be penalised if I make a premature withdrawal? |
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PART IV – LOAN ELIGIBILITY AND INTEREST RATE |
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Q9 |
Loan Application - Documents Required. |
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Q10 |
How much can I loan? |
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Q11 |
When can I be eligible for a loan? |
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Q12 |
Am I able to get a loan approved on the spot? |
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Q13 |
Can the loan amount be determined over the phone? |
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Q14 |
What is the interest rate for loan application? |
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PART V – OTHER BENEFITS |
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Q15 |
What other benefits is the Society offering to members? |
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Q1 |
How much do I have to pay to join the co-operative? |
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Ans |
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 handsome dividend yearly. The amount will be decided by the co-operative at its Annual General Meetings. |
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Q2 |
How much do I need to save in the co-operative? |
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Ans |
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. |
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Q3 |
What is the difference between Subscriptions Account and Savings Deposit? |
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Ans |
Savings Account is withdrawable any time as long as there is a balance of $50/- in the account. 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 Subscriptions Account leaving a balance of $1,500/- if he is not liable to the Society. |
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Q4 |
What is the payout rate for these accounts? |
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Ans |
For Subscription Account
Dividend is declared yearly based on business performance. For the past many years, the co-operative has been paying out 3% or higher dividend to our members.
For Savings Deposit
AUPE Multi-purpose Co-operative is offering 1.8% interest per annum for Year 2008. Interest will be computed monthly and made payable in 1 installment based on balances on 31 December. If Savings Deposits are withdrawn earlier this date, the interests will be based on the last completed month. Rates will be determined by the Board of Directors from time to time. |
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Q5 |
If I were to resign from the co-operative, how soon can I receive the money under my Subscription Account? |
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Ans |
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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Q6 |
If I have an existing loan now and I intend to resign from the Co-operative, must I settle the outstanding amount first? |
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Ans |
Yes, a member is required to settle his outstanding amount with the co-operative before he leaves. |
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Q7 |
What is Term Deposit Account? |
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Ans |
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. |
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Q8 |
Will I be penalised if I make a premature withdrawal? |
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Ans |
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 Banks, we do not calculate pro-rated interest for early withdrawal. |
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Q9 |
Loan Application - Documents Required. |
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Ans |
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In order to serve you better, please get ready the following documents to show to our staff: |
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(a) |
Your original NRIC; and |
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(b) |
Your original latest pay slip. |
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In addition, if your monthly salary is $1,500 and above, you will need to produce the following: |
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(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 Rd, #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.] |
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(b) |
Your latest financial statements from all banks and Credit Cards companies listed in the said Personal Credit Report, if any; and |
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(c) |
Your statements from financial institutions and hire purchase companies if you have purchased goods on hire purchase instalment plan. |
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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. |
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Q10 |
How much can I loan? |
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Ans |
You can loan up to a maximum of 8 months of your salary under our Personal Loan Scheme. |
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Q11 |
When can I be eligible for a loan? |
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Ans |
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. |
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Q12 |
Am I able to get a loan approved on the spot? |
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Ans |
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. |
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Q13 |
Can the loan amount be determined over the phone? |
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Ans |
Members are required to submit their pay-slips for credit assessment before we can determine the amount of loan to be approved. |
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Q14 |
What is the interest rate for loan application? |
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Ans |
Loan interest is charged at 6% flat per annum |
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Q15 |
What other benefits is the Society offering to members? |
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Ans |
The co-operative gives out Study Awards to members' children from primary to tertiary levels yearly.
In addition, the co-operative also gives $20/- per day to members who are hospitalized. |
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SO WHY WAIT? JOIN AUPE MULTI-PURPOSE CO-OPERATIVE NOW!!!!! |
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Application Forms available on our website ( www.aupe.org.sg ) or Tel: 62808033 and we will sent the form to you. |
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