Heading Sub Title
NSSA REVOLVING LOAN FACILITY
The NSSA Revolving Loan Facility is a loan facility that is extended to all qualifying NSSA pensioners who receive their pension payouts through POSB. This loan facility aims to enhance the livelihoods of NSSA pensioners through funding of income-generating projects run by pensioners and/or for personal purposes.
Business Conditions
The facility has the following business conditions:
| NSSA Revolving Loan Facility | Conditions of Service |
| Loan application/ processing fees | Nil |
| Interest Rate | 10% p.a |
| Tenure | 18 months |
| Loanable amount | Up to 10 times monthly pension |
| Special conditions | Qualifying pensioners are those who receive their monthly pension through POSB. However, there is no waiting period for new pensioners. |
Loan Application Requirements
- A NSSA pensioner should be 16 years and above.
- Pensioners should provide any of these identification documents: National ID, Driver’s License, or a valid passport.
- Qualifying pensioners are those who receive their monthly pension through POSB.
- Pensioners can apply for a loan up to 10 times the gross monthly pension.
- Loan is repayable over a period of 18 months.
- Loan will attract an interest rate of 10% per annum.
- The First installment will commence 1 month after the disbursement of the loan.
- Deductions will be made against the pensioner’s NSSA monthly pension.
- Pensioner can apply for a top up after having paid back 25% of the initial loan.
Benefits
- No loan application fees.
- Access to funds at a concessionary interest rate of 10% p.a.
- Improved livelihoods through accessing funds for various income-generating projects.
- Quick loan processing turnaround time.
- No waiting period to access the loan.
