Pensioner Loans
This is a loan product for pensioners and pension beneficiaries aged 18 and 68, who receive pensions through POSB accounts. The loans are covered under the FML’s Pensioner Guarantor Plan. In the event that the customer passes away, FML will pay the outstanding loan balance to POSB and the remaining benefit to the deceased customer’s beneficiaries. If the loan is already paid off, the customer’s beneficiaries will have access to the full death benefits.
Requirements for sole traders
- A completed contract form for POSB merchant acquiring services.
- POSB individual FCA account
- Sales projections for at least 3 months
- Registration documents:
- Copy of trading licence
- Lease agreement or title deeds
- Current proof of residence for business owner
- Copy of ID
Requirements for schools
- A formal application requesting for POSB merchant acquiring services.
- Constitution/minutes/resolution to become an agent
- List of officials responsible for running the agency on behalf of the school
- POSB individual FCA account
- Registration documents:
- Official address of business premises
- Registration number from Ministry of Education
- Current proof of residence for business owner
- Current bank statements for accounts with other financial institutions
- Principal, Deputy Principal and Bursar documents:
- Copy of ID
- Current proof of residence for signatories or trustees
Requirements for partnerships
- A formal application requesting for POSB merchant acquiring services.
- Profile of the company, business plan or strategy
- POSB FCA account
- Registration documents:
- Tax clearance certificate
- Certified copies of trading licence
- Lease agreement or title deeds
- Current bank statements for accounts with other financial institutions for at least 12 months
- Partnership agreement or constitution if applicable
- Sales projections for at least 3 months
- Individual owners’ documents required:
- Copy of ID
- Current proof of residence for signatories or trustees
Requirements for corporates
- A formal application requesting for POSB merchant acquiring services.
- Profile of the company, business plan or project proposal
- Sales projections for at least 3 months
- POSB corporate or SME FCA account
- Registration documents:
- Tax clearance certificate
- Certified copies of Certificate Of Incorporation
- Certified copies of Memorandum and Articles Of Association
- Certified copies of CR14 and CR6
- Certified copies of trading licence for proposed outlets
- Lease agreement or title deeds
- Current bank statements for accounts with other financial institutions for at least 12 months
- Audited financial statements for the past year
- Individual directors documents required:
- Copy of ID
- Current proof of residence for signatories or trustees
