This is a loan product for pensioners and pension benefciaries. Customers aged between 18 and 68 are eligible for this loan product. Furthermore, the pensioners will be 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 beneft to the deceased customer’s benefciaries. If the loan is already paid oﬀ, the customer’s benefciaries will have access to full death beneft.
Benefits to Customers
• An aﬀordable loan to meet personal needs
• An aﬀordable Pensioner Guarantor Plan
• A competitive lending rate and lower fees
|Pre-requisite||FML’s Pensioner Guarantor Plan|
|Age Limit||18 to 68 years|
|Loanable Amount minimum of $200||(5 x monthly pension payout)
minimum amount of $100 and
maximum $3 000.
However, pensioners aged above 65 up to 68 will get a maximum loan of $1,000.
|Loan Clearance Fee||$10.00|
|Lending Rate||15 - 18% p.a|
|Repayment Period||Up to 24 months|
|Frequency of Repayment Installments||Monthly|
|Credit Insurance||As per FML Guarantor Plan|
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