Getting married soon? Congrats! If you’re, however, running short on funds, you could consider this TCC loan to meet the shortfall. With this loan, you could borrow up to 6 times your monthly income and enjoy a flat rate of interest as low as 4.5% p.a. The maximum tenure available is 3 years. For more information on important features of this wedding loan, read the following section.
To help you decide whether this loan could be apropos for your plans, we’ll offer you a glimpse into the important features of this product below:
High Borrowing Amount: With this loan, you could borrow up to 6 times your monthly income, subject to a maximum of S$10,000. This could be subject to certain conditions and the co-operative’s discretion.
Flexible Repayment Period: You could repay the loan in 1 year, 2 years, or 3 years as per your convenience. In addition to the interest rate you’re offered, the tenure chosen will determine your monthly instalment amount.
Affordable Interest Charges: TCC charges a low flat interest rate of 4.5% on this loan. Low interest charges will result in higher monthly savings.
Multiple Loan Disbursement Options: Once your application is approved, you’ll have the option to choose the funds-transfer channel as per your convenience. It could be any one of the following:
Let us now see how much your interest savings could be when compared to another loan for which you’ll have to pay higher interest rates.
We have said already that the co-operative charges a flat rate of 4.5% p.a. on this marriage loan. To help you understand what that means in terms of savings, let us try to find out the interest charges and monthly instalments for this loan and another generic loan X.
Let us assume that you have borrowed S$10,000 with both the loans. Let us also assume that you have chosen a tenure of 2 years for each. However, while you’ll have to pay a flat rate of 4.5% p.a. with this loan, you’ll have to pay a rate of 9% p.a. on X. Issuers of X also charge an upfront processing fee of 5%. Let’s see which loan is more cost-effective.
There is no processing fee on this TCC loan. So, your interest charges for 1 year will be S$450 (=4.5/100x10,000). Therefore, over the period of 2 years, you will be paying S$900 (=450+450) in interest charges.
Your monthly instalment on this wedding loan will be approximately S$454.17 (=10,000/24+4.5/100x10,000/12).
Let us now turn our attention to loan X. At 9% p.a., your interest charges for 2 years would be S$1,800 (=9/100x10,000x2).
There is a processing fee of 5%. So, interest will apply only on the loan balance of S$9,500 (=10,000-5/100x10,000). Therefore, your monthly instalment amount would be around S$487.92 (=10,000/24+9/100x9,500/12).
Hence, compared to loan X, you can save S$33.75 (=487.92-454.17) or almost 7% (=33.75/487.92x100%) more every month with this TCC loan. Considering interest payments for 2 years, you’ll be saving S$900 (=1,800-900) or 50% (=900/1,800x100%) more with this TCC loan as compared to loan X.
[Disclaimer: The numbers used in the example above are for illustrative purposes only. Any attempt to compare them against actual results may prove to be faulty. Also, the calculations may have been simplified for the purpose of easy understanding.]
In general, you may be held liable for payment of legal fees, handling fees, and other administrative charges that may be imposed by TCC from time to time at its discretion. For more information, contact TCC.Want to check out some loans on which no processing fee is levied? Click here.
Here are some points that you should consider carefully before you go ahead with the loan application:
You may want to talk to the co-operative for more insight.
To learn more about the eligibility criteria for this loan and other TCC loans, click here. For verification purposes, you and your surety will have to provide the following documents:
Here’s what you have to provide:
In addition, you’ll also have to furnish the following salary documents:
You’ll have to provide the following documents to help the bank with the loan application processing:
The income documents required will depend on your profession. The documents required are as follows:
To apply, download the application form. Mail it to TCC after filling it out. Some of the fields will ask for personal information. You’ll also have to provide contact details of 2 references. In addition, you’ll also have to provide information about your surety (or sureties).
If you require more information, you could call the organisation’s helpline. You could also send them an email.
Some might say that a marriage means a lifetime of commitment. Planning the perfect wedding, could be the beginning of demonstrating how seriously you take your relationship commitment.
Why let lack of funds mar the special occasion when a low-interest personal loan could solve your problems? If you’re looking for such a loan, this TCC loan could be one of the options that you may want to consider.