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  • Personal Loan BYTES FROM OUR KITCHEN

    TCC Marriage Loan Review: Enjoy Low-Interest Funds to Finance Your Wedding

    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.

    Low Interest Charges, High Borrowing Limit: Arrange Your Dream Wedding With This Loan

    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:

    • Collect a cheque from the co-operative in person.
    • Ask TCC to transfer the amount to a savings account held with it.
    • Ask TCC to transfer the loan funds to a savings account held with a bank.

    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.

    Can You Save Substantially on Interest Payments With This Loan?

    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.

    [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.]

    What Are the Fees and Charges That May Be Imposed on Your Loan?

    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.

    Important Points That Shouldn’t Be Ignored: Undischarged Bankrupts May Not Be Eligible

    Here are some points that you should consider carefully before you go ahead with the loan application:

    • Only TCC members can apply for this loan. The same applies to sureties.
    • If you’re an undischarged bankrupt or if a bankruptcy suit is pending against you in a court, you may not be eligible for this loan. In any case, it’s binding on you to make declarations about your bankruptcy to TCC.
    • If you realise that inaccurate or misleading information was provided to TCC at the time of application or when the loan was outstanding, you’ll be under the obligation to inform it. This will allow TCC to initiate a remedial action.
    • You and your surety can’t be a surety for an existing TCC loan at the time of application.
    • TCC will have the absolute and sole right to determine your eligibility. It could decline your application without offering explanations or approve a loan lower in value than your application.
    • TCC will have the right to share or collect information from a third party for the purpose of processing your application.

    You may want to talk to the co-operative for more insight.

    Want to Know If You Are Eligible? Examine the Conditions Mentioned Below

    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:

    Documents Required From the Main and Joint Applicant(s)

    Here’s what you have to provide:

    • Your NRIC document.
    • A copy of your marriage certificate, if applicable.
    • Your latest credit bureau report.

    In addition, you’ll also have to furnish the following salary documents:

    Salaried Employees:

    • Your latest electronic payslip.
    • Your CPF contribution documents for the last 15 months.
    • Your latest income tax notice of assessment (only if the loan amount exceeds S$10,000).

    Commissioned Employees:

    • Commission statement for the last 6 months.
    • Notice of Assessment (NOA) for the last 2 years from the Income Tax department.

    Self-Employed Professionals:

    • Latest NOA outlining your tax details for the last 2 years.

    Documents Required From Surety/Sureties

    You’ll have to provide the following documents to help the bank with the loan application processing:

    • A copy of your NRIC.
    • Your valid income documents.

    The income documents required will depend on your profession. The documents required are as follows:

    Salaried Employees:

    • Latest payslip.
    • Proof of CPF contributions made over the last 15 months.
    • A copy of your latest income tax notice of assessment (NOA) (provided the loan amount applied for exceeds S$10,000).

    Commissioned Professionals:

    • Commission statement detailing income for the last 6 months.
    • NOA for the last 2 years.

    Self-Employed Professionals:

    • NOA for the last 2 years.

    Want to Apply? Here’s How You Can Take the Process Forward

    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.

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