TCC Personal Loan Review: Ideal for Weddings and Other Planned Events

Have a wedding in the family? Don’t worry. With a TCC Marriage Loan, you can borrow up to 6 times your monthly income and enjoy flat rates as low as 4.5% p.a. The tenure can be stretched to 3 years.

You can also use a TCC Consolidation Loan to reduce the weight of the interest burden on your unsecured credit lines and become debt-free faster. Flat interest rates on this loan start from 6.99% p.a. For other unexpected financial emergencies, use a TCC Personal Loan at an affordable interest rate of 6.99% p.a. Read on to know more about all the personal loan products offered by TCC.

Enjoy an Array of Personal Loan Options from TCC

TCC offers 3 different personal loan products. Each is designed to solve a specific problem. Here’s a look at them:

TCC Personal Loan: To follow your dreams, sometimes you need money along with passion. This loan from TCC Credit Co-operative can solve your money problems and help you reach your destination. You can borrow up to 6x your monthly earnings or joint monthly income, in case of a joint loan application. The tenure can be from 1 year to 5 years. Flat rate of interest starts from 6.99% p.a.

TCC Marriage Loan: Need money to organise your dream wedding? With this loan, you can borrow up to 6x your monthly income, subject to a certain cap. The loan repayment period can be between 1 year and 3 years. Nominal interest rates start from 4.5% p.a. for this loan.

TCC Consolidation Loan: Tired of managing multiple loan payments? Are you also tired of dealing with high interest rates on multiple existing credit facilities? With this loan, you can consolidate outstanding balances you have on multiple unsecured loan accounts, and enjoy applied interest rates as low as 6.99% p.a. You can borrow up to 6x your monthly income and stretch loan payments up to 5 years.

High Borrowing Limit, Low Interest Rate: Are TCC Personal Loans Really Useful?

Here are some features/benefits that you can expect from TCC loans:

• High borrowing limit: The loan amount will be capped at S$50,000 for Personal Loan, S$10,000 for Marriage Loan, and S$50,000 for Consolidation Loan.
• Flexible tenure: The repayment period on your Personal Loan, Marriage Loan, and Consolidation Loan can be extended up to 5 years, 3 years, and 5 years, respectively.
• Attractive interest rate: The applied interest rate on TCC loans can be as low as 4.5% p.a. It is extremely competitive and can be considered to be at par with market standards.
• Low minimum monthly income requirement: Do you earn S$1,200 or more per month? You may be eligible for TCC loans, provided you satisfy the other eligibility conditions.
• Hassle-free loan disbursement: Depending on your preference, you can either collect the loan amount approved in person, ask the bank to transfer it to a bank account of your choice, or ask it to credit the amount to a savings account you hold with TCC.

What is the Interest Charged?

If you decide to opt for a TCC loan for personal use, you’ll enjoy the following flat interest rates for each:

Provided you choose the right tenure/amount and don’t default on your loan, you can savings can be significant.

Don’t Forget to Consider These: Only Members are Eligible for TCC Loans

Keep the following points in mind before you apply for a loan from TCC:

• If you aren’t a member of TCC Ltd, you won’t be eligible for its loans.
• Each loan has an upper borrowing limit. Applications for loan amounts exceeding such limits, may be rejected.
• You have to offer an undertaking to the bank that you have no bankruptcy proceedings pending against you in a court of law, in Singapore.
• You have to indemnify the bank against any legal proceeding, claim, loss, damage, or expenses that may have occurred due to an instruction issued by you to the bank.
• The bank reserves the full discretion to decide on the outcome of your application, including the quantum of loan amount approved. It can also include additional clauses in your loan servicing contract without offering you any explanation for the same.

Want to Apply? Here’s the Eligibility Criteria That Have to Be Fulfilled

Here are the important eligibility conditions that the main and/or joint applicants will have to satisfy for each loan:

• You should be a citizen or PR of Singapore.
• You should be earning a basic income of S$1,200 per month.
• You should be aged between 21 years and 60 years.
• You can’t be surety for any other TCC loan.
• You have to be a member of TCC. Membership is FREE.

A surety for a TCC loan has to satisfy the following conditions:

• You’re a Singaporean or PR.
• You’re aged between 21 years and 55 years.
• Your basic monthly income is at least S$1,500 for a Personal Loan or Marriage Loan and S$2,500 for a Consolidation Loan.
• You’re a member of TCC.
• You can’t be surety for any other existing TCC loan.

Turn to the specific TCC loan product pages on our website to learn about the supporting documents that may be required for.

Channels of Application That You May Choose

Want to apply? Enjoy a hassle-free experience. The relevant application form can be downloaded from the bank’s website. Fill it out and send it to the bank for processing and approval. Call the bank or send an email to the bank to learn more about the application process. It’s true that since TCC maintains exclusivity for its loan products by ensuring that only members can access them, it will be outside the reach of non-members. However, if you’re a member, covering expenses with these loans can make a lot of sense. That’s because interest rates are competitive and the application process is simple. Moreover, being a member may not be too difficult, especially since you’ll be charged no membership fee. Check with the co-operative to know if membership is currently available.