FAQ

1. Do I need to be a member to apply for a loan with SGM?

  • Yes, you need to be a member for at least 6 months before applying for a loan.

2. If I am not a member yet and in need to make an urgent loan, can both the application be made together at once?

  • It depends on case by case basis and will be subject to the management approval.

3. Who qualifies to apply for a loan with SGM?

  • An Ordinary member of SGM who is working as a teacher (under Ministry of Education /Private Institutional)
  • An Associate member of SGM (He/she who has direct relation to the ordinary member of SGM e.g. spouse/siblings)

4. Do I need to provide surety (ies) for the loan application?

  • Yes, but only Ordinary members of SGM, will have an option by using    Insurance to secure for their loan.

5. How many sureties are required for a loan application?

  • Within the amount of less than S$10,000.00 = 1 surety
  • Exceed the amount of more than S$10,000.00 = 2 surety

    ** Amount of loan eligible depends on your gross salary. **

6. Who qualifies to be the surety for my loan application?

  • The surety (ies) must be an Ordinary member of SGM.

7. What must an applicant bring when applying for a loan with SGM?

  • Recent Original Pay slip or Income Tax assessment.
  • A photocopied NRIC.
  • Documents to support the purpose of your loan application.

8. Must my surety (ies) be present when I am applying for a loan with SGM?

  • Yes, we need to explain the terms and conditions to both you and your surities.

9. What must my surety (ies) bring upon meeting up with the Loan Officer?

  • Recent Original Pay slip
  • A photocopied of NRIC

10. How long do I have to wait for the approval of my loan?

  • A minimum of 1 month period for the approval, this is due to our BOD Meeting which is being carried out every end of the month.

11. How does the monthly loan repayment being made?

  • Via C.P.O (a direct deduction through salary)
  • Via GIRO (a direct deduction through savings account)

**The management reserves the right to change the terms and conditions of the loan.