FAQ About Loans

  • Do I need to be a member to apply for a loan with TCC?
    1. Yes
  • Who qualifies to be a member of TCC Ltd?
    1. A Singaporean or Singapore Permanent Resident
  • What are the operating hours of TCC Ltd?
    1. Mon to Fri – 8.30am till 6pm
    2. Sat – 9.00am till 1pm
  • Do I need to provide guarantor (s) for the loan application?
    1. Yes you need to provide guarantor(s) for the loan application
    2. Guarantor(s) must a Singaporean
  • How many guarantors are required for a loan application?
    1. This is based on the loan quantum.
  • What is maximum repayment term of the loan?
    1. Up to 5 years for most loans
    2. For Local educational loans
      1. Course Duration + 24 months
    3. For Personal, Consolidation, & Renovation loans
      1. Up to 5 years.
    4. For Lifestyle loans
      1. Up to 3 years.
  • Are there any processing fees?
    1. Processing fees are based on the Loan amount applied
    2. For Local Education Loan, processing fees are 2% of the approved amount.
    3. Online applications are eligible for 10% discount on processing fees.
  • Upon approval of the loan, to whom will the cheque be payable to?
    1. Personal Loans - Cheque issued to applicant.
    2. Renovation Loans - Cheque issued to contractor.
    3. Education Loan - Cheque issued to Education Institute on a semester basis.
    4. Consolidation Loan - Cheque issued to bank
  • Can a loan applicant be less than 21 years of age?
    1. No, you must 21 years old & above to apply for the loan.However you may ask your family members, relatives or friends to apply the loan on your behalf.
  • Is there any age limit for a loan applicant?
    1. Yes, Min 21 years old.
    2. Maximum of less than 55 years of age
  • Is there a minimum basic income for a loan applicant & guarantor?
    1. Loan applicant must have at least a minimum basic salary of $1200 per month.
    2. Guarantors must have a minimum basic income of $1500 per month.
    3. Applicant & Guarantors must be confirmed employees.
  • What must an applicant bring when applying for a loan with TCC?
    1. NRIC
    2. Latest Original Pay slip or Original Appointment letter
    3. 15 months CPF contribution history for applicant with Appointment letter
    4. If you are self employed, past 2 years Original Income tax assessment & ROC
    5. Original copy of Notice of Assessment (applicable to loan amount of $10,000 and above only)
    6. Marriage certificate (if loan is applied with spouse)
    7. Credit Bureau Report for loans amount $5,000 and above.
    8. Additional documents may required for different loans.Please refer to the appropriate loan webpage for more information.
  • Must my guarantor(s) be present when I am applying for a loan with TCC?
    What are the documents should my guarantor(s) bring with them?

    Yes, we need to explain to them our terms and conditions of being a surety for the loan application. They need to bring: -

    1. NRIC
    2. Latest Original Pay slip or Original Appointment letter
    3. CPF contribution history for those applicant with Appointment letter
    4. Past 1 year – Original copy of Notice of Assessment
    5. If they are self employed, past 2 years income tax assessment & ROC
  • Are there any other charges that need to be paid for the loan application?
    1. Yes, litigation search fee will only be payable if there is a trace of litigation suits
  • Is there any payment to be made upon application of loan?

    Yes, you need to make :-

    1. $10 to your savings account
    2. 1st Upfront payment
    3. Processing fees*
    4. Litigation search fees (if applicable)

    * Applicant can add the processing fee to the loan amount

  • What is the mode of payment?
    1. Giro
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