Loan Scheme

Only members who have made contributions to the society consecutively for six (6) months shall qualify for loan facilities.

The maximum loan amount accessible by any member is 200% of his/her total cumulative contribution as at the end of the month before the month in which the application is made.

Monthly deductions of such loans from members’ salaries shall not exceed 33% of their regular monthly take-home pay.

Loan repayment shall be by direct payroll deduction throughout the agreed repayment period of the loan

Loan applications shall be treated on a first-come-first-serve basis subject to availability of funds.

Members shall qualify to apply for a new loan provided that a minimum period of one month has lapsed since the liquidation of a previous loan.

Download ASCMS Loan Products

Loan applications shall be supported by a number of guarantors depending on loan type (see loan product table), who must be financial members of the Society.

No member shall be allowed to guarantee more than 3 members’ loans/applications for loan at any given time.

No member shall be allowed to guarantee his/her own guarantor on an existing loan/application for a loan.

Members are at liberty to liquidate the outstanding balance on his/her loan account in full at any time via cash/cheque payment or any other off-payroll instrument.

Any member that is indebted to the society at the point of leaving ASCMSL either by resignation, dismissal or termination of appointment shall be required to settle the outstanding balance on his/her loan immediately. The accumulated contribution, savings and EOS (if applicable) of such member may also be appropriated towards the settlement of the loan.

Where an indebted member leaves ASCMSL without settling his/her outstanding loan and is not able to reach an acceptable settlement agreement with the management committee, the obligation of immediate settlement shall fall on the loan guarantors jointly and severally.

ASCMS Loan Products