* In consideration of the application and approval of the loan, I hereby authorised my employer to deduct from my salary
monthly or such other sum as The singappore Government Staff Credit Co-operative Society Ltd(Society)will advise my employer from time to time as repayment of the loan granted to me by the society, The deducted amount shall include principal with interest at 6% per annum on theprincipal from the month loan is granted onwards till the loan is repaid.
* If for whatever reasons I am no longer employed at the place stated above, I undertake to immediately inforn the society and settle all loans in one lump sum payment. In the event that I default on such undertaking up to a maximum of two monthly installments the society may take legal action to recover the oustanding loan and interest at 6%per annum. I understand that if I default in the repayment of this loan the society may list my name in DP SME Credit Bureau's record and may be assessed by financial institutions and other approving credit companies.ALL legal costs, incidental expenses and disbursements incurred by the Society for the claming of the outstanding loan shall be fully paid by me on indemnity basis.
* I agree to pay the administration charges in connection with this loan as imposed by the Society.I also affer all or part my subscription savings with the Society as collateral for the above loan. This loan shall run parallel with any other loan that I may have with the society and shall not have any bearing whatsoever with other loans.
* I hereby declare that I am not a bankrupt and I have no outstanding judgement against me.I authorise the society to make all searches in this respect and authorise the society to deduct the costs for such searches directly from my account.
* I authorise the society to credit the amount of loan granted to me into my above mentioned bank account. I have read, understand and agree to abide by all By-Laws of the Society in relation to this loan.