Please refer to Loan Eligibility under the “Getting Started” menu tab.
You will need to open a custodian account with Phillip Securities Pte Ltd (“PSPL”), a member of PhillipCapital Group and move the assets into the custodian account. PSPL will keep your assets on your behalf.
You will not be allowed to sell/switch your assets during the loan period. The dividend declared will be deposited into your custodian account, and you are allowed to make the cash withdrawal on the amount. Please contact us if you wish to withdraw the amount; we will make the necessary arrangement.
For absolute assignment, the policy will be held under our name.
For policy under collateral assignment, you retain the possession of the asset, with the understanding that the use or disposition of that asset must be managed with the consent and approval of Phillip Credit Pte Ltd.
Under both circumstances (Absolute and Collateral assignment), you will not be able to make any nominations and any other requests during the loan period.
However, you are still entitled to the claims/cash payout/benefits arising from the policy pledged to us.
You have to go through Phillip Credit if you would like to make claims with the insurance company.
All insurance claims have to be made through Phillip Credit.
As we are the policy owner, the insurance company will make the payment to us, after which, the policy will be re-assigned back to you. Once we confirm the payout/benefits are related to your policy, we will disburse the full amount to you accordingly.
Yes, you can do so by giving us 30 days’ notice in advance. No penalty fees will be charged for early settlement.
You may reach out to us at 6521 6858 or email us at firstname.lastname@example.org to check on the latest outstanding amount.
We will discharge the collateral collected at the beginning stage. For securities, we will release the assets back to your designated account. For insurance policy