Unlocking the value in your in-force insurance policy while enjoying the policy protection and other benefits stated in your insurance policy.
This financing service is only applicable to a fully paid insurance policy, with a surrender value and was issued by a reputable insurance company.
The insurance policyholder agrees to assign the policy to us as collateral in exchange for the financing services. In the event of death, surrender or maturity of the insurance policy, we will receive the payout from the insurance company. The payout will be used to settle the financed amount and the outstanding interest, if any, and return any remaining balance of the proceeds to the insurance policy owner or designated beneficiary
The financing amount will be determined based on the insurance policy’s’ latest guaranteed surrender value. The applicable loan to value (“LTV”) ratio will depend on the policy type, policy Issuer Company, etc. The LTV ratio we offer is up to 90% of the latest guaranteed surrender value.
Able to accept a policy that is owned by an individual or company insuring a third party as collateral. Policies must have Guaranteed Surrender value. Loans will be disbursed to the policy owner.
E.g. the latest guarantee surrender value of policy A, issued by a reputable insurance company, is SGD1,000. The maximum financing we can offer is capped at SGD900.
Benefits of insurance policy backed financing include:
We offer two types of loan structure, term loan and revolving loan.
|Term Loan||Revolving Loan|
|Monthly instalment of Principal + Interest [P+I]||Monthly instalment of Interest only [I only]|
|Fixed monthly repayment commitment||Flexible repayment on Principal. Repay Principal latest by loan due date|
|Lower interest charges as interest is charged on a reducing balance basis||Do not allow to withdraw the Principal paid earlier|
|Structure similar to HDB loan, Motor loan||Structure similar to overdraft facility, credit card loan|
|Suitable for people who prefer fixed commitment||Suitable for people who need the financing amount throughout the loan period.|
Please select “UEN” in your paynow payment option, UEN number: 198305883C. The payee display name is PHILLIP CREDIT P L-L M
Please see the bank details as below,
|Bank Name||:||Standard Chartered Bank|
|Branch Name||:||Standard Chartered Bank (Singapore) Limited|
|Branch Address||:||6 Battery Road|
|Account Name||:||Phillip Credit Pte Ltd|
|Bank Account Type||:||Current|
Able to accept fully paid insurance policy issued by reputable Singapore insurance company.