“Is the COE car loan that you provide OK for civil servants“? This post is up here because we get asked very often.
We understand that there are many restrictions that one has to abide with when working for the government, one of them being the taking of personal loans. All civil servants are required to do an Annual Declaration of Interest in Investments & Properties & Non-indebtedness/indebtedness. A little more info here. This applies not just to MOE staff.
Being an ex-civil servant who served in the armed forces, and now working providing vehicle loans to those who need, I am clear of the rules that are in place and the regular declarations to management that civil servants have to make about borrowings. This is for the good of the civil service and we support it fully.
We would like to state here that the loans we provide are of an approved type for civil servants – hire purchase car loans are allowed, just as housing loans are allowed for the civil service. All the vehicle related loans we help our customers secure are from legal registered finance entities approved for civil servants by MAS and the government.
All loans secured by collateral such as car hire purchase loans are approved by the government. Those that are not allowed are unsecured borrowings or personal loans.
Be assured, we have your interests in mind, always. That’s how we work. So looking for that loan? Contact us and we will call you for a discussion on which is most appropriate for your needs.