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Apply for a policy loan

To meet your short-term financial needs, you can take a loan from the cash value of your policy, provided that the policy comes with cash value.

There are two ways to find out if your policy has a cash value:

  1. Check the Great Eastern app
  2. The Great Eastern app also provides the available loan amount on each eligible policy.

  3. Ask your Financial Representative
  4. Your Financial Representative will also be able to advise you regarding the loan amount available on each of your policies.

    The cash value of eligible policies will be available about two to three years after you have bought the policy.

    Typically, MediShield plans, accident and health plans, as well as term policies do not have any cash value.

    It is important to continue paying your premium every month. We recommend that you repay your loan within a year or two to avoid exhausting your policy's cash value and running into Automatic Premium Loan.

    The interest for your loan is 6.0% per annum and calculated daily on the outstanding amount. All loan applications are subject to approval.

    There are two ways to apply for a policy loan:

  1. eConnect
  2. Email or post

How to receive policy loan

You can receive your policy loan through PayNow or direct crediting.

If you have not registered for PayNow, you can do so at a participating bank.

Did you know?

You can apply for a policy loan via your Financial Representative, and they can also help follow up on your specific needs.

How to apply for a policy loan

Email and post

    How to apply for a policy loan

  • Email and post
  • Customer Service Centre

Questions and Answers

Yes. You must continue to pay your premiums to keep the policy in force. When any policy benefits (such as cash benefits or maturity value) are due to you, this will be used to offset your loan, before the balance is made to you.

Loan amount Payout timeframe upon approval Cut-off for submission of request
< SGD50,000

PayNow: Same working day

Direct credit to bank account: At least 2 working days

Application would need to be approved at least 30 minutes before the counter closes
≥ SGD50,000 - < SGD200,000

PayNow: Same working day

Direct credit to bank account: At least 2 working days

Application would need to be approved at least 1 hour before the counter closes
≥ SGD200,000 PayNow and direct credit to bank account: At least 2-3 working days Application would need to be approved at least 1 hour before the counter closes
All USD loans At least 7 - 10 working days via cheque Application would need to be approved at least 1 hour before the counter closes

We may ask you to submit documents along with your loan application. The loan will only be paid out upon acceptance of the supporting documents.