Who may avail of a loan?

  • 1. All Regular Member
  • 2. Maintain a Savings Deposit of Ph₱ 1,000.00

Appliance Loan

Financial charges

  • 1. Interest
  • : 1% per month, pre-deduct.
  • 2. Service Fee
  • : 3.5% pre deduct
  • 3. Fines
  • : 5% on default monthly amortization
  • 4. Loan Insurance
  • : .001 per loan per term.
  • 5. Capital Build Up
  • : 2.5% per loan amount

TERM/Mode of Payment/Loan Amount

  • 1. TERM
  • : Maximum of 1 year
  • 2. Mode of Payments
  • : Monthly
  • 3. Loan Amount
  • : Maximum of Ph₱ 100,000.00 per Borrower

Purpose/Requirements/Collateral

  • 1. To purchase an Appliances/gadget/equipments.
  • 2. Based on Capital or based on the reciept of purchase appliance loan.
  • 3. In excess of share capital, must have co-borrower or savings hold-out.

Note:

  • 1. Every Member-borrower may avail loan products provided share capital is sufficient to cover the loan
  • 2. Member-borrower can only avail another loan product if existing loan is 60% is paid
  • 3. No Loan Capital Leveraging and/or times 2 or 3 of capital

PROCEDURE IN APPLYING FOR LOAN

  • 1. Member-borrower to fill up data form for encoding by the loan processor
  • 2. If loan-term e.g. businness/commercial loan, asset loan, car loan and agricultural loan, collateral requirements shall be submitted and ensure capital requirement have met
  • 3. Loan Officer conduct ocular inspection on the collateral offered and make appraisal report.
  • 4. Loan officer to present the collateral and appraisal report during regular board meeting.
  • 5. Once presented and approved by the board of directors with complete attachments such as Memorandum of Agreement (MOA), Titled Collateral was registered in the Registry of Deeds (ROD), then loan is ready for release depending on the availability og funds.
  • 6. Member-borrower is obliged to issue Post-dated checks as a form of payment.
  • 7. If loan is not collateralize, member-borrower upon signing the loan application form and was approved, loan will be release at once.