Who may avail of a loan?

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

Business/Commercial Loan (Short Term)

Financial charges

  • 1. Interest
  • : 1.5% per month, straight, pre-deduct
  • 2. Service Fee
  • : 3.5% pre deduct
  • 3. Fines
  • : 5% after maturity
  • 4. Loan Insurance
  • : .001 per loan
  • : amount per loan
  • 5. Capital Build Up
  • : 2.5% per loan amount

** Interest and other charges are deducted outright.

TERM/Mode of Payment/Loan Amount

  • 1. TERM
  • : Maximum of 6 Months
  • 2. Mode of Payments
  • : Daily, Weekly or Monthly
  • 3. Loan Amount
  • : Ph₱ 1,000,000.00 Maximum per Borrower

Purpose/Requirements/Collateral

  • 1. Small Business e.g. Sari-Sari Store, Buy and Sell etc.
  • 2. Titled lot collateral if loan amount is Ph₱ 100,000.00 to Ph₱ 1,000,000.00.
  • 3. For below Ph₱ 100,000.00, in excess of share capital, must be covered with collateral e.g. Titled/Tax declaration and with co-borrower

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 of 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.