2. At any given period, the borrower’s total loans, excluding vehicle and/or property loans shall not exceed 3X of his/her Share Capital.
3. Payment shall be made through payroll deduction within the period specified in the table below. Provided that all loan amortizations should not exceed 25% of the gross salary, and that the net take home pay per pay period will not be less than P5,000. Provided further, that the loan should be at least 50% paid on the member’s 60th birthday.
4. Member-borrower should submit the following: a) feasibility study; and b) business permit for loans above P250,000.
5. The following charges are deducted immediately: a) Savings build-up: 5% of applied loan; b) Service fee: 1% of applied loan; c) Filing Fee: P200; d) Member’s benefit fund contribution at 0.75% of applied loan multiplied by number of years to pay.
6. Penalty of 0.5% per month will be charged on outstanding balance due to delayed payment, to be deducted from savings account.
7. Quarterly post-dated checks (PDC) are required for loans above P500,000. Unused PDCs will be returned after 6 months.
8. This loan may be renewed, paid in full or deducted from other loans without rebates. Forfeited interests are not subject to Patronage Refund.
9. Procedures in applying for a loan: a. Submit this accomplished form, together with the loan insurance form and other requirements to the Credit Committee. b. If approved, the Administrative staff shall process the loan and credit it to the member’s bank account.
NOTE: Loan will be processed in seven working days. There is no exception to this loan policy.
