2. Payments shall be made through payroll deduction. 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.
3. The following charges are deducted immediately: a) Service fee: 2% of applied loan; and b) Filing Fee: P100.
4. Penalty of 0.5% per month shall be charged on the outstanding balance due to delayed payment or failure to pay.
5. This loan may be renewed, paid in full or deducted from other loans.
6. Procedures in applying for a loan: a. Submit this accomplished form, together with the required Barangay or Bishop’s certificate, 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 three working days.
