2. At any given period, the total of the applicant’s all loans, except Property, Car, Petty and Calamity Loans if any, should not exceed 2X of the member’s Share Capital.
3. Payment 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.
4. The following charges are deducted immediately: a) Service fee: 1% of applied loan; and b) Filing Fee: P200.
5. Penalty of 0.5% per month shall be charged on the outstanding balance due to delayed payment or the failure to pay.
6. This loan may be renewed, paid in full or deducted from other loans without rebates. Forfeited interests are not subject to Patronage Refund.
7. Procedures in applying for a loan: a. Submit this accomplished form 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.
