2. At any given period, the total of the applicant’s Regular or Special, Educational, Credit Card, Multi-Purpose and Personal loans shall not exceed 2X of the member’s 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. 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.
5. Penalty of 0.5% per month shall be charged on the outstanding balance due to delayed payment;
6. This loan may be renewed, paid in full or deducted from other loans after 50% payment. However, if the member chooses to renew before this time, the unused interest up to 50% will be forfeited as penalty. Forfeited interests are not subject to Patronage Refund.
7. Procedures in applying for a loan: a. Submit this accomplished form, together with the loan insurance 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 seven working days. There is no exception to this loan policy.
