Illustration for Short Term Loan (STL)
Amount of STL Applied : P 10,000
Date Granted : September 4, 2017
Principal Loan (PL) P 10,000
Interest 1% – Php300.00
2.5% Service Charge (SC)P P250.00
Total P 10,550.00
Payment Due Date : December 4, 2017
- In case the employee failed to pay the total loan amount on the 3rd month, the loan amount + SC 2.5%+int.1% will be considered as the principal amount. The guidelines for the regular loan shall apply.
Illustration if member failed to pay on the 3rd month:
Principal Amount P 10,000.00
Interest 1% 300.00
+ Service Charge P 250.00
New Principal P 10,550.00SC of P2.50 for every PHP 100 and 1% interest rate per month will be computed in the amortization.
- Employee may qualify for a regular and short term loan provided he/she has at least one (1) year of continuously paying his/her share capital, subject to availability of funds.