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 10,550.00

  SC 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.