Regular Loan (RL)
- Members with less than five (5) years in service can avail twice the total amount of his/her share capital but not to exceed PHP 50,000.00
- Members with good standing may Double, Triple, Quadruple, Quintuple depending on the capacity, capital, collateral, character, and conditions.
- Members with more than five (5) years in service may avail for 80% of his/her total share capital. No co-maker is required.
- Renewal of loan shall be granted to members whose payments/deductions are updated as scheduled. All members with undeducted ageing loan accounts are suspended for loan renewal unless the ageing account has been fully settled. Depending on the amount of ageing account, a maximum of one year payment period shall be scheduled thru payroll deduction all uncollected/undeducted ageing accounts of the maker. However, members may opt to pay the ageing account in full thru Annie Estopace, Coop Treasurer or may offset his/her ageing account from his/her share capital.
- Net income/take home pay (after deductions of loan payment) should be at least 40% of the gross income. An applicant shall be required to submit photocopies of one (1) month latest pay-slips.
- A Service Charge of 2.50 for every P100 will be included on the first deduction. An Interest of One Percent (1%) per month will be added to the principal amount. Mode of payment shall depend on the capacity of the borrower to pay. Mode of payment regardless of the amount applied shall be 6 months, 12, 18, 24, 30 & 36 months. Rebates will no longer be given even if the maker decided to pay the remaining loan balance ahead of the scheduled payment term.
- (Rebates should be given to early payments, for the purpose of ROI)
- Payment of loan is through salary deduction, every payday.
- A co-maker is required for regular and short-term loan.
Retention fee of one percent (1%) of the principal amount of loan shall be deducted from the proceeds of the loan and shall be credited to the share capital of co-makers.
- Co-makers should be with same level or higher level of the maker.
- Release of loan is every (Thursday), Friday for applications received until Tuesday and Monday for applications received until Thursday.