DMPI Employees & Community Credit Cooperative

P50K INSTANT LOAN

OBJECTIVE

To help members defray their immediate needs like death, hospitalization, medicines, calamities, legal problems, dental, optical, electric bills, water bills, educational expenses for themselves   and / or dependents / beneficiaries. This  is an extended instant loan policy which will be offered as an additional service to those who have availed of the Maxi Loan of P500,000 and above.

INITIAL REQUIREMENTS

1. The member MUST be a bonafide REGULAR member of the cooperative.
2. Member MUST be at least 10 years in service in DMPI.
3. Previously qualified for and have availed of Maxi Loan (P500K and above).
4. Class A member for the past 4 months.
5. Take home pay per quincena is P10,000 or P20,000 per month
6. Member MUST have at least Php 50,000.00 in Fixed Deposit.
7. Duly filled and signed Application Form.
8. A copy of member’s payslip for the last three months or the last six quincenas.

CONDITION

1. Service Fee is 2.5% of the approved Gross Loan.
2. Interest Rate is 1.5% per month.
3. Penalty Fee is 1% per month for all uncollected/unpaid amortization.
4. Maximum loan erm is 12 months.
5. Re-Loan can be granted to the member, provided that the gross loan proceeds shall still be in accordance to what is indicated in the loan guide table.
6. This loan is a priority for deduction.