Zone 3, Bugo, Cagayan de Oro City
Mon-Thurs: 8am - 4pm Fri: 8am - 5pm
info@dmpi-eccc.org
REGULAR LOAN
OBJECTIVE
To provide basic loan service to help the providential and productive needs of the members.
INITIAL REQUIREMENTS
- The member MUST be a bonafide member of the cooperative in either of the following category: – Regular Member -Associate Member
- Member MUST have at least Php 5,000.00 in Fixed Deposit.
- Duly filled and signed Application Form with three co-makers and signed with spouse if married.
- A copy of member’s payslip for the last three months or the last six quincenas.
CONDITION
- Loanable Amount will be according to the current Fixed Deposit Amount of the member as reflected in the Table A and maximum amount is Php 70,000.00
- Service Fee is 1.75% of the approved Gross Loan.
- Interest Rate is 12% per annum.
- Penalty Fee is 1% per month for all uncollected/unpaid amortization.
- Maximum Loan Term is 2 years.
- Loan Retention: 5% of the gross loan proceeds will be added to member’s share capital until such time when the member’s share capital is Php 35,000.00
- 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.
- Additional Condition for Associate Members: -When total of arrears and principal balance of the associate member is already equal to the current balance on Share Capital, the member will be automatically dismembered. -All Arrears and Principal Loan Balance will be off-set to the member’s share capital in favour of the cooperative.
|
LOAN GUIDE TABLE |
||||
|
SHARE CAPITAL |
Regular Member |
Associate Member |
||
|
Less than 5 years |
5 – 10 years |
More than 10 years |
||
| 5,000 | 10,000 | 10,000 | 10,000 | 80% OF SHARE CAPITAL BUT NOT MORE THAN Ps. 70,000.00 |
| 10,000 | 15,000 | 15,000 | 20,000 | |
| 15,000 | 20,000 | 20,000 | 30,000 | |
| 20,000 | 25,000 | 25,000 | 40,000 | |
| 25,000 | 30,000 | 30,000 | 50,000 | |
| 30,000 | 35,000 | 35,000 | 60,000 | |
| 35,000 | 35,000 | 35,000 | 70,000 | |
| 40,000 | 35,000 | 35,000 | 70,000 | |
| 45,000 | 35,000 | 35,000 | 70,000 | |
| 50,000 | 35,000 | 35,000 | 70,000 | |
| 55,000 | 35,000 | 35,000 | 70,000 | |
| 60,000 | 35,000 | 35,000 | 70,000 | |
| 65,000 | 35,000 | 40,000 | 70,000 | |
| 70,000 | 40,000 | 45,000 | 70,000 | |
| 75,000 | 45,000 | 50,000 | 70,000 | |
| 80,000 | 50,000 | 55,000 | 70,000 | |
| 85,000 | 55,000 | 60,000 | 70,000 | |
| 90,000 | 60,000 | 65,000 | 70,000 | |
| 95,000 | 65,000 | 70,000 | 70,000 | |
| 100,000 | 70,000 | 70,000 | 70,000 | |
Table A. (Regular Loan Guide Table)
