DMPI Employees & Community Credit Cooperative

CAR LOAN POLICY

OBJECTIVE

1. Additional Loan Window for Class A members who desire to acquire a vehicle for the purpose of business, or personal comfort, on top of the members’ existing regular, appliance/building, special, instant, or maxi-loan.
2. To entice those Class A members who are planning to acquire a vehicle and at the same time encourage them to patronize the services offered by our cooperative.

INITIAL REQUIREMENTS

1. The member SHOULD have

1. 1. at least Php 100,000.00 in Fixed Deposit for brand new vehicle acquisition
   2. at least Php 75,000.00 in Fixed Deposit for second hand vehicle acquisition

2. The member SHOULD be in service as a regular employee of DMPI for at least 5 years and with a minimum net pay, from the date of loan application:
3. of at least Php 15,000.00/month for six(6) consecutive months (for 2^nd hand units)
4. or at least Php 20,000.00/month for six(6) consecutive months (for brand new units)
5. Gross Loan Amount approval shall be based on the monthly amortization after consideration of net pay to be at least
6. Php 10,000.00 for married member
7. Php 5,000.00 for single member

ADDITIONAL REQUIREMENTS

For 2^nd hand units,

1. The OR/CR place of registration of the subject vehicle should not be within the considered hot areas (LANAO, MARAWI, MAGUINDANAO, etc.)
2. The subject Vehicle model should not be more than 10 years old from date of loan application, as indicated in the Certificate of Registration
3. The Unit should be in good/top running condition, of which will be subjected for Technical inspection/evaluation by Authorized coop representative (Audit Committee and qualified member)
4. The Unit should be of known good quality brand (preferably Toyota, Honda, Mitsubishi, Ford, Hyundai, Isuzu, Mazda, Suzuki, Kia, etc.)
5. Only commercial units are allowed to be processed for loan application and no surplus/assembled units
6. Full Payment will be paid directly to the car owner as reflected in the Certificate of Registration

For Brand New Units,

1. The Units should come from authorized dealers of known good quality brands

(Toyota, Honda, Ford, Mitsubishi, Mazda, Suzuki, Nissan, Isuzu, Subaru, Hyundai, Kia, etc.)

2. Full payment will be paid directly to the Authorized dealer

CONDITION

Service Fee: Fixed Amount

Penalty Fee: same rate for Regular Loan Penalty will apply

Maximum Loanable Amount:

                Php 500,000.00 for 2^nd hand units

                Php 1,500,000.00 for brand new units

Interest Rate:    10% per annum (3 years), 11% per annum (4 years), 12% per annum (5 years)

Term:    Maximum 5 years

• Additional Lock in Savings Deposit for Car Loan of
  1. Php 10,000.00 for Php 800,000.00 and below or
  2. Php 15,000 for Php 800,000.00 and above

which can only be withdrawn after the loan term

• The subject vehicle for acquisition shall be enrolled in a Comprehensive (on damage) insurance of which will depend on the loan term.
• Loan Protection Program will apply.
• Certificate of Registration should be transferred or registered under the name of the member at a maximum of 60 days after the acquisition of the vehicle.
• Original Copy of the Certificate of Registration under the name of the member shall be kept by DMPI-ECCC or a penalty of Php 500.00/month shall be charged to the member for non-compliance after the 60 day grace period.
• Units will be repossessed for non-payment of six(6) consecutive months.