Cooperative Owners Online Portal (e-COOP)

AMENDED POLICY GUIDELINES ON AVAILMENT OF LOANS (effective August 1, 2015)

Date posted: December 15, 2015 11:01 am

LOANABLE AMOUNT:( BR No. 31-2015)

The total loanable amount shall be Three Hundred Thousand Pesos (P 300,000.00) to wit:

1. Salary Loan (SL) – Eight (8) Months but not to exceed P 200,000.00.
2. Multi-Purpose Loan (MPL) – Maximum P 100,000.00
3. Short-Term Loan (STL) - Maximum P 50,000.00

CRITERIA FOR LOAN APPROVAL:
1. Applicant must be in good standing.
2. Applicant must be included in the preceding and current regular payroll.
3. Applicant who is a NEW MEMBER can avail of all types of loans payable within one (1) year only (BR No. 9-2015).
4. Applicant must have a net monthly take home pay of at least Three Thousand Five Hundred Pesos (P 3,500.00) after all deductions have been made, including the monthly amortization of the loan applied for.
5. Applicant must have contributed at least Twenty Five percent (25%) of the gross loanable amount. However, if his/her contribution/share capital is less than 25%, the balance will be deducted from the proceeds of his/her loan to cover the minimum requirement.
6. Applicant must have no pending criminal/administrative case .
7. Applicant can avail of the following loans subject to the leave credits requirements.
8. Members with NO LEAVE CREDITS or WITH PENDING ADMINISTRATIVE/CRIMINAL CASE can avail of a loan up to Eighty percent (80%) of his/her paid-up capital but not to exceed Three Hundred Thousand Pesos P 300,000.00.
9. The member-borrower may apply for a renewal of loan upon payment of Six months (6) monthly amortizations for all loan types. (BR No. 31-2015)
10.The Maximum age requirement for availment/renewal of loan shall be Fifty Nine (59) years old. Those who are Sixty (60) years old and above, may avail up to Eighty percent (80%) of his/her paid-up capital only. Loan of more than 80% of paid up capital may still be availed, provided he/she has at least 30 days Leave Credits per month of salary or its equivalent but not to exceed Three Hundred Thousand Pesos P 300,000.00 (BR No. 16-2015 ).

TERMS OF PAYMENT:
1. Salary Loan – Up to Thirty Six (36) Months
2. Multi-Purpose Loan – P 10,000.00 – P 50,000.00 – Up to Twenty Four (24) months to Pay; and P 60,000.00 – P100,000.00 – Thirty Six (36) months to Pay (BR 31-2015)
3. Short-Term Loan – P 10,000.00 – P 50,000.00 – Three (3), Six (6) and Nine (9) months to Pay;

INTEREST RATE:
1. Salary and Multi-Purpose Loan

TERMS OF PAYMENT INTEREST RATE per ANNUM

Twelve (12) Months 9%
Twenty Four (24) Months 10%
Thirty Six (36) Months 11%

2. Short Term Loan - 8% per annum

LOAN CHARGES:
1. Service Fee - 2%
2. Capital Build Up - 2% (BR 31-2015)
3. Handling Fee – Twenty Five P 25.00 for Regular Members and
One Hundred Twenty Five Pesos (P 125.00) for Associate Members.
4. Previous Loan balance, if there is any
5. Manulife loan secure premium rate shall be computed for every P 1,000.00 of approved loan and shall be based on the term of the member’s loan as follows:

TERM OF LOAN SINGLE PREMIUM RATE / P 1000.00
Twelve (12) Months P 0.65 / month
Twenty Four (24) Months P 0.70 / month
Thirty Six (36) Months P 0.75 / month







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