New PANTAWID SAHOD LOAN offer
July 28, 2016
To: All STMC Members
Please refer to the new policy on STMC PANTAWID SAHOD LOAN.
It is the policy of the Cooperative to provide timely, efficient and member-friendly COOP loans to all its contributing members.
The new PANTAWID SAHOD LOAN is a loan type that can be availed of by members to finance their immediate cash needs before paydays. This type of loan can be availed only during the following dates:
Availment period |
Every 2nd to 9th of the month |
Every 17th to 24th of the month |
GUIDELINES:
- Availee must be at least 6 months COOP member
- Member must have a minimum share capital of Php2,500
- Loanable amounts : Php 500 or Php 1,000 or Php 1,500
- Applicable interest rate : 0.5% per month straight-line basis
- Service Fee : 0%
- Term of payment : 1 month
- Not subject to 2x of share capital credit limit
- No advance payment or offsetting/restructuring of loans
- The maximum monthly amortization for all types of company and COOP loans shall be 35% of the employee’s monthly basic salary
- Note: Will reflect as Petty Cash Loan in payslip
EFFECTIVITY: August 2, 2016
For further clarification, please contact the STMC office at locals 5707 & 5408 or email rommel.santiago@stmcoop.org
Cooperatively Yours,
STMC Management