Requirements:
I. Eligibility
- STMC member for at least two (2) years
- With at least P300,000 paid up capital
- Not delinquent for the last 12 months.
- Subject to take home pay policy
II. Amount of Loan
80% of total car price or up to a maximum loan amount of Php 800K.
III. Interest Rate, Terms of Payment and Service Fee
- Interest is 10% per annum based on diminishing balance.
- Fixed service charge of 5K
- Maximum of 5 years to pay.
IV. Other Charges
- Comprehensive insurance w/ Acts of God (until loan is fully paid) – member’s expense, and to be secured by the member.
- Notarial fee – Contract of lease w/ option to buy – charge to STMC
V. Definition of Terms
- STMC / Lessor – Sulong sa Tagumpay Multi-Purpose Cooperative, is the cooperative of the regular employees of STMicroelectronics, Inc., and ST-Ericsson Inc.
- Member / Borrower / Lessee – is a member of the Lessor and regular employee of STMicroelectronics, Inc., who is qualified to enter into the Contract of Lease with Option to Buy
VI. Loan Security
Lease-to-own scheme, Car is registered under STMC and name as “STMC lease to Juan Dela Cruz”
VII. General Requirements
- Duly signed STMC Auto Loan application form w/ spouse signature/consent
- If married – copy of marriage certificate
- If separated – affidavit of separation
- If widowed – copy of death certificate
- Proof of availability of funds to pay the difference of the cost of car and the loanable amount based on car loan application – as employee’s share or equity.
- Examples are:
- Current bank statement of account with account name and account number,
- Official receipt from car dealer if employee already provided earnest money.
- Examples are:
- Photocopy of latest community tax certificate (cedula)
- Quotation from car dealer
- Copy of webapps or payslip
- Photocopy of STMC coop ID
VIII. Payment to Dealer Scheme
The borrower/lessee and/or STMC staff shall be responsible for interfacing with the car dealer during payment of the unit.
The equity, as shouldered by the borrower/lessee, shall be settled ahead of the balance. The coop, upon receipt of the proof of payment of equity, shall issue the remaining amount in the form of a manager’s check addressed to the Car Dealer.
IX. Mandatory Compliance Document
- Original copy of Sales Invoice/Delivery Receipt from car dealer – To be submitted to Coop with-in 3 days upon release of payment.
- Original copy of LTO OR & CR – maximum of 60 days
- STMC will safe keep original official receipt & certificate of registration. In case employee would request a COPY of the Original documents, the cooperative shall provide a photocopy for the member. The member is not allowed to borrow the Original Documents. The STMC staff must ensure that the OR/CR will be delivered to STMC office. On the other hand, the address indicated in the OR/CR should be the borrower’s home address.
- Proof of payment on equity (Photocopy) – To be submitted to STMC with-in 3 days upon release of payment.
- Copy of Comprehensive insurance policy with STMC as beneficiary