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

  1. 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
  2. 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.
  3. Photocopy of latest community tax certificate (cedula)
  4. Quotation from car dealer
  5. Copy of webapps or payslip
  6. 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

  1. Original copy of Sales Invoice/Delivery Receipt from car dealer – To be submitted to Coop with-in 3 days upon release of payment.
  2. 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.
  3. Proof of payment on equity (Photocopy) – To be submitted to STMC with-in 3 days upon release of payment.
  4. Copy of Comprehensive insurance policy with STMC as beneficiary