Is a vehicle financing facility that can be used to buy a brand new, second hand vehicle or refinance existing vehicle loan. Covered vehicles are cars, motorcycles, tricycles, jeepney’s and trucks.
Requirements
- With at least P100,000 paid up capital
- At least 1 year COOP member
- Not delinquent for the last 3 months (Share capital & loans)
- No offsetting of other coop loans
- Loan amount and terms of payment
Loan Amount | Terms of payment |
50k to 99k | 2.5 years |
100k and above | Max of 5 years to pay |
- Loan proceeds- check is payable to seller/car dealer.
- Loan limit – maximum loan amount is P1,000,000
- Interest rate – 10% based on diminishing balance
- Service fee – 2% of principal amount or maximum of 3K whichever is lower
- The maximum monthly amortization for all types of company and COOP loans shall be 35% of the employee’s monthly basic salary (MBS).
- Subject to Co-maker policy
- The number of co-maker/s will vary based on the amount of loan exposure of STMC to a borrower one (1) co-maker is equivalent of P1 to P25K loan exposure.
- Requirements for Co-makers
- Must be a member of STMC in good standing for at least three (3) months
- With paid-up share capital of at least P2,500.00
- A member may guarantee a maximum of 3 outstanding loans
- Signed CORA form
- Signed Loan Application form
- Photo copy of Coop ID or Government ID w/ signature (front and back)
- The credit limit per member is equivalent of 2X of paid-up capital except for Petty Cash & Emergency loan which is allowed up to 3X of paid-up share capital.
- The maximum monthly amortization for all types of company and COOP loans shall be 35% of the employee’s monthly basic salary (MBS).
General requirements
- Duly signed Vehicle Assistance Loan form.
- Photocopy of latest community tax certificate (cedula)
- Quotation from supplier/seller with complete name, address, contact number and TIN number.
- Proof of ownership by the seller such as photo copy of LTO OR & CR. If the vehicle is not under the name of the seller, deed of sale and photo copy of LTO OR & CR are required to be submitted.
- 1 valid ID of the seller (photo copy)
- Proof of availability of funds to pay the difference of the cost of vehicle and the loan amount based on Vehicle loan application.
- Examples are:
- latest bank statement of account with account name and account number,
- Official receipt from car dealer/seller if employee already provided earnest money.
Additional requirements for assumption of loan
- Latest Statement of account from bank or financing institution.
- Copy of mortgage contract or loan agreement
Processing time :
Applications received from Mondays to Wednesdays to be released on Saturdays.
Applications received from Thursdays to Fridays to be released on the following Wednesdays.