Requirements:
- 1 year coop member
- 2 years in the company
- Copy of webapps
- If with existing business:
- Updated mayor’s business permit
- Proof of business related expenses
- New/Backyard Business
- Project Proposal
- Mayor’s permit
Processing Time:
Applications with complete requirements received from Mondays to Wednesdays will be released on Saturdays.
Applications received from Thursdays to Fridays will be released on the following Wednesdays.
Minimum Share Capital : | Php2,500 |
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Loan Amount : | Maximum of 250K |
Co-maker : | Co-maker is required if loan is more than his/her paid up capital, 1 co-maker for every P1 to P25K loan exposure |
Interest Rates : | 1.25% per month straight-line basis |
Service Fee : | 2% or P3,000 service fee whichever is lower |
Loan Term : | Max of 4 years to pay |
Note:
- The credit limit per member is equivalent of 2X of paid-up capital except for Petty Cash Loan & 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).
- Pre-termination fee is waived if loan for offset and the new loan application are the same type of loan.
- If there is no Mayor’s permit presented, member should avail of the providential loan