Auto Loan
| Share Capital Requirements | 5,000 for Regular Member, 2,500 for Associate Member |
| Eligibility | A member of OMSMPC with good standing: - No past due loans and other unpaid obligations in share capital, loans, fees, etc. - Share Capital should be at least 15,000 (for both REGULAR and ASSOCIATE MEMBERS) - Has attended the savings and loans orientation and other required trainings -For Refinancing, no history of unpaid amortization for more than 30 days - Has complied with all the requirements of a regular member - Regular Member for at least 2 years For Associate Member - Non-Employee- must be a member for at least two years - Employee- Must be a Regular Employee and have been with OMSMPC for at least one (1) Year. - Do not have any adverse credit history Additional Eligibility Requirements: Must meet any of the following criteria: - For Employed: Working for at least 3 years and with the current employer for at least 6 months - For Business: Should be in operation profitably for at least 3 years - Been in Online Selling for at least 3 years with a stable and profitable GMV |
| Loanable Amount | Brand New- Up to 80% of Net Cash Price *But not to exceed Php 1,000,000.00 |
| Condition | Brand New *Not limited to cars and other private vehicles. Vans, trucks, and other vehicle types may also be loaned. |
| Cash out | Capital Build Up Registration Fee Chattel Mortgage Fee Handling Fee Comprehensive Motor Car Insurance Policy with “Acts of Nature” Coverage Process Fee Service Fee |
| Term | Brand New - 12 to 60 months |
| Mode of Payment | PDC Salary Deduction for Associate Member (Employee) *In case of separation, employees should PDC |
| Co-Maker Requirement | 2 Co- Maker With regular and stable income |
| Interest Rate | 8% per annum Diminishing Balance |
| Penalty | 2% per month |
| Other Charges | None |
| Capital Build Up | 3% of the loan amount |
| Approving Authority | General Manager, Crecom, and BOD |
| Requirement (Minimum) | 1. Duly accomplished OMSMPC application form 2. Supporting Documents - Locally Employed - Filled out and signed the application form - Certificate of Employment with compensation and tenure - Income Tax Return (ITR) BIR form 2316 - Photocopy of government-issued IDs - Proof of billing 3. Additional Requirement - Brand New Vehicle- Official Quotation from Car Dealer Self Employed - Filled out and signed the application form - Latest 3 months Bank Statements - DTI Registration - Photocopy of government-issued IDs - Proof of billing Partnership or Corporation - Filled out and signed the application form - Income Tax Return (ITR) BIR form 2316 - Photocopy of government-issued IDs - Proof of billing OFW (Land-Based) - Filled out and signed the application form - Certificate of Employment - Latest 3 Months Bank Statement - Employment Contract - Income Tax Return (ITR) BIR form 2316 - Photocopy of government-issued IDs - Proof of billing |
| Collateral | None |
| Renewal | No RE-AVAILMENT UNTIL FULLY PAID |
| Eligibility for other Loan Products | Member/Borrower may avail other loan product/s of the Cooperative, provided that: - No late payment - Member’s income is sufficient to cover the obligation |
| Cash out (Total) | None |
| Other Terms and Conditions | Members may purchase from any Car Dealer of their choice |
| Limit | Maximum of Aggregate Loan Amount of Php 3.0M per Month |