Back-to-Back Loan
| Share Capital Requirements | 5,000 for Regular Member, 2,500 for Associate Member |
| Eligibility | A regular 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 50% (2,500 of the required share capital) - Has attended the savings and loans orientation and other required trainings - Has complied with all the requirements of a regular member |
| Loanable Amount | Up to x2 of share capital, 30,000 maximum limit |
| Cash out | None |
| Term | 3 months minimum, 12 months maximum |
| Mode of Payment | ADA |
| Co-Maker Requirement | None |
| Interest Rate | 1.5% diminishing per month |
| Penalty | 2% per month |
| Other Charges | Capital Build Up Processing Fee Service Fee LPPI (Loan Payment Protection Insurance) |
| Capital Build Up | 1.5% of the 50k approved loan amount 3% if below 50k approved loan amount |
| Approving Authority | General Manager |
| Requirement (Minimum) | 1. Duly accomplished OMSMPC application form (refer to Form #1) 2. Valid ID: one Primary ID or 2 Secondary IDs 3. Utility Bill or, in the absence of such a document, the member may present any of the following documents: - Barangay Certification certifying that the member/borrower is a resident of the given address and the tenure of residency. - If renting, the owner of the property should issue a Certificate of Tenancy together with his/her valid ID. 4. SEC, DTI, DOLE registration, Barangay, Mayor’s Permit, or other business permits and licenses. |
| Collateral | None |
| Renewal | At least 75% paid, x2 of share capital, maximum limit of 30k |
| 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 |