MultiPurpose Loan
| Share Capital Requirements | At least P5,000 for regular and Php 2,000 share capital |
| Eligibility | A member of OMSMPC must: - Have no past due loans and other unpaid obligations in share capital, loans, fees, etc. - Member of OMSMPC (Regular and Associate) - Have attended the savings and loans orientation and other required training/s. - Have complied with all the requirements of a Regular or Associate member |
| Loanable Amount | Php 10,000 to Php 20,000 |
| Condition | A. Available for all Regular and Associate Members with Php 2,000 and above Share Capital as of the effectivity Date B. Automatic Approval/Disbursement |
| Cash out | None |
| Term | 6 Months from the release date |
| Mode of Payment | ADA Other Payment Channel |
| Co-Maker Requirement | No required co-maker |
| Interest Rate | 1% per month on Diminishing Balance |
| Penalty | 10% per month |
| Other Charges | Service Fee – Php 100.00 (Deducted from the loan proceeds) |
| Approving Authority | BOD |
| Requirement (Minimum) | Duly accomplished OMSMPC application |
| Collateral | None |
| Renewal | Yes |
| Eligibility for other Loan Products | Member/Borrower may avail other loan product/s of the Cooperative, provided that: *No late payment *The member’s income is sufficiently capable of covering the obligation |
| Cash out (Total) | None |