Educational 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 Associate Members should have at least 1,000 share capital |
| Loanable Amount | Full Amount of Tuition Fee or up to 100,000, whichever is lower |
| Condition | Available to: - Member - Immediate family of the member - If member is Single- Siblings/ Parent - If member is Married- Spouse and Children |
| Cash out | None |
| Term | Available up to 3 to 12 months to pay |
| Mode of Payment | ADA |
| Co-Maker Requirement | 2 Co-Maker with regular and stable income |
| Interest Rate | 1.5% per month diminishing |
| Penalty | 2% per month |
| Other Charges | Capital Build Up Processing Fee Service Fee LPPI (Loan Payment Protection Insurance) |
| Capital Build Up | 1.5% if the 50k approved loan amount 3% if below 50k approved loan amount |
| Approving Authority | General Manager and Credit Committee 50k to 150k loan amount |
| 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 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. 5. 2 Co-Maker form and ID 6. SOA or Billing from School 7. Proof of Relationship |
| Renewal | Borrowers are eligible to apply for at least 75% of the total amortization amount |
| 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 |