Motorcycle Loan
| Share Capital Requirements | Below Php100,000 loan - 5,000 for Regular Member, 2,500 for Associate Member Php100,000 to Php149,999 - 10,000 Share Capital Contribution Php150,000 to Php199,999 - 15,000 Share Capital Contribution Php200,000 to Php249,999 - 20,000 Share Capital Contribution Php250,000 to Php299,999 - 25, 000 Share Capital Contribution Php300,000 - 30,000 Share Capital Contribution |
| 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 Php 150,000 (net of the required 10% Downpayment) for approval. |
| Condition | The cooperative shall finance brand new motorcycle of any brand of members choice |
| Cash out | Capital Build Up Processing Fee LTO Registration 10% down payment |
| Term | Available up to 36 months to pay |
| Mode of Payment | ADA |
| Co-Maker Requirement | 2 Co- Maker With regular and stable income |
| Interest Rate | 2.8% per month diminishing |
| Penalty | 2% per month |
| Other Charges | None |
| Capital Build Up | 1.5% if above 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 ID 3. Utility Bill or in the absence of such document, member may present the 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. Sketch of Residency 7. Proof of Quotation |
| Collateral | The unit to be purchased will be tagged as the collateral |
| Renewal | No RE-AVAILMENT UNTIL FULLY PAID |
| Eligibility to other Loan Product | Member/Borrower may avail other loan product/s of the Cooperative provided that: - No late payment - Member’s income is sufficiently capable to cover the obligation |
| Cash out (Total) | 10% Down Payment LTO Registration Fee Php 2,900 Capital Build Up ((1.5% if approved loan amount is above 50k, 3% if approved loan amount is lower 50k) Processing fee Php 3,000 |