Term 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 100,000 to 150,000 (First time borrower), 300,000 maximum renewal amount |
| Condition | |
| Cash out | None |
| Term | 3 months minimum, 24 months maximum |
| Mode of Payment | ADA, PDC (for 150k-300k approved loan amount) |
| Co-Maker Requirement | 2 Co-Maker Member or Non-Member |
| Interest Rate | 2.0% 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% if above 50k approved loan amount 3% if below 50k approved loan amount |
| Approving Authority | General Manager and Credit Committee 50k to 150k loan amount Board of Directors 150k to 300k loan amount |
| 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 |
| Collateral | None |
| Renewal | at least 75% paid up to 300k renewal |
| 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) | None |