Travel Loan
| Share Capital Requirements | 5,000 for Regular Member, 2,500 for Associate Member |
| Eligibility | A member of OMSMPC must: - Have no past due loans and other unpaid obligations in share capital, loans, fees, etc. - Member of OMSMPC for at least 6 months (Regular and Associate) - Ensure that the Share Capital is at least 50% of the required share capital: *2,500 for Regular Members *1,000 for Associate Members - 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 | - Foreign Travel: Members can borrow up to a maximum of 100,000 or a specific amount based on the assessment of the financial need for the travel, whichever is lower. - Local Travel: Members can borrow up to a maximum of 50,000 or a specific amount based on the assessment of the financial need for the travel, whichever is lower. These amounts are intended to cover expenses such as transportation, accommodation, and other related costs, ensuring that the member's travel plans are financially supported. |
| Condition | The loan is available to: Members Only (Regular and Associate) Family Travel (Provided Member is included in the Travel package) |
| Cash out | CBU Processing Fee Service Fee |
| Term | If the loan amount is 50,000 or below, payable in 3 months If the loan amount is more than 50,000, payable in 6 months |
| Mode of Payment | ADA Salary Deduction for Employee |
| Co-Maker Requirement | 2 Co- Maker With regular and stable income |
| Interest Rate | The loan carries an interest rate of 2.5% per month on a diminishing balance basis. This means that the interest is calculated on the outstanding balance of the loan, reducing the interest amount as the principal is paid down over time. |
| Penalty | 2% per month |
| Other Charges | None |
| 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. Supporting Documents 3. Proof of Income (from Online Platform/s) 4. Other Supporting Documents: Locally Employed - Filled out and signed the application form - Certificate of Employment - Income Tax Return (ITR) BIR form 2316 - Photocopy of government-issued IDs - Proof of billing Self-Employed (other Business) - Filled out and signed the application form - Latest 3 months Bank Statements - DTI Registration - Photocopy of government-issued IDs - Proof of billing 5. Additional Requirement: Official Quotation from Accredited Travel Agency/ other Travel Agency of your choice. Additional Requirement: 6. 2 Co-Maker form and ID |
| Collateral | None |
| Renewal | No RENEWAL unless fully paid |
| 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 sufficient to cover the obligation |
| Cash out (Total) | Php 100 fixed Processing Fee Service Fee (.5% if approved loan amount is above 50k, 1.5% if approved loan amount is lower 50k) Capital Build Up ((1.5% if approved loan amount is above 50k, 3% if approved loan amount is lower 50k) |
| Other Terms and Conditions | Travel Loan Package can be purchased from Partner Travel Agency or DIY Travel |