TYPES OF LOAN

Loans are classified according to the purpose for which the loan accommodation has been applied, however, they maybe also classified according to security. The classification of loans according to four (4) categories is intended for standard recording purposes particularly in the books of the coop. The following are the four basic classifications of loans according to purpose:

Personal Loans

 Loans proceeds for this type of loan shall be used for the personal consumption of the member-borrower. All other purposes which do not fall under the succeeding types of loans will be considered as personal loans.

Productive/Business Loans

 This loan is usually granted to members engaged in business. This is usually intended for working capital requirements or for purchase of equipment to be used for business or other fixed assets related to business operations.

Agricultural Loans

 Loans used for agricultural purposes like hog raising, farming, poultry, purchase of machineries for farming or fishing, and other agricultural endeavors are considered as agricultural loans.

 Other agricultural loans under this category include fishing boat financing, industrial loans, farm equipment financing, etc.

Real Estate Loans

The purpose of this loan is to finance the member’s shelter requirements like purchase of lot, purchase of house and lot, construction of house, and major repairs of the house. Minor repairs of the house may be lodged under personal loans.

 

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PRODUCTS

PETTY CASH
o Maximum loanable amount is equivalent to the unencumbered Share capita l, Savings and time deposits.
o Terms: Maximum of 6 months for less than P10,000.00 & 1 year for P10,000.00 and above.
o Interest Rate – 16.50% per annum
o Mode of repayment – Lumpsum or installment

CO-MAKER
o Up to P5,000.00
o Term – 6 months
o Interest Rate – 16.50% per annum
o Mode of repayment – Lumpsum or installment

COLLATERALIZED
o Term – Maximum of 5 years.
o Interest Rate – 16.50% per annum
o Mode of repayment – Lumpsum or installment
o Securities – Real estate

SALARY
MOA between the employer and the TCC is required

o Up to P100,000.00
o Term -12 -24 Months
o Interest Rate 17.00% per annum, diminishing computation
o Mode of repayment – Installment, Equal monthly amortization

JEWELRY PLEDGE
o Term -1 month
o Interest-free

BARANGAY OFFICIALS LOAN ASSISTANCE (BOLA)
o Loanable amount of up to 70% of the net annual honorarium
o Term - 12 months
o Interest Rate 17.00% per annum, diminishing computation
o Mode of repayment - Installment - monthly or quarterly amortization

PENSION LOAN
o Loanable amount of up to 5X - 9X the monthly pension
o Term : 6 - 12 months
o Interest Rate 17.00% per annum, discounted and add-on
o Mode of repayment - Installment - monthly amortization

MICRO-ENTERPRISE LOAN
o Loanable amount P 3,000.00 - P 30,000.00
o Term - 1 - 6 months
o Interest Rate 15 % per annum, add-on
o Mode of repayment - Daily or Weekly equal amortization

 

 

CHECKLIST


PERSONAL DATA REQUIREMENTS

1.     Passbook

2.     I.D. Pictures (2" x 2")

3.     Residence Certificate (cedula)

4.     Baranggay clearance

5.     Proof of billing

6.     Valid ID cards    

IF ENGAGED IN BUSINESS

1.     Mayor's/Business Permit

2.     Business registration

3.     Income & Expense Summary          

4.     Business Plans (if for business)      

IF OFW is the source of repayment

1.     Overseas employment contract

 2.     Remittance statement            

IF EMPLOYED

1.     Certificate of employment

2.     Pay slip                                               

3.     Inc. tax return or Stmnt. of Tax withheldOthers as may be necessary(Bank statements, court clearance etc.)
    

COLLATERAL REQUIREMENTS

1.     Title

2.     Old & New Tax Declarations

3.     Property Record Form (PRF)

4.     Fixed Asset Assessment Sheet (FAAS)

5.     Tax Map Control

6.     Property Identification Map

7.     Real Estate Tax Receipt (Nagbuwisan

)8.     Sketch Plan duly certified by DENR that lot is alienable and disposable.

9.     Vicinity Map

10.  Residence sketch map

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ELIGIBILITY

Borrower’s Eligibility Requirements

a. Certificate of Attendance of PMES

b. Must have at least the following:

      i. P1,000 - Minimum Share Capital

      ii. Savings Deposit of at least

1. P1,000 - 18 to 50 years old

2. P2,000 - 50 years and 1 day to

60 years old

3. P3,000 - 60 years old and 1 day to

70 years old

c. Must not be delinquent in his outstanding loan obligations

d. Must be a member of the Saranay Aid System of the Cooperative