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CREDIT

Loan Applications

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REGULAR LOAN
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Giving an opportunity by creating funds to all members for improvement of social and economic well-being.

Amount of loan is determined based on the share-capital and his/her capacity to pay the obligations and the purpose may be any of the following:

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Business Loan
Education Loan
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House Improvement Loan
Pension Loan
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OTHER LOAN
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Teachers/Employees Salary Loan
Appliance Loan
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Rice Loan

Maker may apply only one (1) sack or up to 50 kilos of rice for the subsistence of his/her family.

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Emergency Loan

Amount is limited to maximum of P5,000.00 for special cases such as hospitalization, fire, etc.

Feeds Loan

Maker receive Pigrolac/CJ Feeds for a definite period of time.

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Member Relief Assistance Loan
CREDIT POLICY

STATEMENT OF PURPOSE

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To lend additional capital among members with less interest.

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TYPES OF LOAN

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  • Regular Loan – Amount of loan is determined based on the share-capital and his/her capacity to pay the obligations and the purpose may be any of the following:
     

1.1   Business Loan

1.2   Educational Loan

1.3   House Improvement Loan

1.4   Pension Loan
 

  • Teachers/Employees Salary Loan

  • Appliance Loan

  • Quick Loan
     

  • Emergency Loan –  Amount is limited to maximum of P5,000.00 for special cases such as hospitalization, fire, etc.
     

  • Member Relief Assistance Loan (MRAL)
     

  • Feeds Subsidy Loan - Maker receive Pigrolac/CJ Feeds for a definite period of time.

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  • Rice Loan - Maker may apply only one (1) sack or up to 50 kilos of rice for the subsistence of his/her family.

GENERAL PROVISION/GUIDELINES

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Source of Capital

  • The capital of SRAP-MPC comes from the share-capital of members, saving of members, grants/donations and income from loans

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QUALIFICATIONS

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  • Borrower’s Eligibility

  • Has to be a bonafied regular member.

  • Has paid at least 25% of the  minimum share capital of Php 10,000.00

  • Has no default on any outstanding loan to the cooperative.

  • A member in good standing, i.e. committed to regular share-capital contribution.

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FILING AND MECHANICS

FILING AND FILLING OF APPLICATION

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  • Applicants shall secure application form together with supporting documents from the Office of the cooperative.

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  • Application form shall be handwritten by the borrowing member and properly filled.

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  • Application forms duly filled shall be submitted to the office of the cooperative together with the necessary and required supporting documents.

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  • Complete and duly filled application form shall be indorsed by the Account Officer to the Credit Committee for evaluation and appropriate action except for rice loan which should be available to members at any given time base on a one receipt policy.

     

MECHANICS OF LOAN APPLICATION

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  • Secure loan application as well as needed supporting papers such as Promissory Note, Special Power of Attorney, Health Declaration Form for Credit Life Insurance, Feeds Subsidy Contract, etc. from the authorized personnel.

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  • Fill up the forms properly by own handwriting and affix signature on the space provided.

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  • Maker shall submit duly accomplished form and offered collaterals to the Account Officer for evaluation, authentication and verification of documents.

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  • Maker should submit photo copy of two valid ID’s

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  • Credit Investigator shall initiate investigation to validate the maker’s submitted documents thereby determining his/her capacity to pay the loan.

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  • De-briefing maker and co-maker/s is a must upon submission of loan application by the account officer before processing to safeguard the interest of member.

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INTEREST
AND COLLATERALS

INTEREST COMPUTATION

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  • FOR REGULAR,

  • TEACHER'S/EMPLOYEES SALARY,

  • APPLIANCES, AND

  • MEMBERS RELIEF ASSISTANCE LOAN

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  1. One year 12%

  2. One and A Half year 15%

  3. Two years 18%

  4. Two and Half 21%

  5. Three Years 24%

  6. Four Years 30%

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FOR QUICK LOAN

  • 0.75 % per month.

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FOR EMERGENCY LOAN

  • 12 % per annum.

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CAPITAL BUILT UP

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  • Is equivalent to five percent (5%) of the amount of loan if the share capital is less than ten thousand and two percent (2%) for amount of loan if share capital is more than ten thousand.

 

COLLATERALS

FOR REGULAR, TEACHER'S/EMPLOYEES SALARY, MEMBERS RELIEF ASSISTANCE, FEEDS

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  • Chattel Mortgage – Maker should submit original copy of CR, photo copy of OR, photo of car (front, rear & side), and duly notarized deed of sale if car is not yet transferred to maker.

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  • Real Estate – Land Tax Declaration of Land Title with OR of latest tax payment from the Office of the Treasurer.

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  • ATM Card

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  • Saving and Time Deposit of maker

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TERMS AND PAYMENTS
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FINES FOR PAYMENT

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  • Fines for payment in default is two percent (2%) per month.

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*Grace Period is seven days after due date.

*Service charge of three percent (3%) will be charged from the maker for each loan application.

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AGING OF LOANS & HANDLING OF DELINQUENT ACCOUNTS

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  • An account becomes delinquent when it exceeds the due date of 20 days.

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  • Assigned personnel shall determine  and prepare past due account such as over 30 days, over 60 days and over 90 days.

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  • All past due accounts shall be turned over to the Credit Committee for appropriate action.

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  • Credit Committee shall issue demand letter on all past due accounts of up to three (3) notices.
     

  • All past due account with three (3) demand notices without action will be referred to manager for appropriate action.

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  • Collateral on loan amounting to five hundred thousand (P500,000)   and above shall be annotated with Register of Deeds.

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  • Disposition to foreclosure of collateral shall be applied as the need arises.​

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MODE OF PAYMENTS

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  • The period of payment on loan shall vary from two (2) months to four (4) years depending on the capacity of the maker to obligate payment of loan as per loan package.

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  • 1st Loan -   100% of share capital

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  • 2nd Loan and succeeding loan - Amount depend on the capacity of the borrower to obligate his/her obligations.

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REBATES

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In consideration of rebates, member-borrower shall receive rebates as follows:

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  1. Fifty percent (50%) on interest of loan shall be returned if full payment is made one-half (1/2) or less than one-half (1/2) relative to the term of payment of loan.
     

  2. For loan application wherein full payment is made after more than one-half  the term of payment, computation of rebates shall be (AMOUNT OF LOAN x INTEREST / TERM OF PAYMENT) x (TERM OF PAYMENT - NUMBER OF PAID MONTHS)   

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( (A x I) / TP ) x (TP - NPM) )

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