Loan Services

1. General Objectives

• To address our members' financial needs, offer loans that encourage responsible financial management.
• To protect the cooperative's assets by minimizing the risks associated with unsecured loans.

Specific Loan Programs

1. Appliance Loan

· Purpose: To assist in the purchase of major household appliances.

· Maximum Amount: Up to ₱50,000

· Collateral: None

· Interest Rate: 5% to 10% per annum, diminishing balance

· Eligibility: At least six months of membership and good credit standing

2. Business Loan

· Purpose: To support the start-up or expansion of member-owned businesses.

· Maximum Amount: Up to ₱500,000

· Collateral: Required for loans over ₱100,000; may include business assets or property

· Interest Rate: 6.5% per annum, diminishing balance

· Eligibility: Minimum one year of membership and an approved viable business plan

3. Calamity Loan

· Purpose: Provides financial support to members affected by natural disasters.

· Maximum Amount: Up to ₱50,000

· Collateral: None

· Interest Rate: Approximately 1% to 3% per month, diminishing balance

· Eligibility: Proof of impact by a natural disaster, such as a barangay certification

4. Car Loan

· Purpose: To assist members in purchasing new vehicles.

· Maximum Amount: Up to ₱2,000,000

· Collateral: Vehicle registration and official receipt.

· Interest Rate: 6% to 8% per annum on a diminishing balance

· Eligibility: Members must have sufficient net pay and be in good standing, and the vehicle must be insured.

5. Education Loan

· Purpose: To finance educational expenditures, including tuition fees, books, and other academic materials.

· Maximum Amount: Generally covers full tuition for a semester or academic year

· Collateral: None required

· Interest Rate: Approximately 5% per annum, diminishing balance

· Eligibility: Member or member’s dependent enrolled in an accredited educational institution

6. Emergency Loan

· Purpose: To provide immediate financial assistance for unforeseen emergencies, like sudden medical issues or urgent home repairs.

· Maximum Amount: ₱20,000

· Collateral: Not required

· Interest Rate: 1% per month, diminishing balance

· Eligibility: At least three months of active membership in good standing

7. Farm Equipment Loan

· Purpose: To help acquire agricultural machinery and equipment.

· Maximum Amount: Based on equipment type and farm size

· Collateral: The equipment or other farm assets

· Interest Rate: 6% to 8% per annum, diminishing balance

· Eligibility: Active engagement in farming with proof of agricultural operations

8. Hospitalization Loan

· Purpose: To cover medical and hospitalization expenses for members and their immediate family.

· Maximum Amount: 20,000.

· Collateral: None

· Interest Rate: 12% per annum, diminishing balance

· Eligibility: Steady income,  good credit history, and at least two years of active membership

9. Housing Loan

· Purpose: To enable members to buy, build, or renovate residential properties.

· Maximum Amount: Up to 80% of the property's appraised value

· Collateral: Mortgage on the property

· Interest Rate: 5% to 7% per annum, diminishing balance

· Eligibility: Steady income, good credit history, and at least two years of active membership

10. Motorcycle Loan

· Purpose: Assists in purchasing motorcycles, new or used.

· Maximum Amount: Up to 70% of the motorcycle’s purchase price

· Collateral: Motorcycle being purchased

· Interest Rate: 6% to 10% per annum, diminishing balance

· Eligibility: Adequate income, good standing, motorcycle insurance

11. Multi-Purpose Loan

· Purpose: Serves various personal needs like medical expenses, education costs, or home repairs.

· Maximum Amount: Up to ₱300,000, depending on creditworthiness

· Collateral: May be required for larger loan amounts

· Interest Rate: 6% to 12% per annum, diminishing balance

· Eligibility: Good standing in the cooperative, membership for at least one year, proof of purpose

12. Real Estate Loan

· Purpose: Finances the purchase, construction, or renovation of real estate properties.

· Maximum Amount: Up to 80% of the property’s value

· Collateral: Mortgage on the property

· Interest Rate: 5% to 7% per annum, diminishing balance

· Eligibility: Steady income, good credit history, membership duration typically over two years

13. Renovation Loan

· Purpose: Funds home improvement projects.

· Maximum Amount: Up to 50% of the home's value

· Collateral: Secured against home equity

· Interest Rate: Between 5% and 8% per annum

· Eligibility: Homeownership, proof of planned renovations, good standing with the cooperative

14. Salary Loan

· Purpose: Helps members manage short-term liquidity challenges between paychecks.

· Maximum Amount: Up to three times the monthly salary, capped at ₱500,000

· Collateral: None required, MOA is required.

· Interest Rate: 6.5% per annum, diminishing balance

· Eligibility: Continuous employment for six months with verifiable income