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Cordova Multipurpose Cooperative Blog

13Aug 2016

Providential Loans

Are you short for your kid’s tuition fees? Do you need a car? A new refrigerator perhaps to replace the damaged one? Are your utility bills due for payment and you are short of cash?
Cordova Multipurpose Cooperative

Go to your nearest CMC branch. YOUR COOP will listen.

  • The member must have share capital of at least 20% of the aggregate loan amount applied for and NOT have any past due loan amortization on other loans with the Coop.
  • Interest Rate (Diminishing Method)
    • * Fully Secured – 21% Annual Effective Rate
    • * Partially Secured – 22% Annual Effective Rate
    • * Unsecured – 23% Annual Effective Rate
  • Loan Charges
    • * 1% Retention Fee
    • * 2% Collection Fee
    • * 3% Service Fee
    • * Loan Protection Insurance – ((loan amount/1,000)*0.53* term in months)
  • Flexible Term: Maximum of 3 years. Depends on the nature and type of loan applied.

 

Other requirements

Appliance Loan

1. Original ownership & Warranty Certificate will be surrendered to the cooperative

2. Mode of Payment: Bi-Monthly & Monthly

Salary Loan

1. For Those with ATM: The member must surrender his/her Salary ATM Card

2. For Payroll Deduction: There must be an existing MOA between the coop and The employee’s employer &an authority to Deduct Salary signed by barrower

3. Mode of Payment: Bi-Monthly & Monthly

Educational Loan

1. The member must have an identifiable educational need

2. Assessment from school, Statement of Account from School, Quotation from sastre/suppliers for uniforms, canvass from bookstores/department stores

Pensioners Loan

1. The member must be a bonafide pensioner either by SSS/GSIS and must present his/her Pension Voucher & Letter from SSS/GSIS granting pension benefit

2. The member must surrender his/her Pension ATM Card/Passbook to the Coop

3. Health of the pensioner must be taken into consideration upon loan approval

4. Loan must be fully/partially secured either by Real, Chattel / Personal properties

5. Mode of Payment: Monthly

Vehicle Loan

1. The member must have a vehicle need

2. Original Registration (OR’s), Certificate or Registration (CR’s) & Franchise will be surrendered to the Coop, if with franchise

3. Certificate of Registration must be encumbered in favor to the Cooperative, the cost of which to be shouldered by the member

4. Mode of Payment: Daily, Weekly, Bi-Monthly & Monthly

Multipurpose Loan

1. The member must have a need not in conformity with the existing loan products. Needs could be any one, two or more of the following:

*Travel Expenses

*Hospitalization

*Maternity Expenses

*Payment of a financial obligation & other valid purpose

2. Mode of Payment: Daily, Weekly, Bi-Monthly & Monthly

Petty Cash / Express Loan

1. The member should have an emergency financial need

2. Loanable Amount: Max of P 15,000

3. Terms of Payment: Max of 6 months

4. Mode of Payment: Daily, Weekly, Bi-Monthly & Monthly

5. Interest Rate: 6% per month (Diminishing Method)

6. Service Fee – 3%