Email: clrl_pfcco@yahoo.com.ph / info@pfcco-clrl.coop Contact Nos.: (044) 794-6145 / 0917-820-0225

Loan Products

Eligibility for a loan from the League does not confer automatic right on the member- cooperative to a loan. Each loan so made will comply fully with the requirements of the League’s rules and other policy requirements contained herein.

  1. Regular/Share Capital Loan – the maximum amount/loan ceiling that can be availed by cooperative-borrower is One Hundred Fifty Thousand Pesos (P 150,000.00) only.
  1. Special/Collateralised Loan – the maximum amount or loan ceiling that can be availed by cooperative-borrower is One Million Pesos (P 1,000,000.00) only.
  1. Check Rediscounting – additional service/facility that can be availed by cooperative member-borrower, on top of other loan products availed, provided, said primary member-cooperative has good repayment records or has no delinquent account with the League. The maximum amount that can be availed is Two Hundred Thousand Pesos (P 200,000.00) only.

LOAN PRODUCTS

  1. Regular / Share Capital Loan

Account Code                      :               CLRL-L1

Max. Loanable Amount        :               P 150,000.00

SC Requirement                  :               P 10,000.00 (minimum)

Time Deposit Requirement  :               P 5,000.00 (minimum)

    Characteristics / Implementing Guidelines:      

  • For First-Time Borrower, maximum loanable amount is 5x of the SC contribution.
  • For succeeding loan applications, maximum loanable amount is 10x of the current share capital contribution, provided good repayment record has been established by the cooperative-borrower. If not, succeeding loans might be slashed/reduced.
  • Post-dated checks are required as security for the said loan, duly signed by the Chairperson, Treasurer, and General Manager of the cooperative-borrower.
  • All deposits (Time and Regular Savings) cannot be withdrawn by the cooperative-borrower, until such time that almost 75% of the total current loan is paid already.
  • If requested, check payment can be held for deposit for a maximum of three (3) days only. On the fourth day, said check payment will be deposited immediately unless replaced with cash on that day before bank cut-off time which is 3:00 p.m.
  • A grace period of three (3) days will be given to all cooperative-borrower to settle the unpaid account in order to avoid penalty. On the fourth day, full computation of interest/penalty based on remaining balance will be added to the outstanding loan upon payment.
  1. Special / Collateralized Loan

Account Code                      :               CLRL-L2

Max. Loanable Amount        :               P 1,000,000.00

SC Requirement                  :               P 100,000.00 (minimum)

Time Deposit Requirement  :               P 10,000.00 (minimum)

Characteristics / Implementing Guidelines:

  1. For First-Time Borrower, the maximum appraised value of the collateral offered by the cooperative-borrower will be the basis of the Credit and Collection Committee and Delegated Approving Authority for loan approval.
  2. For succeeding loan applications, the combined value of the collateral offered by the cooperative and its current share capital and deposit investment will be the basis for approval. Provided, good repayment record has been established by the cooperative-borrower.
  3. Implementing guideline letters c, d, e, and f of Share Capital Loan also applies to Special or Collateralized Loan.

Check Rediscounting

Account Code                    :               CLRL-L3

Maximum Amount :               P 200,000.00

SC Requirement                  :               P 10,000.00 (minimum)

Deposit Requirement           :               P 5,000.00 (minimum)

Characteristics / Implementing Guidelines:      

  1. Check rediscounting is granted to all primary cooperative-members in good standing only, or has no delinquent account with the League.
  2. Member-cooperatives with existing loan can also avail the check rediscounting service if a previous and/or current loan has updated record of payments.
  3. Only primary member-cooperative’s existing checks will be honored and/or accepted for check rediscounting service.
  4. All deposits (time and regular savings) cannot be withdrawn by the cooperative-borrower, until such time that almost 75% f the total current loan is paid already.
  5. If requested, check payment can be held for deposit for a maximum of three days only. On the fourth day, said check payment will be deposited immediately unless replaced with cash on that day before bank/office cut-off time which is 3:00 p.m.
  6. A grace period of three (3) days will be given to all cooperative-borrower to settle the unpaid account in order to avoid penalty. On the fourth day, full computation of interest/penalty based on remaining balance will be added to the outstanding loan upon payment.

LOAN DEDUCTIONS

 Below is the breakdown of all deductions, in percentage, for every type of loan based on the length of repayment period.

LOAN DEDUCTIONS TABLE

Types of Loan Regular and Collateralized Loan Check Rediscounting
Interest / Charges 6 mos. to pay 12 mos. to pay 1 month to pay
3.00% 6.00% 0.50%
Interest on Loan
Service / Filing  Fee 2.00% 3.00% 1.00%
Capital Build-Up 2.00% 2.00% 1.00%
Savings Retention 2.00% 2.00% 1.00%
TOTAL DEDUCTIONS 9.00% 13.00% 3.50%
NOTE: Add-on computation on loan interest is applied 1 mo. advance deduction on loan interest 2 mos. advance deduction on loan interest

 

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