Vehicle Loan

GUIDELINES:

1.  Members in good standing are entitled to avail of this loan.

2.  Loanable amount  -  x 5 of the share capital or maximum of P500,000.00.

3.  Terms of payment -  maximum of Five (5) years.

4.  Interest Rates:

• 1 year    -    8%
• 2 years   -  10%
• 3 years   -  11%
• 4 years   -  12%
• 5 years   -  14%

5.  Service fee                               -  Two (2%) percent pre-deducted

6.  Subscription Receivables   -   Two (2%) percent pre-deducted

7.  Requirements:

• TO PURCHASE BRAND NEW OR SECOND HAND VEHICLE:

• Quotation letter / Computation sheet
  
• Contract to sell  from the car dealer, if brand new or from car owner, for used vehicle, with the vehicle price indicated.
• Proof of billing
• Latest one (1) month payslip
• Net take home pay - P2,000.00 

• FOR REPAIR, EITHER MECHANICAL OR BODY REPAIR OF EXISTING VEHICLE:

• Job order or Bill of materials
• Specifications and Cost estimates
• Proof of ownership ( O. R. & C. R. )
• Proof of billing
• Latest one (1) month payslip
• Net take home pay - P2,000.00

8.  Co-maker:

• NO CO-MAKER                =  If the amount of loan is less than P20,000.00 or equal to share capital.
• ONE (1) CO-MAKER       =  If the amount of loan is more than P20,000.00 to P150,000.00.
• TWO (2) CO-MAKERS    =  If the amount of loan is more than P150,000.00 to P500,000.00.

9.  Re-loan period:

• Any given time (effective July 1, 2011).

NOTE:

• The vehicle being purchased may/will be used as collateral for the loan, provided, subject vehicle should not be more than Three (3) years old.