MEMBERSHIP PRIMER

• Membership Requirements

• Voting Right of a Member

• Capital Equity

• Members' Deposit

• Loans and Credit Policies

  The loans shall not exceed the members’ deposits and contributions including twelve (12) months of his/her regular salary as the Association may allow.

  1. Loan Requirements

  • Latest three (3) consecutive payslip of the borrower. (all original copy)

  • Duly accomplished Application for Loan form with complete number of co-makers

  • Certification from the Principal (if not accomplished in loan form)

  2. Loan Products

  Consumption Loan or Salary Loans – these ranges from Php 5,000.00 to Php 300,000.00 in amount. These can further be classified into eduacational, agricultural, and others.

  Interest is seven and a half percent (7.5%) per annum, and one-time other charges of six percent (6%). Terms are up to 2 years.

  3. Extension and Loan Renewals

  Loan renewals shall be granted, provided that twenty five percent (25%) of his/her original loan has been paid. The balance of the loan will be deducted from the proceeds of the new loan. An interest rebate will be determined based on the number of the months still remaining unpaid.

  4. Amortization of Loans

  Amortizations of loans are made through salary deductions every payday. Deficiency in payments will be charged to members’ deposits.

  In case of non-payment for three (3) consecutive installments, the Association reserves the right to consider the entire balance of the loan due and demandable, not withstanding the imposition of applicable penalties, in accordance with existing policies of the Association on delinquent accounts.

• Obligations of a Member

• Retirement and Voluntary Separation

• Termination of Membership

• Re-membership