GOVERNMENT OFFICIALS & EMPLOYEES SALARY LOAN PRODUCT (GOESLP)

This salary loan is granted to members who are elected officials, permanent government employees and co-terminus employees.

Product Features:
Barangay Level: minimum P 5,000.00 & maximum P 300,000.00
Requires P500.00 net take home pay on barangay level after deduction of loans with Bansalan Coop and other lending institution.

Municipal/Regional Level: Min. P 5,000.00 & max P 450,000.00
Requires P3,000.00 net take home pay on Municipal/Provincial/Regional
Level after deduction of loans with Bansalan Coop and other lending institution.

Interest Rates depends on the loan term but ranges from 2%-4% per month.

Loan Term for Barangay level is 6 – 24 months.
For Mun./REG./Prov. Level is 6- 36 months
*Subject to term limits for elected public officials/co-terminus employees,
regular/permanent government employee.

Loan Security is in the form of Memorandum of Agreement, Barangay Resolution whichever deemed necessary by the cooperative. A Deed of Assignment of ATM is required for ATM source of payments.

Share Capital retention is at 3% regardless of amount released. First loan release requires a P2,000.00 share capital retention. Loan insurance is shouldered by the member.

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