WORKERS – EMPLOYEES LIVELIHOOD LOAN (WELL)

This loan is granted to members who are regularly employed in private companies. This product aims to provide the member with additional income by engaging in any livelihood activities aside employment.

Product Features:
Minimum loanable amount of 5,000.00 & maximum of 100,000.

Interest Rate ranges from 12%-14% per annum depending on loan term.

Loan Term is 24 months maximum.
Principal and Interest is paid on a monthly basis or semi-monthly.

Loan Security is in the form of Memorandum of Agreement (if applicable) duly signed by by Director/Department Head, Disbursing officer/Treasurer. A Deed of Assignment of ATM is required for ATM source of payments. Collateral is required for loans applied above P50,000.00 (Vehicles & Land Titles Only)

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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