Calamity Loan
| Share Capital Requirements | 5,000 for Regular Member, 2,500 for Associate Member |
| Eligibility | A member of OMSMPC must: 1. Have no past due loans and other unpaid obligations in share capital, loans, fees, etc. 2. Ensure that the Share Capital is at least 50% of the required share capital. - 2,500 for Regular Members - 1,000 for Associate Members 3. Have attended the savings and loans orientation and other required trainings. 4. Have complied with all the requirements of a Regular or Associate member. 5. Area of coverage: - All regions, including NCR & provinces that are under a state of calamity within 60 days from the day of its declaration |
| Loanable Amount | Up to Php20,000 or a specific amount based on the assessment of the financial need caused by the calamity, whichever is lower. |
| Condition | Available to: - Members - Associate Member - Officers |
| Cash out | None |
| Term | Available for 3 to 12 months to pay. |
| Mode of Payment | Automatic Debit Arrangement (ADA) |
| Co-Maker Requirement | 2 Co-Makers with regular and stable income |
| Interest Rate | 1.5% per month diminishing |
| Penalty | 2% per month |
| Other Charges | Capital Build Up Processing Fee Service Fee LPPI (Loan Payment Protection Insurance) |
| Capital Build Up | 1.5% of the 50k approved loan amount 3% if below 50k approved loan amount |
| Approving Authority | General Manager |
| Requirement (Minimum) | 1. Duly accomplished OMSMPC application form (refer to Form #1) 2. Valid ID: one Primary ID or 2 Secondary IDs 3. Utility Bill or, in the absence of such a document, the member may present any of the following documents: - Barangay Certification certifying that the member/borrower is a resident of the given address and the tenure of residency. - If renting, the owner of the property should issue a Certificate of Tenancy together with his/her valid ID. 4. Proof of Calamity/Brgy Certification |
| Renewal | Not applicable for Calamity Loan |
| Eligibility for other Loan Products | A member/borrower may avail other loan products of the Cooperative, provided that: - There are no late payments. - The member’s income is sufficiently capable of covering the obligation. |
| Cash out (Total) | None |
| Other Terms and Conditions | 1. Duly accomplished OMSMPC application form (refer to Form #1) 2. Valid ID: one Primary ID or 2 Secondary IDs 3. Utility Bill or, in the absence of such a document, the member may present any of the following: - Barangay Certification certifying that the member/borrower is a resident of the given address and the tenure of residency. - If renting, a Certificate of Tenancy/Lease of Contract from the property owner, along with their valid ID. 4. SEC, DTI, DOLE registration, Barangay, Mayor’s Permit, or other business permits and licenses (if applicable). |