Coop Trade Center (CTC) Loan
| Share Capital Requirements | Should be at least Php 10,000 |
| Eligibility | A regular member of OMSMPC with good standing: - No past due loans and other unpaid obligations in share capital, loans, fees, etc. Share Capital should be at least 50% (2,500 of the required share capital) - Has attended the savings and loans orientation and other required trainings - Has complied with all the requirements of a regular member |
| Loanable Amount | Actual Price of the Gadget, but not over 100,000 Limited to only one gadget at a time |
| Condition | Brand new Electronic product from the OMSMPC’s CTC Shop |
| Cash out | No DP Required |
| Term | Available up to 3, 6, 12, to 24 months to pay, depending on the loan amount 4,000- 10,000 - 3 months 10,0001- 30,000- 6 months 30,0001-50,000-12 months 50,001- 100,000- 24 months |
| Mode of Payment | ADA Salary deduction (for employee members) |
| Co-Maker Requirement | One Co-maker is required with a regular and stable income |
| Interest Rate | 1 % per month, computed based on the diminishing balance method. |
| Penalty | 2% per month |
| Capital Build Up | None |
| 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 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. - Sketch of Residence - If renting, the owner of the property should issue a Certificate of Tenancy together with his/her valid ID. 4. SEC, DTI, DOLE registration, Barangay, Mayor’s Permit or other business permits and licenses. 5. Proof of Income |
| Renewal | Not Applicable/Fully Paid |
| Eligibility for other Loan Products | Member/Borrower may avail other loan product/s of the Cooperative, provided that: *No late payment with the existing active loan accounts *The member’s income is sufficient to cover the obligation |
| Other Terms and Conditions | Confirmation of the price of the product to be purchased from CTC |