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UPB MULTIPURPOSE COOPERATIVE

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					UPB MULTIPURPOSE COOPERATIVE
University of the Philippines Baguio Baguio City

APPLICATION FOR REGULAR LOAN
(to be accomplished in duplicate)

POLICY GUIDELINES
1. 2. This is open to all regular members of the Cooperative; At any given period, the total of the applicants’ Regular, Appliance, Contingency loans shall not exceed 3X of the Member’s Fixed Deposit if in Good Standing and 2X if the member has history of irregularity in payment of previous loan; 3. The loan shall be paid within a period of 10, 12, or 18 monthly amortizations; 4. The following charges are deducted immediately: a. Interest: 6% for 10 months, 8% for 12 months, and 12% for 18 months b. 3% service fee c. 1% collection fee d. Filing Fee: for P10,000 and below = P5.00; P10,001-20,000 = P10.00; P20,001-30,000 = P15.00; P30,001-P40,000 = P20.00; P40,001 & above = P25.00 5. 2% of the amount applied for shall be deducted for capital build-up; 6. 2% per month penalty shall be charged on the outstanding balance due to delayed payment or failure to pay; 7. Aside from the penalty of 2%/month, 7.a. the member will be considered bad standing for 3 months if there is : 7.a.1. non-payment of monthly amortization for 3 consecutive months 7.a.2. accumulated unpaid partial monthly payment equivalent to 3 months monthly amortization 7.a.3. non-payment of past due loan including penalties 7.b. bad standing status will be lifted after 3 months upon full payment of outstanding loan and penalties 7.c. the member’s privilege to avail of this loan, including appliance and contingency loans, shall be limited to 2x of his/her fixed deposit only 8. Payment shall be made through payroll deduction and personal payment can only be availed of if member is in good standing; 9. Reloan up to 3x of fixed deposit maximum shall only be allowed to member in good standing after 50% of previous loan has been paid and only up to 2x of fixed deposit maximum shall be allowed to delinquent members after 50% of previous loan has been paid; 10. Restructuring may be applied one month before the due date by members with default payment, and the amount of loan must only cover the loan balance including charges and penalties incurred; 11. Procedure in applying for a loan: 11.a. Properly accomplish loan form from the Credit Committee, 11.b. Submit the accomplished form, signed also by 2 co-makers in good standing, with the latest pay slip and updated passbook to the Credit Committee for evaluation and endorsement to the Board of Directors or Chair of the BOD (where applicable) 11.c. If approved, the Treasurer shall process the loan and notify the borrower when check is ready for pick-up

NOTE: Loan processing will take days, but the Cooperative assures prompt service.

RL No.: _______________
Type of Loan New Loan

LOAN FORM
Renewal Restructured

Date: _________________

Purpose __________________________________________________________________________. Amount applied _____________________________________________ PESOS ONLY (P__________) Loan Payment Duration Mode of payment 10 months
Payroll deduction

12 months
Personal Payment

18 months (P__________)

Monthly installments of _______________________________________ PESOS ONLY The first payment on my loan will fall on _________________.

Loan will be due on _________________

Signature over printed name of the borrower

TO BE FILLED-UP BY THE CREDIT COMMITTEE/TREASURER
Maker: _____________________________________________
Loan Balance(s):

Fixed Deposit: P__________ P__________ Emergency: P__________ OTML: P__________

Regular:

P__________

Appliance: P__________ Rice: P__________
Good Standing Good Standing Good Standing

Contingency:

Petty Cash: P__________
Maker’s Cooperative Standing Co-Maker’s Cooperative Standing Co-Maker’s Cooperative Standing

Good Standing: P__________

Bad Standing until _______________________________

Co-Maker: _____________________________________________ Co-Maker: _____________________________________________

Fixed Deposit: P__________ Fixed Deposit: P__________
Regular Loan-02/01/08 edition (odov)

Bad Standing until _______________________________ Bad Standing until _______________________________

APPLICATION AGREEMENT
(To be checked by the Maker)

I hereby agree that the loan principal, interest and other charges due shall be payable in monthly amortization. For this purpose, I hereby authorize whosoever is or will be the Treasurer of the Cooperative and Disbursing/Collection Officer of my present or future government office to deduct from my salary the required monthly amortization. In the event that I am unable to execute the option of personal payment, the Treasurer/Disbursing/ Collection Officer of my present or future government office shall deduct from my salary and other benefit/s due me the required monthly amortization, including a fine of 2% per month penalty on the unpaid loan balances in order to update my account. I likewise agree that the term of this loan will immediately mature upon my retirement/separation, death or permanent disability and all outstanding loan balances herein secured or may hereafter be secured as an additional loan shall be deducted from the proceeds of whatever benefits due as a result of the occurrence of any of the said contingencies. I, the undersigned hereby pledge all my deposits in this cooperative and other assets which I now have or hereafter as security for this application payable to the UP Baguio Multipurpose Cooperative and hereby authorize the Cooperative to apply any or all such deposits and other assets for payment of the said loan, interest, fines/penalties, cost or expenses in case of default in payments. I further agree that the proceeds of the loan secured by this application are subject to deduction for outstanding regular loan or any other outstanding loan/s or indebtedness I may have with the Cooperative in order to update or settle the same. In this connection, I hereby represent that prior to the filing of this application, I have secured or have knowledge of the tentative computation of the net proceeds of the loan herein applied for and hereby express my full intention to proceed with the same. I agree that this loan shall, at all times, be subject to the terms and conditions stated in this application and shall not be subject to unilateral revocation by the borrower.

Signature over printed name of the borrower

CO-MAKERS’ UNDERTAKING
(To be filled out by the Co-Makers)

We, as regular members of the Cooperative as the applicant/borrower hereby undertake to pay the regular loan applied for including interests and penalties thereon in the event the applicant/ borrower defaults in the payment of his/her loan obligation for whatever cause. We hereby authorize the Treasurer of the Cooperative and Disbursing/Collection Officer of my present government office to deduct from whatever loans or claims proceeds accruing to me the aforementioned amount in order to satisfy this undertaking, aside from the usual legal remedies that the Cooperative may avail in the enforcement thereof.

Signature over printed name of the Co-Maker

Signature over printed name of the Co-Maker

APPROVAL
CREDIT COMMITTEE ACTIONS:
Credit Committee Members:

___________________________________ ___________________________________ ___________________________________
BOARD OF DIRECTORS ACTION: Board of Directors:

Endorsed

Not Endorsed

______________________________ ______________________________ ______________________________
Remarks

Remarks

___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________

Endorsed

Not Endorsed

______________________________ ______________________________ ______________________________ ______________________________ ______________________________ ______________________________ ______________________________
Regular Loan-02/01/08 edition (odov)


				
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