Catalogue Shopping – is a form of retailing that a typical merchant sells a wide variety of household and personal products.
E-Caravan – is a facility for offering products via use of technology particularly the internet and email.
All regular and associate members in good standing are qualified to avail this credit facility subject to certain conditions, provisions, and revisions as included in this manual.
- GENERAL OBJECTIVES
- To create a new channel for members to purchase items ONLINE.
- To further expand Coop reach to our members especially to those in the provinces.
- To capitalize on our mission of being the best financial provider to our members.
- Borrower’s Eligibility
A member is eligible for the loan if he/she meets the following qualifications:
- A JFC coop member (regular & associate) with the required capacity to pay, that is, computed average monthly payroll deduction must not exceed 45% of the member’s basic income.
- Member must be in JFC Coop for at least six (6) months and must have a minimum Share Capital balance of P 2,500 upon loan availment.
- In the event that a member is below the required minimum of P2,500, he/she needs to pay the difference outright – in order to avail the loan. Member must present the OFFICIAL RECEIPT or DEPOSIT SLIP as proof.
- E-Caravan Loan Amount must not exceed P 100,000.
- With continuous capital build up contribution.
- No record of delinquency on previous availed loans.
- Procedures in availing the loan:
- JFC Coop shall release list of items for selling via email broadcast and via website on a monthly basis.
- Member emails JFC Coop using the E-CARAVAN LOAN APPLICATION FORM and indicates desired item or items to purchase.
- JFC Coop receives the E-CARAVAN LOAN APPLICATION FORM and checks if member is eligible to avail the loan. He / She also checks submitted documents are complete. If incomplete, staff informs member immediately.
- JFC Coop assesses loan capacity of member and informs immediately if application is approved or declined.
- JFC Coop emails LOAN AMORTIZATION SCHEDULE to member.
- Member sends approval of LOAN AMORTIZATION SCHEDULE via email.
- JFC Coop sends Purchase Order (P.O.) to supplier.
- Supplier acknowledges and sends item/s to member.
- Credit Limit Computation and Loan Amount
An eligible member has a possible minimum single-borrower limit of two thousand pesos (Php2,000) and a maximum single-borrower limit of one hundred thousand pesos (Php100,000) and shall be allowed to borrow an amount commensurate to the member’s computed collateral and capacity to pay.
- Interest rate, Service fees, & Loan Guarantee Fund (LGF)
- Annual interest Rates of 12% based on diminishing balance method (DBM) with a maximum of 2 years to pay.
- Service fee per loan availment – 2% (up to 100k loan amount)
- Loan Guarantee Fund for two-year term loan exceeding P100,000 is 1% of the loan amount
- Loan term
Minimum amount per loan is P 2,000. Maximum amount is pegged at P 100,000. P2k – P 50k (Payable in 6 months to 1 year) / Above P 50k (Payable in 2 years)
- Mode of Payment
Payment shall be through salary deduction.
- Documents required
- Fully filled-out JFC-Coop E-Caravan Loan Application Form.
- Photocopy of Valid ID’s of the borrower: Company ID (back to back) or any government-issued ID (e.g. SSS, Driver’s License, etc.)
- One (1) month latest pay slip.
- Other documents may be required upon application
- Borrower’s Eligibility
- Metro Computers
- Gourmet Farms
- Iridium Technologies
- MODUVI, INC.
- MPC ONLINE