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Travel Loan – Jollibee Foods Corporation Employees’ Multi-Purpose Cooperative

Travel Loan

Travel Loan – a type of Personal Loan that is intended for travel purposes. This can be availed through our accredited travel agency only which includes the following services – tour packages, hotel/resort accommodations, transportation via air, land, or sea. No cash loans will be granted under this loan type.

  1. COVERAGE

    All regular members in good standing are qualified to avail this credit facility subject to certain conditions, provisions, and revisions as included in this manual.

    JFC Coop Travel Loan coverage as follows:

    • Tour Package (Air, Land, or Sea)
    • Airline, Land Transportation, Sea Transport
    • Hotel/Resort Accommodation
  2. GENERAL OBJECTIVES
    1. To create a new loan product for JFC Coop that is both timely and relevant.
    2. To promote life-work balance among our members.
    3. To capitalize on our mission of being the best financial provider to our members.
  3. POLICIES
    1. Borrower’s Eligibility

      A member is eligible for the loan if he/she meets the following qualifications:

      1. A regular JFC coop member with the required capacity to pay, that is, computed average monthly payroll deduction must not exceed 45% of the member’s basic income.
      2. Member must be currently enrolled in SUMMER PALUWAGAN FUND (SPF) with a minimum balance of P 2,500 upon loan availment.
      3. In the event that a member enrolled in SPF is below the required minimum of P2,500, he/she needs to pay the difference outright – in order to avail the travel loan. Member must present the OFFICIAL RECEIPT as proof.
      4. In the event that a member is not yet enrolled in SPF, a member may pay the P2,500 minimum balance for SPF via Cashier and must present the OFFICIAL RECEIPT and copy of SAVINGS APPLICATION FORM as proof of enrollment.
      5. SPF cannot be closed while the TRAVEL LOAN is ongoing or has not been fully paid.
      6. Travel Loan Amount must not exceed P 200,000.
      7. With continuous capital build up contribution.
      8. No record of delinquency on previous availed loans.
    2. Credit Limit Computation and Loan Amount

      An eligible member has a possible minimum single-borrower limit of twenty-five thousand pesos (Php25,000) and a maximum single-borrower limit of two hundred thousand pesos (Php200,000) and shall be allowed to borrow an amount commensurate to the member’s computed collateral and capacity to pay.

    3. Interest rate, Service fees, & Loan Guarantee Fund (LGF)

      1. Annual interest Rates of 10% based on diminishing balance method (DBM) with a maximum of 2 years to pay.
      2. Service fee per loan availment – 2%
      3. Loan Guarantee Fund for two-year term loan exceeding P100,000 is 1% of the loan amount
    4. Loan term

      Minimum amount per loan is P 25,000. Maximum amount is pegged at P 200,000. P25k – P 50k (Payable in 1 year) / Above P 50k (Payable in 2 years)

    5. Mode of Payment

      Payment shall be through salary deduction.

    6. Documents required

      1. Fully filled-out JFC-Coop Travel Loan Application Form (one-time application form)
      2. Photocopy of Valid ID’s of the borrower: a Company ID (back to back) or any government-issued ID (e.g. SSS, Driver’s License, etc.)
      3. One (1) month latest pay slip reflecting Summer Paluwagan Fund or Official Receipt and Savings Application Form (for new SPF enrollees).
      4. Other documents may be required upon application

References
JFC COOP TRAVEL LOAN FAQ

Related Forms
Savings Form