A. Guidelines and initial requirements:
- Maximum loanable amount is 90% of the Market Value (Dealer’s Price). The remaining 10% will serve as Equity, to be shouldered by the member/borrower, and must be paid upon granting of the loan.
- Interest is 10% per annum (diminishing computation), payable up to 5 years.
- Maximum loanable amount is P3M.
- All processing of documents such as chattel mortgage and annotation will be charged to the member/borrower.
- Service Charge is fixed at P3, 000.00.
- Loan Guarantee Fund will also be collected (1% of the loan amount).
- Proceeds if approved will be in check, payable to the Car Dealer.
- Payable thru Post Dated Checks or Salary Deduction.
- At least 6 months Coop member
- With at least P100k shares.
C. Documents Required:
- Fully filled-up JFC COOP Loan Form
- Buyer Information Sheet
- 2 latest payslips
- Photocopy of Company ID, front and back
- Any Government-issued ID
- Chattel Mortgage
- Comprehensive Insurance in favor of JFC COOP