Ramon Magsaysay High School Multi – Purpose Cooperative

Lending Policy

RATIONALE:

The RMHS Faculty Multi-Purpose Cooperative through the credit and collection services provides financial
assistance to all its members.

ELIGIBILITY:

1. All bonafide member of GOOD STANDING of RMHS Faculty Multi-Purpose Cooperative with a minimum
capital share of EIGHT THOUSAND PESOS (Php 8, 000.00).
2. Any member who increases his/her capital share must first allow it to mature for thirty (30) days before he/she
can avail for an increase in loanable amount.
3. An associate member (retired/promoted/transferred teacher/member) can borrow 95% of his/her capital share
with no retention fee.

TYPES OF LOAN:

1. New – A member can borrow 95% of his/her capital share with or without retention fee.
2. Renewal – A member can renew his/her loan provided he/she has paid at least 40% of the previous loan and
the balance of said loan will be deducted from the new loan.
3. Series - A member can apply a series of loan provided he/she is up to date in payment of his other loans and
will not exceed the 95% of his/her capital share.

TERMS OF PAYMENTS:

1. A member can choose the terms of payment of his/her loan for 1 month or up to 12 months.
2. Loan to be released on:
a. 1st to 10th day of the month, first monthly payment is due to the following month
b. 11th to the end of the month, first monthly payment is due the next following month

LOAN CHARGES:
a. Interest 1% per month
b. Service Fee 1.5% of the amount loaned
c. Retention Fee (regular member) 2% of the amount loaned
(upon the request of the regular member)

PENALTIES:

1. Loans shall be considered default after THIRTY (30) days upon payment maturity.

Addendum:
Reminder is a simple way to ease the overload to-do-list of teachers’ busy lives. In order to remind
the member of its approaching loan due, a reminder slip with a receive copy will be send top a member 7 to 10
days before their due date in every month.

 Payment Reminder 7 to 10 days before the due date of loan

 1st Notice of Payment 30 days after the due date of loan
 2nd Notice of Payment 60 days after the due date of loan
 3rd Notice of Payment 90 days after the due date of loan
 Notice of Termination 120 days after the due date of loan

2. The Borrower/Member may opt to settle the account without penalties within SEVEN (7) working days upon
default.
3. Loans are subject to penalty after SEVEN (7) working days upon default date.
APPLICATION PROCEDURES:

The following are the Application Procedures of the members securing a loan:
1. Fill – up Loan Application Form and submit to Credit Committee or BOD in-charged.
2. Credit Committee receives the loan and submit to BOD in-charged.
3. BOD in-charged receives the Loan Application Form and checks for loan and payment standing and background
checks the applicant.
4. BOD in-charged approves loan, affixes signature on Loan Application Form and submits to Treasurer for
processing.
5. Treasurer releases funds.
6. Applicant to verify loan status with the Credit Committee. If the application is approved and available, the
corresponding cashier releases Loan proceeds.
The process of approval and releasing must not exceed SEVEN (7) working days unless funds are not available.
NO PASSBOOK NO LOAN Policy will be strictly implemented.

IMPORTANT REMINDERS
 Always bring your passbook for every transaction/payment to be made in the cooperative.
 NO PASS BOOK, NO TRANSACTION POLICY.
 The member who made the transaction has the responsibilities and obligations to the cooperative.
 The cooperative is not responsible has “No Say” to whatever arrangement you made to your fellow member/s.
FOR STRICT COMPLIANCE.

SIGN OVER PRINTED NAME

 RAMON MAGSAYSAY HIGH SCHOOL
FACULTY MULTI-PURPOSE COOPERATIVE

LOAN APPLICATION FORM

Please put (x) on a selected option.
Name: Last Name Given Name M.I. Filing Date
Employee No.
DEPARTMENT Capital Share
Type of Application New Renewal Series No. of Months
Amount of Loan Application Retention Fee Yes No
To be filled by the Credit Committee/BOD in- Unpaid Loan
charged No. of Months
Conformed: Received By:

Member Credit Committee/BOD In-Charged

Signature Over Printed Name Signature Over Printed Name

RAMON MAGSAYSAY HIGH SCHOOL

FACULTY MULTI-PURPOSE COOPERATIVE

LOAN APPLICATION FORM

Please put (x) on a selected option.
Name: Last Name Given Name M.I. Filing Date
Employee No.
DEPARTMENT Capital Share
Type of Application New Renewal Series No. of Months
Amount of Loan Application Retention Fee Yes No
To be filled by the Credit Committee/BOD in- Unpaid Loan
charged No. of Months
Conformed: Received By:

Member Credit Committee/BOD In-Charged

Signature Over Printed Name Signature Over Printed Name

RAMON MAGSAYSAY HIGH SCHOOL

FACULTY MULTI-PURPOSE COOPERATIVE

LOAN APPLICATION FORM

Please put (x) on a selected option.
Name: Last Name Given Name M.I. Filing Date
Employee No.
DEPARTMENT Capital Share
Type of Application New Renewal Series No. of Months
Amount of Loan Application Retention Fee Yes No
To be filled by the Credit Committee/BOD in- Unpaid Loan
charged No. of Months
Conformed: Received By:

Member Credit Committee/BOD In-Charged

Signature Over Printed Name Signature Over Printed Name