Regular Loan
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Last Update hace un año
Q: Who can apply for a Regular Loan?
A: All Regular Members of the cooperative can apply for Regular Loans. New members may also apply, but their loan amount will depend on their Paid-Up Capital value.
Q: What are the interest rates for Regular Loans?A:
- Loans below ₱299,999: 2.5% interest rate on diminishing balance
- Loans ₱300,000 and above: 1% monthly interest rate (straight)
A: Yes, if your Capital Build-Up (CBU) is below ₱20,000, an additional 3% per month charge will be applied to the principal amount.
Q: What does "diminishing balance" mean?A: With diminishing balance, interest is calculated on the remaining loan balance each month, so your interest charges decrease over time as you pay down the principal.