Jul 25, 2018
Special P1-M loan promo offered by Coop
Rainy days are here again, and one can expect the Ayala Coop to come up with ideas that will suit what the current season demands, in this case a loan promo that will make available opportunities to refurbish, make repairs or simply prepare one’s family for the contingencies of the rainy season.
The special loan promo the Coop has come up with, called “Buhos sa Tag-ulan,” offers as much as a P1 million loan to Coop members from June 20 to September 28, 2018. It’s payable up to a maximum of four years, with loans amounting to P200,000 and below payable in two years while loans exceeding that amount payable in four years.
Interest rates, meanwhile, will be charged based on the amount of the loan, with loans amounting to P400,000 and below getting an add-on rate per month of .75 percent while loans exceeding that amount getting an add-on rate per month of exactly one percent.
Capital buildup for those availing themselves of the loan is also being waived while the loan amount allowable is three times the member’s share capital. This is, however, subject to the normal internal loan eligibility guidelines of the member’s mother company, which may have a lower multiplier than that of the Coop.
Applicants for this loan must also comply with the offsetting requirement of having paid at least six months of an existing loan and having to offset a previous rainy loan promo availment.
Additional requirements also include at least five years’ employment for those availing themselves of an amount exceeding P400,000 as well as the attachment of a copy of their two latest pay slips for net cap computation in the case of Bank of the Philippine Islands employees.
All members availing themselves of the “Buhos sa Tag-ulan” loan promo will earn the standard patronage refund.