COOP OFFERS ‘KATUWANG’ LOAN OF UP TO P1 MILLION
The Ayala Coop continues to try to help its members during this time of the pandemic. After its original Damayan Loan and the Covid+Damayan Loan that it made available to them, a third loan offering worth up to P1 million and dubbed the “Katuwang” Loan has again been opened to Coop members to cover their financial needs during the ongoing coronavirus pandemic.
What is more conducive with the Katuwang Loan is that it may be availed of not only to cover Covid-19-related expenses but six other purposes.
Aside from covering the cost of Covid-19 treatment, the loan may also be availed of to cover funeral expenses regardless of cause of death; hospitalization above P400,000 for non-Covid cases; reimbursement of purchased insurance plans, including those for a health maintenance organization, a memorial plan, and a life and accident insurance; payment for vaccines purchased through the Ayala Vaccination and Immunization Program; calamities, including typhoons, floods, volcanic eruptions and fires; and debt consolidation, including payment for one’s credit card balance or other personal loans, utility bills, and car and housing loans up to P1 million.
Similar to Damayan and Covid+Damayan
The Katuwang Loan is similar to the Damayan and the Covid+Damayan Loan promos in that it charges the same interest rates as the other two loans do. Loans amounting to P400,000 or lower would be charged an add-on interest rate of 0.65 percent per month instead of the previous 0.75 percent interest rate, and loans amounting to P400,001 up to P1 million would be charged an add-on interest rate of 0.85 percent instead of the usual one percent. Both rates are lower than those normally charged other loans.
Under the terms of this new offering, loans amounting to P200,000 and below shall also have a payment period of two years while those worth P200,001 up to P1 million shall be paid in four years.
Eligibility and coverage
Those eligible include both active and associate members, with certain qualifications required for each specific purpose. Loans being applied for a Covid-related purpose may cover one’s spouse, children, parents, siblings and parents-in-law in the case of married members, and one’s parents, siblings and children in the case of single members. Only the proof of relationship to the member is required along with Covid test results and other documents like official receipts and statements of account.
Other loans where a member’s immediate family members may be covered are those for funeral, hospitalization other than Covid, and calamities. Loans applied for reimbursement of purchased insurance plans, payment for purchased vaccines, and debt consolidation may cover only the members themselves.