Canadian Group Benefits

UNDERWRITING TEAM

Savings & Loan Program Guidelines

Purpose:

To promote thrift and savings

mobilization among members.
To extend credit to members for
providential and productive purposes.

Membership:

Manulife EEs from CGB - Underwriting

Loan Terms & Condition:

o

Interest Rate:
o 5% - (1 month)
o 10% - (2 months)

Terms:
o

Rights of Members:

To avail a loan with a low interest.

To receive an interest on share capital
and patronage refund.
To elect and be elected as officer of the
program.

Mode of payment:
o Semi-monthly after every payroll*

Late Payment Fee:

o 5% of amount outstanding or
300Php for every month of
delay, whichever is higher.

For Non-member
o A non-member who wishes to
acquire a loan from SLP should
have a guarantor. The guarantor
should be an active member
and
has
satisfied
the
Membership Qualifications. The
non-member may loan up to the
maximum amount of the total
cash deposit of his guarantor.
Please note that the guarantor
will be liable for any unsettled
debts at the end of the year.

Withdrawal/Termination of membership
o Member who wish to withdraw
or terminate his/her membership
must advise any officers 15 days
prior. Only members who were
able to contribute for at least 6
months will be eligible to receive
an interest on share capital

Obligations of Members:

To pay any loan on due date/s.

To continuously invest in his/her capital
share.
To patronize the services of the program.
To participate in any meetings called
upon.

Services:

Regular Loan
Savings Deposit (withdrawals not
allowed)

Officers:

Approving officer
o Marjorie Abdon
o Maria Milet Miranda
Treasurers
o Dorothy Joy Forlales
o Julie Grace Pineda
Auditor
o Christian Aquino
o Sychelle Kate Hernandez

Either 1 month or 2 months (Max)

Fund Contribution:

After every payroll. Minimum of Php 500

per cutoff.
Membership will be terminated if the
member will withdraw his/her share.

_________________________________________
Note:
*To save the cost of transaction and for more efficient
filing, we encourage you to:
1. deposit your money not later than 3 days after our
pay day (15th and 30th of the month), and
2. send your Loan Request:
a. weeks before the day you need the proceeds,
b. 5 days before the pay day, and/or