COOPERATIVE LOAN GUIDELINES: School Year 2023-2024

1.Every member can file a loan provided that fund is available.

2.A member who has an existing loan can renew his/her loan after three (3) months payment with the
same interest as applied to his/her prevailing loan. Strictly no double account.

3.The amount of loan will be determined by the officers/board of directors based on availability of the
fund.

4.Loans will be personalized term from 3 months to 11 months with 4% interest per month.

5.The borrower must pay her/his monthly obligation to the Treasurer of the Loan Committee.

6.Members may avail Emergency Loan NOT EXCEEDING five thousand pesos (P5,000.00) aside
from the regular loan payable in 3 months with 4% monthly interest.

7.Optional term/ termination of loan/ prepayment of the loan prior to the full maturity, the discount or
rebates shall be computed on the basis of the sum of the months or remaining months.

8.In the case of non-payment of monthly amortization, 2.5% compounding penalty will be charged.

9.All loans and its interest must be paid on or before the end of school year which is May 2024. It is
hereby agreed that if default be made in the payment of any of the installment or non-payment
charges thereon as and when the same become due and payable as specified above, the total
principal sum then remaining unpaid, together with the agreed late payment charges thereon shall at
once become due and payable without need of notice of demand.

*30 days – is the grace period from the release of all dividends which is June 30, 2024.

10. A co-borrower is required if the amount of loan is more than/exceeded to the borrower’s share.

12. The co-borrower should be a colleagues must have a regular income source in order to pay the
loan in case the primary borrower fails to do so.

13. A co-borrower shall provide a photocopy of his/her valid ID and affix his/her 3 specimen
signatures on it. _______

15. A co-borrower shall pay the loan of the borrower in case of death, confinement in prison,
disability, dismissal from work, or any circumstances that may put the borrower in a situation where in
such he/she cannot further pay the accumulated loan anymore. _________

(By affixing your signature below, you have read and agreed the guidelines of the Cooperative Loan)

___________________________________ __________________________________

(Signature of Borrower over Printed Name) (Signature of Co-Borrower over Printed Name)

Recommending Approval:

MARICEL U. ASTORGA

Cooperative, Treasurer

Approved by:

___________________

Cooperative Chairperson

LOAN GRANTED: ______________INTEREST: ___________MONTHLY PAYMENT: ___________