LOANS SERVICES

TMPC TOPSPOT MULTIPURPOSE COOPERATIVE

TMPC LOAN PROGRAM

POLICY AND GUIDELINES
PURPOSETo set policies and guidelines in the entitlement of qualified employees/members and to set standard operating procedure of LOAN PROGRAM offered by TOPSPOT MULTIPURPOSE COOPERATIVE.
SCOPE
ENTITLEMENT AND QUALIFICATIONPRIVILEDGESLOAN PRODUCTS & SERVICES OFFEREDPOLICIES AND GUIDELINESPROCESS
ENTITLEMENT AND QUALIFICATION
Only qualified members is entitle on TMPC Savings Program
Qualifications and Requirements:
Attend the Pre-Orientation of TMPCPay the Membership Fee of Php 600.00 (Six Hundred Pesos Only)Must have a paid up share capital at least 50 shares of stocks at a par value of 10 pesos equivalent to Php 500.00 (Five Hundred Pesos).At least 6 months tenure in the Cooperative
PRIVILEDGES
Member/s is who availed TMPC loan programs is eligible to receive PATRONAGE REFUNDPatronage Refund received of TMPC members is TAX-FREEEntitle to avail 1% - 1.25% Interest rate per month on his/her approved loan application
LOAN PRODUCTS AND SERVICES OFFERED
SALARY LOAN/MULTIPURPOSE LOANEMERGENCY LOANAPPLIANCE LOANPETTY CASH LOANEDUCATIONAL LOAN
TABLE A.4 – PRODUCTS AND SERVICES

POLICIES AND GUIDELINES
Submitted Loan application form is subject for approval from TMPC Credit Committee.
25% Net Take Home Pay will be also for Loan Approval.
Loan restructuring is not allowed
Loan Offsetting against Savings Account is allowed.
All Loans required (2) two co-maker
If in case of over credit, erroneous credit, failure to debit, erroneous debit, misrouting, or any error in transaction involving any amount, (any and all of which shall be referred to as Amount/s due to TMPC) to Cardholder’s Account/s as appearing in the records of TMPC, and for whatever cause such as but not limited to systems error, error in communication facilities, Cardholder hereby agrees and undertakes to immediately return to TMPC the amounts due to TMPC without need of notice of demand, plus any and all expenses, costs and damages with TMPC may have incurred. In connection with the enforcement of TMPC’s right to recover and collect the amount due to TMPC. For this purpose, Cardholder irrevocably authorizes TMPC/its representatives to effect the debiting of funds from account to the extent of the amount due to TMPC, without need of further act and deed, and without need of further act and deed, and without prejudice to exercise by TMPC of its right to enforce full recovery and collect of the amount due to TMPC, in case the Cardholder’s account/s cannot be debited for any reason such as but not limited to insufficient balance, as well as the exercise by TMPC of the legal remedies to which TMPC may entitled to under the law and this agreement, including but not limited to immediate cancellation of membership or suspension of relevant balance from his/her TMPC Savings Account, civil criminal, and/or administrative remedies. Pending full recovery of collection by TMPC of the amount due to TMPC, the Cardholder shall hold the said amount in trust for TMPC. Failure of Cardholder to account for and return the amount due to TMPC shall give rise to a prima facie presumption of misappropriation of conversion with the intent to defraud, on the part of the Cardholder.

LOAN APPLICATION FORM

4. TMPC MULTIPURPOSE LOAN.pdf

PROCESSING SCHEDULE

Submission and Processing of LOAN APPLICATION FORM is EVERY MONDAY to wednesday 12pm

LOAN APPLICATION is subject for approval and further Validation. Once APPROVED it will be release on the same week FRIDAY (cashcard only)

To know the status of your application, please contact Ms. Mariah Sabile at 09178069887 or you may email her at mariah.sabile@topspot.ph