Credit Policy
Credit Policy
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The NEC Tokin Employees Multi-Purpose Cooperative (NTEMPC) was organized to help, encourage and assist its members in accumulating and in managing savings. The basic objectives of this rule are to extend more loans to as many qualified members as possible and to balance the lending operations with investment policies to obtain maximum returns on savings.
Qualification of Borrowers
Qualification of Borrowers
1. Must be a regular employee of EMD Technologies Philippines, Inc. (ETPI)
2. Must be a bonafide member of NEC Tokin Employees Multi-Purpose Cooperative (NTEMPC)
3. Must have paid a share capital of at least Php1,000.00, equivalent to 10 shares at Php100.00 per share.
4. Must meet the paying capacity requirement which is, net pay must be more than or equal to 30% of his gross pay, inclusive of monthly loan amortization
General Loan Requirements
General Loan Requirements
Cash Loan (through NTEMPC funds)
Cash Loan (through NTEMPC funds)
Types of Funds: Through NTEMPC funds
Types of Funds: Through NTEMPC funds
Residency Requirement: 3 months as a member
Residency Requirement: 3 months as a member
Loanable Amount: Maximum of two (2) times the paid up capital
Loanable Amount: Maximum of two (2) times the paid up capital
Loanable Security: Up to three (3) co-makers if one co-maker's capacity to pay is not sufficient
Loanable Security: Up to three (3) co-makers if one co-maker's capacity to pay is not sufficient
-Net pay must be more than or equal to 40% (if the borrower has no existing
loans from the government agencies) or 30% (if the borrower has existing
loans from government agencies) of gross, inclusive of monthly amortization.
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Latest two (2) months pay slip of borrower and co-maker
Latest two (2) months pay slip of borrower and co-maker
Cash Loan (through other financial institutions)
Cash Loan (through other financial institutions)
Types of Funds: Through other Financial Institutions
Types of Funds: Through other Financial Institutions
Residency Requirement: none
Residency Requirement: none
Loanable Amount: subject to the institutions governing guidelines/requirement
Loanable Amount: subject to the institutions governing guidelines/requirement
Loanable Security: subject to the institutions' governing guidelines / requirement
Loanable Security: subject to the institutions' governing guidelines / requirement
Loan Requirements: subject to the institutions' governing guidelines / requirement
Loan Requirements: subject to the institutions' governing guidelines / requirement
Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Latest two (2) months pay slip of borrower and co-maker
Latest two (2) months pay slip of borrower and co-maker
Appliances Loan
Appliances Loan
Residency Requirement: three (3) months as a member
Residency Requirement: three (3) months as a member
Loanable Amount: maximum of Php50,000.00
Loanable Amount: maximum of Php50,000.00
Loanable Security: Up to three (3) co-makers if one co-maker’s capacity to pay is not sufficient
Loanable Security: Up to three (3) co-makers if one co-maker’s capacity to pay is not sufficient
Paid-up share capital, CBU and savings deposit, if any, are pledged to the cooperative net pay must be more than or equal to 40% (if the borrower has no existing loans from government agencies) or 30% (if the borrower has existing loans from government agencies) of gross, inclusive of monthly amortization
Loan Requirements: Accomplished Loan application form and photo copy of company ID and Authority to Deduct form of co-maker/s (if any).
Loan Requirements: Accomplished Loan application form and photo copy of company ID and Authority to Deduct form of co-maker/s (if any).
Latest two (2) months pay slip of borrower and co-maker
Latest two (2) months pay slip of borrower and co-maker
Consumable Goods
Consumable Goods
Residency Requirement: none
Residency Requirement: none
Loanable Amount: maximum of Php5,000.00 and minimum of Php500.00
Loanable Amount: maximum of Php5,000.00 and minimum of Php500.00
Loanable Security: - No co-maker
Loanable Security: - No co-maker
- net pay must be more than or equal to 40% (if the borrower has no existing loans from government agencies) or 30% (if the borrower has existing loans from government agencies) of gross, inclusive of monthly amortization
- net pay must be more than or equal to 40% (if the borrower has no existing loans from government agencies) or 30% (if the borrower has existing loans from government agencies) of gross, inclusive of monthly amortization
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Latest two (2) months pay slip of borrower and co-maker
Latest two (2) months pay slip of borrower and co-maker
Short Term Loan
Short Term Loan
Residency Requirement: three (3) months as a member
Residency Requirement: three (3) months as a member
Loanable Amount: maximum of Php20,000.00 or Paid-up share capital less current outstanding loan balance (which ever is lower)
Loanable Amount: maximum of Php20,000.00 or Paid-up share capital less current outstanding loan balance (which ever is lower)
Loanable Security: - No co-maker
Loanable Security: - No co-maker
- net pay must be more than or equal to 40% (if the borrower has no existing loans from government agencies) or 30% (if the borrower has existing loans from government agencies) of gross, inclusive of monthly amortization
- net pay must be more than or equal to 40% (if the borrower has no existing loans from government agencies) or 30% (if the borrower has existing loans from government agencies) of gross, inclusive of monthly amortization
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Latest two (2) months pay slip of borrower and co-maker
Latest two (2) months pay slip of borrower and co-maker
Vehicle Loan
Vehicle Loan
Residency Requirement: twelve (12) months as a member
Residency Requirement: twelve (12) months as a member
Loanable Amount: Member's capacity to pay
Loanable Amount: Member's capacity to pay
Loanable Security: - Up to 3 co-makers if one co-maker’s capacity to pay is not sufficient
Loanable Security: - Up to 3 co-makers if one co-maker’s capacity to pay is not sufficient
- net pay must be more than or equal to 40% (if the borrower has no existing loans from government agencies) or 30% (if the borrower has existing loans from government agencies) of gross, inclusive of monthly amortization
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Latest two (2) months pay slip of borrower and co-maker
Latest two (2) months pay slip of borrower and co-maker
Requirements for Special Cases of Cash and Appliances Loans
Requirements for Special Cases of Cash and Appliances Loans
Cash loans lower than or equal to the paid-up capital
Cash loans lower than or equal to the paid-up capital
Residency Requirement: three (3) months as a member
Residency Requirement: three (3) months as a member
Loanable Amount: Lower than or equal to the paid-up capital
Loanable Amount: Lower than or equal to the paid-up capital
Loanable Security: - none
Loanable Security: - none
Loan Requirements: Latest two (2) months pay slip
Loan Requirements: Latest two (2) months pay slip
Cash loans not higher than Php15,000.00
Cash loans not higher than Php15,000.00
Residency Requirement: three (3) months as a member
Residency Requirement: three (3) months as a member
Loanable Amount: Maximum of Php15,000.00
Loanable Amount: Maximum of Php15,000.00
Loanable Security: - none
Loanable Security: - none
Loan Requirements: Latest two (2) months pay slip
Loan Requirements: Latest two (2) months pay slip
Cash loans for Emergency Use
Cash loans for Emergency Use
Residency Requirement: three (3) months as a member
Residency Requirement: three (3) months as a member
Loanable Amount: Maximum of three (3) times the paid up capital
Loanable Amount: Maximum of three (3) times the paid up capital
Loanable Security: - up to 3 co-makers if one co-maker's capacity to pay is not sufficient. Net pay must be more than or equal to 40% (if the borrower has no existing loans from the government agencies) or 30% (if borrower has existing loans from government agencies) of gross, inclusive of monthly amortization.
Loanable Security: - up to 3 co-makers if one co-maker's capacity to pay is not sufficient. Net pay must be more than or equal to 40% (if the borrower has no existing loans from the government agencies) or 30% (if borrower has existing loans from government agencies) of gross, inclusive of monthly amortization.
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Latest two (2) months pay slip and proof emergency or billing statement in case of hospitalization.
Latest two (2) months pay slip and proof emergency or billing statement in case of hospitalization.
Appliance Loans Lower than or equal to the paid-up share capital
Appliance Loans Lower than or equal to the paid-up share capital
Residency Requirement: three (3) months as a member
Residency Requirement: three (3) months as a member
Loanable Amount: Lower than the paid-up capital but not higher than Php50,000.00
Loanable Amount: Lower than the paid-up capital but not higher than Php50,000.00
Loanable Security: - none
Loanable Security: - none
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Loan Requirements: Accomplished Loan application form and valid ID and Authority to Deduct form of co-maker/s (if any).
Latest two (2) months pay slip of borrower and co-maker
Latest two (2) months pay slip of borrower and co-maker
Reminders
Reminders
No co-maker is allowed only if the total amount of appliance loan and/or cash loan is equal to or less than the paid-up share capital of the borrower.
No co-maker is allowed only if the total amount of appliance loan and/or cash loan is equal to or less than the paid-up share capital of the borrower.
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