FICCO PMS 3RD TOPIC
FICCO LOAN SERVICES
Who will qualify for a loan? • Completed the prescribed ½ day Pre-membership Seminar (PMS); • Good character with visible source of income; • Share Capital of at least 3,000 pesos;
Who will qualify for a loan? • Average monthly Savings balance of at least P500; • Enrolled with FICCO-MBA; • Completed 4-month probationary period.
Basis in granting loans • Character & Capacity to pay; • Classification as a member; • Capital share & savings deposits; • Condition; • Collateral
Membership Classification 8 membership classifications determined by member’s Character & Capacity to pay. • CLASS “A1+” • CLASS “A1” • CLASS “A” • CLASS “B” – RELOAN • CLASS “B” – FTTB • CLASS “C” • CLASS “D” • CLASS “E” Guides management and Credit Committee to decide how much loan one member may avail!
Loan multiple
Loan multiple
Loan multiple
Loan multiple
Interest on Loan & Service Fees excluding Agricultural Loans;
Interest on Loan & Service Fees for Agri.- Loans
Equity for MVL
Types of Loans Loans are designed to cater to the needs and wants of the members. FICCO is encouraging its members to avail more productive loans! Economic activities are increased!
TYPES OF LOANS • Regular Loans • Productive Loans (RL-Prod) • Provident Loans (RL-Prod) • Business Related loans • Small Enterprise Assistance Loan (SEAL) • Commercial Credit Line (CCL) • Vendors & Drivers’ Assistance Loan • Repackaged Special Business Loan(RSBL)
TYPES OF LOANS • Regular Agricultural Loan (RAL) • Rice & Corn Crop Loan • Cassava Crop Loan • Sugar Cane Crop Loan • Other Crop Loan • Agricultural Land Purchase Loan • Aqua Culture Loan • Livestock (Swine Raising) Loan
TYPES OF LOANS • Housing Related Loans • Housing Loan Assistance (HALO) • House Construction Loans (HCL) • Financing Loans • Motor Vehicle Loan (MVL) • Motor Cycle Loan (MCL) • Appliance Loan (APL) • Cell Phone Loan (CPL)
TYPES OF LOANS • Medical Related Loans • Medical Loan • Medicine Loan • Optical Loan • Dental Loan • Travel & Tour Packages • Travel & Tour Loan • Special Travel & Tour Loan
TYPES OF LOANS • Commodity Loans • Rice Loan • Gift Check Loans; • SM • GAISANO • ORORAMA • Other accredited stores
TYPES OF LOANS • Other Loans • Petty Cash Loan • Calamity Loan • Jewelry Loan • Salary Loan • Memorial Services Loan • Educational Loan
TYPES OF LOANS • Loan Against Deposits • Loan Against Deposits • Loan Against Time Deposits • Loan Against Retirement Savings • Loan Against Installment Savings
Maximum loan ceiling • First time borrower; • P 50K – Share/Savings • P 51K to P100K – Chattel Mortgage • P101K to P 2.0M – Real Estate Mortgage
Maximum loan ceiling • Class “B” re-loan; • Up to P 60K – no collateral • P 61K to P200K – Chattel Mortgage • P201K to P 2M – Real Estate Mortgage
Maximum loan ceiling • Re-loans: • Class “A1+” & “A1” & “A”; • P 60K & below – no collateral with 1 co-maker • P 61K to P 500K– Chattel mortgage on HVC • P 501K to P 2M – Real Estate Mortgage
Maximum loan ceiling • For Class A1 & A1+ • P 2.5 million – if providential • P 5.0 million – if productive
Loan Requirements: • Co-makers • Utility bills • Proof of source of income • Residence Certificate- Current year
Loan Requirements: • For Chattel Mortgage: • Certificate of ownership/ Affidavit of ownership or O.R. & CR for motor vehicles • For Real Estate Mortgage: • Original Title, Tax Clearance, Tax Declaration, Sketch Plan, Vicinity Map, Certificate of non-tenancy for agri-land, SPA if the loaner is not the owner
Who will qualify as co-makers? • Members with; • Share Capital of P3,000 & Savings of P 500 • Four months or more as members • Whose accounts not delinquent • Members with Restructured loans are also prohibited from signing as co-makers.
Who will qualify as co-makers? • Class “A1+”, “A1” & “A” Members are allowed to sign up to three borrowers • Class “B” & below are allowed to sign up to two other borrowers.
“Bundak” Deposit RULE • Any deposit above 10% of existing Share/Savings to cover deficiency in the requirement is “Bundak” deposit. • “Bundak” deposits are not included in the member’s partial loan release. • Class “B- FTTB”, “C”, “D” & “E” members who will make “Bundak” deposits will have to wait for 45 days before their loans are released. • Class “A1” , “A” & “B Re-loan” are exempted from “Bundak” deposit rule.
Encumbered Deposits • Deposits used as equity to a loan are called “Encumbered Deposits” • Non- withdrawableuntil the loan is fully paid. • Encumbered deposit for LAD is based on the loan balance • RS/IS deposits can now be used as encumbrance to loans!
When are loan accounts considered delinquent? • When Loan accounts are paid after the agreed Due Date. • When Loan Payment is lower than the agreed Amortization.
Delinquency Notices & Demand Letters
Delinquency • Fines of 3% per month of amortization until the 3rd month of the delinquency. • 3% of the entire loan balance is collected starting on the 4th month of the delinquency.
“Grace Period” • A period of time in which someone is late with a payment, but penalties are not incurred. • Members are given 3 days before fines are computed • Amortization is still past due & classification is reduced.
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