Credit Policies
SERVICE FEES
- Tiered Service Fees
- Minimum Service Fee is P100.00.
- Maximum Service Fee is P10,000.00.
- 1:1 loan – 1% service fee minimum of P100.00 maximum of P1,000.00.
| Term | Service Fee |
| 1 month to 6 months | 1.5% |
| more than 6 months to 1 year | 2.0% |
| more than 1 year to 18 months | 2.5% |
| more than 18 months to 2 years | 3.0% |
| more than 2 years to 30 months | 3.5% |
| more than 30 months to 3 years | 4.0% |
| more than 3 years to 42 months | 4.5% |
| more than 42 months to 4 years | 5.0% |
| more than 4 years | 5.0% |
What is the qualification to be a Co-Maker of the loan?
- Must be a member for 3 months and above.
- Must have fully paid for at least 50 shares with a total value of Php 5,000.00.
- Can act as co-maker for a maximum of 5 borrowers only.
What payslips are acceptable as attachments to my loan application?
- Last two months 15th and 30th payslips prior to the date of application.
- For Bonus Loans, photocopy of one payslip for any month of the current year for which the application was submitted.
- Submission of payslips shall be on a best effort basis for members who have a rank of AVP and up.
Is it necessary to attach photocopies of valid IDs to the loan application?
- Photocopies of valid ID’s for borrower and co-makers is necessary but may no longer be required for those members who have submitted the EPCIB ECC Signature Card to the Coop Office.
What will the borrower do whenever there are changes or alterations in his loan application?
- Coop Management shall require a written instruction from the borrower for the changes or alterations.
- Emailed or faxed instruction is allowed in order to release the loan but original copy must be sent to Coop Office at the soonest possible time.
For members with tenures of either less than five (5) or ten (10) years and have fully availed of the credit facilities prior to the changes of the credit policies, will he submit a letter request addressed to the BOD when he want to re-avail of a loan?
- Said members can re-avail subject to Board approval even without a letter request from the member.
What is the maximum amount a member can avail for a regular loan?
- Maximum Loanable Amount
- Less than 5 years of service with the bank = up to 200% of share capital.
- Five to ten years of service with the bank = up to 300% of share capital.
- Above 10 years of service with the bank = up to 400% of share capital.
- Total Loans of regular members shall not exceed 400%, 300%, 200% as the case may be. Emergency and bonus loans are not included in the computation of the applicable maximum loanable amount.
- Maximum loanable amount for regular members who are above ten (10) years of service with the bank is 400% of share capital but not to exceed Php 700,000.00 excluding emergency and bonus loans.
Other Credit Policies
- Newly approved changes in Credit Policies will apply for new members.
- In case a check is payable to the married name of the member but BDO account is under her maiden name, member has to make a written instruction to make the check payable to her maiden name.
- For balloon partial principal loan payments in order to reduce amortization, new Promissory Note is required for the remaining term of the loan. Said PN will have the same maturity date and under the same terms and conditions as the previous PN. This will be subject to a minimum service charge of only Php 100.00.
- Damayan Contribution shall be made by members who apply for a loan with the cooperative. The contribution shall be applied to outstanding clean portion of the loan in case of death or permanent total disability of a member-borrower. Contribution Amount is Php 5.00 for every Php 1,000.00.
Who are qualified to avail of the Coop's Members Mortuary Benefit?
- All regular members of the EPCIBECC are qualified members entitled to the Mortuary Benefit, except for the following;
- Members with remaining capital contribution of Php 100.00 after offsetting their contribution against past due loan balances.
- Members who resigned, retired, or otherwise separated from the bank, effective on the date of such resignation, retirement or separation, except if said members have previously filed a request in writing with the Cooperative for the Continuation of membership. For purposes hereof, the effectivity date of the resignation, retirement or separation of a member from his/her employment from the bank will be the date indicated in the notice sent by HR to the Coop.
What is the source of the Coop's Mortuary Benefit?
- Mortuary Benefit shall be sourced by deducting Php 50.00 from the capital contribution of each member of the Cooperative upon every death of a member, and the total amount deducted shall be given to the qualified beneficiary.
What are the requirements in claiming the Mortuary Benefit?
- Letter from the beneficiary claimant.
- Certified true copy of the member’s death certificate with registry number.
- Duly accomplished EPCIBECC Mortuary Benefit Financial Assistance Form.
- Proof of beneficiary claimant’s relationship to the deceased member (e.g. birth certificate, marriage contract, etc.)
- Photocopy of beneficiary-claimant’s valid ID (front and back).
How will I claim the Mortuary Benefit?
- Beneficiary-claimant shall send a duly filled-up EPCIBECC Mortuary Benefit Financial Assistance Form together with the supporting documents to:
- The Manager or The Treasurer Room 213, Krizia Building, Gorordo Avenue Barangay Kamputhaw Cebu City.
- The Mortuary Benefit shall be released thru a check payable to the name of the beneficiary-claimant. It may also be deposited to the BDO account upon the instruction of the beneficiary-claimant indicated in the EPCIBECC Mortuary Benefit Financial Assistance Form. c. Beneficiaries shall be given six (6) months from the date of death of the member to claim the Mortuary Benefit, otherwise, the same shall be forfeited.