Dumaguete Cathedral Credit Cooperative (DCCCO)

Eligibility of Loan
Types of Loan
Repayment Terms
Fees and Charges
Collateral Requirements
Sample Loan Amortization
Comparative Interest Comp.

Eligibility of Loan

Eligibility for a loan from DCCCO does not confer automatic right on the member to avail of a loan. The member's loan privilege would depend on his credit standing and status as a member.

Membership Classification	Years of Membership (at least)	Share Capital (Php) (at least)	Daily Maintaining Balance of Savings/Time Deposit (at least)	Quarterly Deposit (Php) (at least)	Required Equity/Deposit (Capital)	Interest Rate
1. Member in Good Standing (MIGS)
Platinum	5	20, 000.00	10, 000.00	2, 000.00	20%	1.25%
Gold	4	15, 000.00	7, 000.00	1, 500.00	25%	1.30%
Silver	3	10, 000.00	5, 000.00	1, 000.00	30%	1.35%
Bronze	2	5, 000.00	2, 000.00	500.00	35%	1.40%
Nickel	6 mos.	1, 000.00	500.00	Has a business transaction at least once every three (3) months	40%	1.45%
2. New Member	Less than 6 mos.	1,000.00	500.00		50%	1.50%
3. Non-Member in Good Standing (NON-MIGS)
No business transaction for more than 3 months		1,000.00	500.00		50%	1.50%
With one(1) loan fined		1,000.00	500.00		50%	1.50%
With more than one (1) loan fined		1,000.00	500.00		75%	1.50%

Availment of loan is three (3) months after full-fledge membership, except loans equivalent to the member's share capital and/or 90% of his/her time deposit. However, members with visible means of income may avail of loans more than their share capital one month after full-fledged membership.

Members in Good Standing (MIGS) with capacity to pay will still be allowed to avail of x3 loan privilege provided, they continue to be MIGS.

Kinds of Loans

Productive Loans

Agricultural

A loan extended to full-fledged members for the following purposes: purchase and/or redemption of agricultural lots and agri-business such as farm inputs, livestock and poultry raising, fishing, aqua-culture, seaweeds production and the like.

Members who are into sugar cane production may be granted an Agricultural Loan which is payable for a maximum term of one(1) year (one time payment). However, a prepaid interest for the whole term shall be deducted from the loan proceeds in accordance to their membership classification. (BOD Res. No. 42, March 5, 2008)

Business

A loan extended to full-fledged members who are into business engagements which includes commercial, service and purchase of vehicle for business purposes.

Providential Loans

Anniversary

A loan extended for expenses related to anniversaries and celebration such as fiesta, wedding, baptism, confirmation, graduation, etc.

Appliance

A loan extended for the purchase of home appliances, furniture and fixtures.

Commodity

A loan extended for the purchase of goods for household consumption and for payment of utilities and services.

Educational

A loan extended for school related and professional advancement.

Housing

A loan extended for construction, renovation or repair, and other housing related expenses.

Jewelry

A loan extended for the purchase of jewelry

Litigation

A loan extended for expenses related to litigation of cases such as filing fees, acceptance fees, attorney’s fees and the like.

Matrimonial

A loan extended for wedding related expenses.

Medical / Health Care

A loan extended for hospitalization, purchase of medicine, payment of health care insurance premiums, and other medical, dental, and optical related expenses.

Memorial

A loan extended for the purchase of pre-need plans, memorial lots and funeral related expenses.

Redemption

A loan extended for the payment of loans with other financial institutions.

Residential Lot

A loan extended for the purchase of residential lots.

Travel/Vacation

A loan extended for domestic and international travels.

Vehicle

A loan extended for the purchase of personal service vehicles. The vehicle itself may be used as collateral for the said loan, provided, said vehicle should not be more than five (5) years from the date of original purchase.

Special Loans

Salary Loan (MOA / ATM)

A loan extended to members who are regular employees whose loans are secured by automatic payroll deduction by virtue of the Memorandum of Agreement (MOA) or automatic withdrawal from their ATM Savings Account.

Pension Loan

A loan extended to members who are pensioners with ATM Savings Account at a maximum amount of One Hundred Thousand Pesos (Php 100,000.00) at 1% per month straight.

Financing Loan for Vehicles and Appliances

A loan extended to members for at least three (3) months in membership for acquisition of appliances or vehicles at 1% per month straight. A 10% equity based on the amount of loan is required to serve as downpayment.

Back - to - Back Loan

Member can also avail of loan against his/her time deposit at a maximum amount equivalent to 90% thereof

Medical ( Emergency Loan)

A member in good standing (MIGS), with capacity to pay,may be allowed to avail of this loan for hospitalization and medicines (on top of his other loans) at a maximum amount of P10,000.00, payable at P1,000.00 per month at 1.5% interest based on the diminishing balance. The member-borrower shall be required to present a doctor’s prescription and/or hospital bill before he can avail of said loan. This type of loan is not subject to the required retention. (BOD Res. No. 113, series of 2008)

Revolving Special Credit Line (RSCL)

A loan extended to member in good standing for business purposes only. The equity (capital) requirement shall be waived but the same shall be fully secured by Real Estate Mortgage (REM). The interest rate of this loan shall be 2%. In the case wherein member-borrowers have arrears in the payment of the previous releases, further releases shall be allowed only when a particular loan release with penalty have been fully settled.

Incentive Loan

A loan extended to member in good standing (MIGS) who are receiving their salaries through ATM and who have availed of Salary Loan (ATM) or other loans with DCCCO. The maximum loanable amount is 90% of the expected 13th month pay, bonus, allowances or other incentives at 1% per month straight.

Character Loan

A loan extended to member in good standing (MIGS) who are regular employees or pensioners with ATM Savings Account. The loanable maximum amount is Twenty Five Thousand Pesos (Php 25,000.00) at 1%
per month straight.

Petty Cash Loan

A loan extended to member in good standing (MIGS) who are receiving their salaries through ATM and who have availed of Salary Loan (ATM) or (Php 5,000.00) at 1% per month straight.

Car Loan

A loan extended to members for at least three (3) months in membership for acquisition of vehicles (with four or more wheels). A 10% equity based on the amount of loan is required. The interest is ranging from .65% to 1.0 % per month straight depending on the payment term.

Loan Against Deposit (LAD)

Member can avail of loan equivalent to his/her Share Capital Deposit.

Repayment Terms

AMOUNT OF LOAN (Pesos)	REPAYMENT TERM (Months)
2,000 or Less	15
2,001 - 2,500	16
2,501 - 3,000	17
3,001 - 3,500	18
3,501 - 4,500	19
4,501 - 5,000	20
5,001 - 8,000	21
8,001 - 11,000	22
11,001 - 14,000	23
14,001 - 17,000	24
17,001 - 20,000	25
20,001 - 30,000	26
30,001 - 40,000	27
40,001 - 50,000	28
50,001 - 60,000	29
60,001 - 70,000	30
70,001 - 80,000	31
80,001 - 90,000	32
90,001 -100,000	33
100,001-110,000	34
110,001-120,000	35
120,001-130,000	36
130,001-140,000	37
140,001-150,000	38
150,001-160,000	39
160,001-170,000	40
170,001-180,000	41
180,001-190,000	42
190,001- 200,000	43
200,001- 210,000	44
210,001- 220,000	45
220,001- 230,000	46
230,001- 240,000	47
240,001- 250,000	48
250,001- 260,000	49
260,001- 270,000	50
270,001- 280,000	51
280,001- 290,000	52
290,001- 300,000	53
300,001- 310,000	54
310,001- 320,000	55
320,001- 330,000	56
330,001- 340,000	57
340,001- 350,000	58
350,001- 360,000	59
360,001- over	60

Loan Fees and Charges

Interest Charge

All loans, except those against deposits, shall be charged a monthly interest at the rate set by the Board of Directors from time to time, in accordance with the membership classification as follows:

Membership Classification	Interest
Platinum	1.25%
Gold	1.30%
Silver	1.35%
Bronze	1.40%
Nickel	1.45%
Non-MIGS/New Member	1.50%

Interest for the first month shall be deducted upon release of the loan, however, if the loan is paid in full within fifteen (15) days, a rebate shall be proportionately given to the member. However, loans paid on a quarterly basis shall be collected a prepaid interest of three (3) months. (BOD Res. No0.41, series of 2008).

A proportionate rebate is also given to members if the unexpired portion of the prepaid interest is not less than 15 days. (BOD Res. No 112, series of 2008)

All loans against deposits shall be charged an interest rate of five percent (5%) on top of the prevailing rate of the said deposits. Interest shall be computed monthly based on the diminishing balance.

Surchage on Amortization in Arrears

Amortization in arrears shall be charged as follows:

Membership Classification	Penalty (for delinquent amount)
Platinum	2.50 % per month
Gold	2.40 % per month
Silver	2.30 % per month
Bronze	2.20 % per month
Nickel	2.10 % per month
Non-MIGS/New Member	2.00 % per month

Service Fee

A service fee shall be charged at the rate of 2% on all loans payable within forty-eight (48) months and 2.5% on loans payable over forty-eight (48) months. This shall be deducted from the loan proceeds upon release.

Collection Fee

A collection fee of one point five percent (1.5%) is charged on members opting their payments to be collected by our field tellers provided, they are living or having business within Dumaguete business centers (Silliman Ave., Boulevard, Lower Luke Wright, South Rd., Real St., Sta. Rosa St., and Cervantes Sts.). Those collected beyond the specified area but within the city limit will be charged fifteen pesos (P 15.00) per collection regardless of whether they signified to be collected or not.

Inspection Fee

Loans requiring Credit Investigation (CI) and Appraisal Report shall be charged an inspection fee, which is subject from time to time, as follows:

                                       Dumaguete Main Office

Within Metro Dumaguete Php 200.00

Outside Metro Dumaguete up to Bais city Php 400.00

Outside Metro Dumaguete up to Siaton Php 400.00

Beyond Bais and Siaton Php 600.00

                                                  Bais Branch

Within Bais Php 200.00

Bais up to Ayungon and Mabinay Php 400.00

Bais up to San Jose Php 400.00

Beyond Php 600.00

                                               Bayawan Branch

Within Bayawan Php 200.00

Bayawan up to Siaton Php 400.00

Bayawan up to Hinobaan Php 400.00

Beyond Php 600.00

Processing Fee for Document Registration

A fee of Three Hundred Pesos (Php 300.00) shall be charged on all members who opt to have the registration of their collateral documents facilitated

Loan Protection Plan (LPP)

A member shall contribute Php1.00 per month for every amount of one thousand pesos (Php1,000.00) of all loans or any fraction thereof not secured by his share capital/deposits and duly annotated Real Estate Mortgage, to be computed beginning on the third month from the date of release of the loan up to its maturity.

The coverage of this LPP shall take effect after sixty (60) days from the date of release. However, such contribution shall automatically be deducted from the proceeds of the loan upon its release. Said contribution shall not be refunded even if the loan is fully paid before its maturity date.

The coverage shall include also permanent Total Disability. Permanent Total Disability is any of the following:

A disability that lasts more than the period prescribed for Temporary Total Disability and prevents an employee from pursuing his usual work and earning therefrom;

Complete loss of sight of both eyes;

Loss of two limbs at or above the ankles or wrists;

Permanent complete paralysis of two limbs;

Brain injury resulting in incurable imbecility or insanity; and

Such cases as determined by the System and approved by the ECC.

A member who wish to avail of this Permanent Total Disability benefit shall submit an application letter duly supported with certification from a government physician subject to verification by the DCCCO Treasurer. A member who is deemed to be Permanently and Totally Disabled retains his membership with DCCCO and continues to avail of all allied services, except the lending service. (BOD Res. No. 37, series of 2008)

Collateral Requirement

The following are the schedule of collateral requirements (BOD Res. No. 242, series of 2009)

Membership Classification	Unsecured Amount of Loan	Collateral Requirement
Platinum / Gold	Over P25,000.00 up to P100,000.00	Vehicle/ Real Estate Mortgage (REM) / 2 co-makers
Platinum / Gold	Over 100,000.00	REM
Silver / Bronze / Nickel	Over P5,000.00 up to P25,000.00	1 co-maker only
	Over P25,000.00 up to P75,000.00	REM/ 2 co-makers
	Over P75,000.00	Vehicle (1-5 years) / REM
New Member	Up to P5,000.00	1 co-maker
	Over P5,000.00 up to P25,000.00	2 co-makers (to be subjected to thorough CI/BI)
	Over P25,000.00	REM/ motor vehicle
Non-MIGS	Up to P5,000.00	1 co-maker (for CI/BI)
	Over P5,000.00 up to P25,000.00	2 co-makers (for CI/BI)
	Over P25,000.00	REM/ motor vehicle

However, if the aggregate unsecured amount of loan availed of by the member exceeds P 25,000, at any given time, a collateral (vehicle/REM) is already required.

Note: Photo copies of I.D.s and contact numbers of co-makers should be required.

Sample Loan Amortization

Sample Loan: PhP 10,000.00

DATE	TOTAL	INTEREST	PRINCIPAL	SHOULD-BE BALANCE
11/17/2008	-	-	-	10,000.00
12/17/2008	599.55	145.00	454.55	9,545.45
1/17/2009	597.57	143.02	454.55	9,090.90
2/17/2009	590.76	136.21	454.55	8,636.35
3/17/2009	571.43	116.88	454.55	8,181.80
4/17/2009	577.14	122.59	454.55	7,727.25
5/17/2009	566.60	112.05	454.55	7,272.70
6/17/2009	563.52	108.97	454.55	6,818.15
7/17/2009	553.41	98.86	454.55	6,363.60
8/17/2009	549.90	95.35	454.55	5,909.05
9/17/2009	543.09	88.54	454.55	5,454.50
10/17/2009	533.64	79.09	454.55	4,999.95
11/17/2009	529.47	74.92	454.55	4,545.40
12/17/2009	520.46	65.91	454.55	4,090.85
1/17/2010	515.84	61.29	454.55	3,636.30
2/17/2010	509.03	54.48	454.55	3,181.75
3/17/2010	497.61	43.06	454.55	2,727.20
4/17/2010	495.41	40.86	454.55	2,272.65
5/17/2010	487.50	32.95	454.55	1,818.10
6/17/2010	481.79	27.24	454.55	1,363.55
7/17/2010	474.32	19.77	454.55	909.00
8/17/2010	468.17	13.62	454.55	454.45
9/17/2010	461.26	6.81	454.45	-

Comparative Loan Interest Computation

Sample Loan Amount: PhP 10,000.00

Term: 22 Months

Mode of Payment: Monthly

Month Should-Be Balance Membership in Good Standing (MIGS) New Member/ Non-MIGS (1.5%)

Platinum (1.25%) Gold (1.30%) Silver (1.35%) Bronze (1.40%) Nickel (1.45%)

05/13/2009
9,545.45
125.00

130.00

135.00

140.00

145.00

150.00

06/13/2009

9,090.90

123.30

128.23

133.16

138.09

143.02

147.95

07/13/2009

8,636.35

113.64

118.18

122.73

127.27

131.82

136.36

08/13/2009

8,181.80

111.55

116.01

120.48

124.94

129.40

133.86

09/13/2009

7,727.25

105.68

109.91

114.14

118.36

122.59

126.82

10/13/2009

7,272.70

96.59

100.45

104.32

108.18

112.05

115.91

11/13/2009

6,818.15

93.94

97.70

101.45

105.21

108.97

112.73

12/13/2009

6,363.60

85.23

88.64

92.05

95.45

98.86

102.27

01/13/2010

5,909.05

82.20

85.48

88.77

92.06

95.35

98.64

02/13/2010

5,454.50

76.33

79.38

82.43

85.48

88.54

91.59

03/13/2010

4,999.95

63.64

66.18

68.73

71.27

73.82

76.36

04/13/2010

4,545.40

64.58

67.17

69.75

72.33

74.92

77.50

TOTAL

1,141.68

1,187.33

1,233.01

1,278.64

1,324.33

1,369.99