A loan facility designed to provide immediate funds for personal or household consumption. This loan is secured by the borrower’s Capital Contribution maintained by the borrower with the Association.
Interest and Term
Below are the Nominal Interest Rates per term as of June 1, 2024, approved by the Board of Trustees. Interest is computed based on the diminishing balance of the loan.
Effective interest rate (EIR) is the actual interest rate the borrower pays on the loan after taking into account fees/charges (e.g. documentary fee, filing fee, etc.) incidental to the loan availment.
| Term (Months) | Nominal Interest Rate (Per Annum) | Effective Interest Rate (EIR)* |
| 12 | 6.50% | 7.04% |
| 60 | 9.75% | 8.98% |
*Assumed Loan Amount is P100,000.00
Loan Amount
Equivalent to 60% or 80% of available Capital Contribution Buffer (CCB) balance, as applicable.
Requirements
- Proof of source of income (e.g., latest one (1) month pay slip, pension pay slip, etc.)
- Any government-issued ID
- Accomplished loan application form. No need for HR endorsement.
Loan Proceeds
Proceeds from the loan shall be released through one of the following methods, at the borrower’s option:
- MESALA savings deposit;
- Deposit to borrower’s bank account (Banco de Oro or Bank of the Philippines Islands); or
- Check payable to borrower
