A loan facility designed to finance the educational needs of members and their dependents within the second degree either by consanguinity or affinity.
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.
| Repayment Term (Months) | Nominal Interest Rate (Per Annum) | Effective Interest Rate (EIR)* |
| 12 | 4.95% | 7.09% |
*Assumed Loan Amount is P100,000.00
Loan Amount
The amount of loan is equivalent to the total amount of tuition and other fees indicated in the supporting documents submitted, subject to Single Borrower’s Limit (SBL) and Take-Home-Pay (THP) policy of the borrower’s corporate member.
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 duly endorsed by authorized signatory of corporate member
- School registration
- Statement of Account (SOA)/Assessment of tuition and miscellaneous fees
- Invoice or estimated cost for laptop or other school equipment, if loan for this purpose is also intended
Loan Proceeds
The loan proceeds shall be payable directly to the school or educational institution except in cases when the member has already paid the tuition and/or fees in advance either thru cash, bank transfer or credit card. In this case, the loan proceeds may be payable to the borrower or credit card company subject to submission of supporting documents as proof of payment/purchase (e.g. Office Receipt, fund transfer confirmation)
