A loan facility designed to provide viable financial relief for the hospitalization confinement and related medicines requirement cost, medical procedures, and treatment of serious medical illnesses (e.g.,chemotherapy, dialysis, etc.) of the member and/or his/her family members.
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 | 4.50% | 6.61% |
| 24 | 6.00% | 7.24% |
| 36 | 6.50% | 7.43% |
| 48 | 6.75% | 7.53% |
| 60 | 6.75% | 7.42% |
*Assumed Loan Amount is P100,000.00
Loan Amount
Equivalent to the total amount indicated on the supporting documents submitted. The maximum loanable amount shall be the amount indicated in the submitted supporting documents, subject to the member’s Single Borrower’s Limit, paying capacity and take-home pay policy, 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 duly endorsed by authorized signatory of corporate member
- Progress billing from the hospital, or final statement of account or official receipt;
- Prescription slip from the hospital or medical practitioner;
- Diagnosis statement from the hospital or medical practitioner;
- Proof of relationship to confined family member, as applicable;
- In case of reimbursement – proof of payment/settlement (e.g., official receipt, fund transfer confirmation, charge slip, credit card/bank statement, etc.).
Loan Proceeds
The loan proceeds shall be payable directly to the hospital, medical institution, or medical practitioner except in cases when the member has already paid 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. Proceeds of this type of loan shall be released thru checks payable to the institution or hospital indicated in the Statement of Account or any document supporting the loan application. However, if official receipts are presented, the check will be payable to the individual who shouldered the expenses.
