A loan facility designed to finance the travel expenses of the member and/or his/her immediate 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)* |
| 6 | 6.00% | 6.15% |
| 12 | 6.70% | 8.98% |
| 24 | 8.75% | 10.22% |
| 36 | 8.75% | 9.86% |
| 48 | 9.50% | 10.52% |
| 60 | 9.50% | 10.41% |
*Assumed Loan Amount is P100,000.00
Loan Amount
The loanable amount is 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
- E-ticket;
- Booking confirmation (e.g., hotel accommodation) or quotation from travel agency;
- For land travel cases, their toll tickets and hotel booking receipts.
- Breakdown of expenses
Loan Proceeds
The borrower shall have to choose from three options on how to claim the proceeds:
- MESALA savings deposit;
- Bank deposit (Banco de Oro or Bank of the Philippine Islands);
- Check payable to borrower
