27 Apr Loans Restructuring Program (April 2020)

LOANS RESTRUCTURING (April 2020)

Purpose

This loan restructuring is proposed to help coop members alleviate from financial difficulties brought about by Covid-19 crisis.

Terms and conditions:

Term :  Maximum of 24 months
Interest Rate :      1.25% per month or (15% per annum), computed based on new                    diminishing balance scheme
Service Charge :  0% for restructuring with Zero Net proceeds;
Prevailing 2% for restructuring with Net Proceeds
Qualifications/Eligibilty :   Open to all members
Repayment :     Automatic Payroll Deductions for MOA companies;
PDCs for open members
Co-maker :       Requires 2 co-makers

Requirements

1. Loan Application Form
   1. A.Duly filled out Providential Loan Application Form, or
   2. B.Hand written promissory note (Principal Maker and Co-makers) – while on ECQ only
2. Copies of latest two months payslips or Financial Statement for self-employed;
3. Photocopy of Two (2) valid I.Ds (Principal Maker and Co-makers).

       I.D. must have Photo and Signatures for verification purposes;

1. Post Dated Checks (if required and applicable).

Processing Time

Maximum of 3 days turn around provided all documents have been complied

Implementing Guidelines

1. All restructuring will be consolidated into a Providential Loan.
2. Members with more than one existing loan have the option to choose which loan balances will be restructured into Providential Loan.
3. Members with past due accounts must email loans@lipiemco.coop (for Cebu accounts) and lemzfuentes@gmail.com (for Batangas accounts) for further discussion.

LIPIEMCO – Loans Restructuring (April 2020)