Ficco Regular Loan Requirements, Ficco regular loan interest rate

Ficco Regular Loan Requirements, Ficco regular loan interest rate
Ficco Regular Loan Requirements, Ficco regular loan interest rate 

Regular Loan Productive (RL- Prod) – for business or commercial ventures.

Regular Loan Providential (RL – Prov) for the satisfaction of human wants, such as purchase of luxury cars, appliances and the like.

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Regular Loans 

                        Provident        – Loans for the satisfaction of human wants

                       Productive      – Loans for the creation of goods and services

a.) Loans that maybe availed by Class “B-First Time Borrower”,”C” &”D”

  TERMS AND CONDITIONS:

i.      Maximum loan is P50,000 without collateral for class B-First Time Borrower

ii.    Maximum loan is P25,000 without collateral for class C and D members

iii.   Maximum loan with high valued chattel is P100,000 for class B-First Time Borrower only

iv.   Maximum term is 36 months for loans less than P50,000 and 120 months for loans above P50,000

v.     Interest rate between 8% to 10 % per annum

vi.   Service fees is between 1 % to 9.5 %

vii.  Two (2) co-makers

viii. Loanable amount is based on members classification

b.) For Class “B” Re-loaners:

   TERMS AND CONDITIONS:

i.      Maximum loan is  P60,000 with out collateral

ii.    Maximum loan with high valued chattel is P100,000

iii.   Maximum loan with real estate is P2M

iv.   Maximum term is 36 months for loans less than P50,000 and 120 months for loans above P50,000

v.     Interest rate between 8% to 10 % per annum

vi.   Service charges between 1 % to 9.5 %

vii.  Two (2) co-makers

c.) For Class “A1+”, “A1” & “A” Members:

  TERMS AND CONDITIONS:

i.     Max loan for Class “A” is P100,000 with out collateral

ii.    Max loan for Class “A1+” & “A1” is 150,000 without collateral

iii.   Two (2) co-makers (class “A1+”, “A1” & “A”) for loans without collateral

iv.   Maximum loans with Chattel Mortgage is P200,000

v.    Maximum loans with Post dated check is P500,000

vi.   Maximum loans with high value chattel is 500,000

vii.  Maximum loans with real estate is P2M

viii. Maximum loans with real estate is P2.5M for Providential purposes

ix.   Maximum loans with real estate is P 5M for Productive purposes of members who belonged to the SME category

x.     One (1) co-maker for loans secured with collateral

xi.   Maximum term is 36 months for loans less than P50,000 and 120 months for loans above P50,000

xii.  Interest rate between 8% to 10 % per annum

xiii. Service fee is between 1 % to 9.5 %

xiv. Loanable amount is based on members classification

xv.  Members can apply re-loans After payment of 75 % of the principal loan.

Read Also: Ficco Membership Requirements, FICCO Member Classification

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