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.
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