Soft Loan
Don’t let financial constraints hold you back. Apply for the Soft Loan today and get the support you deserve!
We recognize the importance of financial flexibility and stability in our members’ lives. In today’s fast-paced world, unexpected expenses can arise at any time, and having access to immediate financial support is crucial. That’s why we are proud to offer a Soft Loan designed to assist our members in advancing their rice and grocery allowance, mid-year bonus, and year-end bonus.
This program is specially crafted to provide a helping hand, allowing you to access the funds you need without the burden of traditional loan processes. Whether you’re planning for everyday needs like groceries, or preparing for upcoming events, this loan ensures you’re never caught off guard when it matters most.
CHARGED TO RICE AND GROCERY ALLOWANCE (RAGA)
It is a flexible financial support program designed to assist members by providing access to affordable credit specifically charged against their monthly rice and grocery allowance. This initiative allows members to meet urgent personal needs without disrupting their regular income. With minimal interest rates and a convenient repayment setup, the RAGA soft loan promotes financial ease while maintaining the integrity of the cooperative’s support services.
Loan Requirements
• Equity requirement:- 10,000 for members without free portion
from share capital, & members who will avail
12 mos. or the maximum of 14 mos.
(Deductible from proceeds)
- 5,000 for new members who will avail 6 mos.
• 2% Service Fee
• Maximum number of months to avail:
- Maximum of 14 months for Regular
Employees/Members that are Non-CEDC
members
- Maximum of 7 months for Regular Employees/
Members that are CEDC members
- Maximum of 6 months for Plantilla Casual that
are NON-CEDC members
- Maximum of 6 months for Plantilla Casual that
are CEDC members (should be with CEDC
verification)
• Maximum loanable amount: 7,500 per month
(minimum of 5,000 per month)
• Interest rate : 10% per annum-diminishing
monthly/0.83% per month
CHARGED TO BONUS
(MID-YEAR & YEAR-END)
It is a convenient financial assistance program that enables members to borrow in advance and have the amount automatically deducted from their upcoming bonuses. Designed to support members in times of urgent need, this loan option offers low interest rates and flexible terms, while ensuring a hassle-free repayment process through scheduled bonus deductions.
Loan Requirements
• Equity requirement: P2,000 initial share capital for
New members
• Maximum loanable amount:
- For Directors, Provincial Election Supervisors (PES) &
Election Officers (EO): 70% from the basic salary less 5,000
- For Election Assistants, Computer Maintenance
Technologists (CMT) and other regular employees: 75%
from the basic salary less 5,000
• 2% Service Fee
• Interest rate: 10% per annum-diminishing
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What can I use the soft loan for?
The soft loan is intended for members who wish to avail their rice and grocery allowance, mid-year bonus, or year-end bonus in advance.
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Can I repay the loan early?
Yes, you can repay the loan earlier than the agreed schedule. Early repayment may help you reduce the interest, if applicable.
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Who is eligible to apply for the soft loan?
Members who are eligible for this loan must be in good standing with the organization, and they should be eligible to receive rice and grocery allowances, mid-year bonuses, or year-end bonuses.
