Travel Loan
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Loan Requirements
- Required deposit / equity of 5% of the loanable amount deductible.
- Travel ticket and itinerary.
- Approved authority to travel issued from COMELEC.
- Salary Deduction
- 12% per annum diminishing annual balance
- Below ₱50,000 (12 mos. to pay)
- ₱51,000 to ₱100,000 (24 mos. to pay)
- ₱101,000 to ₱200,000 (36 mos. to pay)
- ₱201,000 to ₱300,000 (42 mos. to pay)
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Who is eligible to apply for the Travel Loan?
The Travel Loan is available to both regular and associate members of the cooperative. The following requirements mentioned above must be submitted.
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Can the Travel Loan be used for international travel?
Yes, the Travel Loan can be used for both domestic and international travel.
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Can I pay the loan in advance?
Yes, you can pay the Travel Loan in advance. There are no penalties for early repayment, and doing so will help reduce the total interest paid over the course of the loan. Simply inform the cooperative of your intention to make an early payment, and they will provide you with the necessary steps.
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Do I need to provide collateral for the Travel Loan?
Since the loan will be repaid through salary deduction, no collateral is necessary.
