FICCO Loan Application Form, Ficco Types Of Loan
- For Class A1+, A1 and A members only
1.) Appliance -includes brand new home appliances, computers & office equipments.
TERMS AND CONDITIONS:
i. Maximum loan of P200,000
ii. Maximum term is 24 months
iii. Deposit equity is 30 % of the gross amount of loan
iv. Interest rate : 8 % for 1 year term and 8.5 % for 2 yrs.
v. Service Charge: 1 year – 1.75 %, 2 years – 2.25 %
vi. Collateral: unit to be purchased
Read Also: Ficco Membership Requirements, FICCO Member Classification
2.) Motorcycle -for personal service or for hire
TERMS AND CONDITIONS:
i. Maximum loan up to the cost of 200 cc brand new unit
ii. Maximum term is 36 months
iii. Deposit equity is 30 % of the gross amount of loan
iv. Interest rate between 8 % - 9 % per annum.
v. Brand new
vi. One (1) co-maker
vii. Must be covered with a comprehensive insurance by an insurance company duly accredited by FICCO.
viii. The unit shall be used as collateral and registered with the Registry of Deeds of the locality
ix. Certificate of registration shall be “encumbered” in favor of FICCO.
x. Original Official Receipts & Certificate of Registration shall be kept at the FICCO Office.
3.) Motor Vehicle - For purchase of Automobiles and Trucks
TERMS AND CONDITIONS:
i. Brand new and 2nd hand (not more than 5 years from current Year)
ii. Interest between 8% to 10% annual
iii. One time Service fee of between 1.75% to 5.5%
iv. For brand new units: maximum amount is P2M with maximum term of 96 months
Equity:
Class A1+ & A1 - 20%
Class A1 - 25%
Class B- re-loan - 30%
v. For surplus units: maximum amount is P1M with maximum term of 48 months
Equity:
Class A1+ & A1 - 25%
Class A1 - 30%
Class B- re-loan - 35%
vi. Maximum term of 60 months;
vii. Only one (1) co-maker
viii. Unit shall be used as collateral and registered with the registry of Deeds of the locality
ix. Vehicles:
· Must be covered by comprehensive insurance by an insurance company duly accredited by FICCO.
- Certificate of Registration shall be “ encumbered” in favor of FICCO.
- Original Official Receipts & Certificate of Registration shall be kept at the FICCO Office.
4.) High Value Machinery & Equipment used for Business:
- For purchase of tractors, communications/ automotive/ farm/medical/dental equipments.
TERMS AND CONDITIONS:
i. Borrowers must have a 3-year tract record in the business
ii. May be availed on top of other loans, provided total aggregate loans do not exceed P2 M
iii. Unit shall be mortgaged in favor of FICCO & additional collateral will be required if the loan value of the unit is lower than the applied loan amount or it there is a collateral deficiency
iv. Maximum amount:
- Branch New – 2 M
- Surplus - 1 M
v. Maximum term is 60 months
vi. Deposit Equity is 30 %
vii. Interest & service fee is the same as RL
viii. One co-maker
5.) Cell phone -for brand new units only
TERMS AND CONDITIONS:
i. Maximum loan of P25,000
ii. Maximum term of 12 months
iii. Interest rate is 8 % per annum
iv. Service Fee is 1.75 % per annum
v. Equity is 30 %
vi. All loans must be updated
vii. Encumbered deposits must be intact
viii. Can be availed on top of all other loans
6.) LAPTOP -for elected/ appointed FICCO officers excluding employees.
TERMS AND CONDITIONS:
- All current and active members of the Board of Directors, Credit, Audit, Election and Arbitration Committee are entitled,
- Must be Class A1+, A1 or A member upon availment,
- Existing financing loan policy shall apply except that they have to put up a 15 % deposit equity,
- Maximum amount of P40,000
- Maximum term of 36 months
- All other loans must be updated
- Encumbrance to other loans must be intact
- Monthly payments maybe taken from the officer’s honorarium
- In case of resignation or separation as an officer/member, will render the entire loan due and demandable
- Unit to be purchased shall be used as collateral
- Other loan policies consistent with the above shall apply
- Productive Loan
- Provident Loan
- Rice and Corn Crop Loan
- Sugar Cane Crop Loan
- Cassava Crop Loan
- Other Crop Loan
- Agricultural Lot Purchase
- Aqua Culture Loan
- Livestock Loan
- Small Enterprise Assistance Loan
- Commercial Credit Line
- Vendors-Drivers Assistance Loan
- Appliance Loan
- Motor Vehicle Loan
- Motorcycle Loan
- Cell phone Loan
- Travel & Tours Loan
- Special Travel & Tour Loan
- Housing Assistance Loan
- FICCO Ville Lot Purchase
- House Construction Loan
- Rice Loan
- SM Gift Check Loan
- Gaisano Gift Check Loan
- Ororama Gift Check Loan
- Medical Loan
- Optical Loan
- Dental Loan
- Newborn Screen Test
- Educational Loan
- Salary Loan
- Petty Cash Loan
- Jewelry
- Calamity
- Memorial Lot &/or Services Loan