Commercial Loans
These are loans available to members to fund a business or commercial venture, whether it is a start-up or an existing one. Commercial Loans offered by the CFI has 3 forms, namely:
Business Loan
This is a term loan for a maximum period of 5 years and the loanable amount is determined not only on the applicant’s capacity to pay but also the business performance as well as securities offered. One feature of this loan is the option given to the borrower to ask for a moratorium in the payment of principal for a period of 1 year.
Revolving Credit Line
This is a type of loan where a member is allowed to access money up to a pre-determined credit limit and once the member pays an outstanding principal balance, the money is once again available for use.
In a revolving credit line, a minimum monthly payment will be required to maintain the credit for each billing cycle.
The Billing cycle starts on the 8th day of the month following the drawdown.
Pangkabuhayan Program
The CPP is a Revolving Credit Line designed for CFI members planning to start or expand their business ventures. Any payment of the principal amount can be added to the remaining line and drawn anytime.
Qualifications
- Must be a member in good standing
- Must have at least one year of existing Agency Salary Loan or ATM Salary Loan with a Landbank Payroll ATM
- An Employee of a government or private institution that has an existing Memorandum of Agreement with CFI Coop
- Must demonstrate financial capacity to pay
Features
- Access revolving credit line of up to Php300,000.00
- Competitive rate of 1.5% per month, on the basis of diminishing principal
- Payable for up to one year and automatic renewal subject to certain conditions
Primary Requirements
The applicant must be ready to submit and comply with the following:
- Must have an existing business or will engage in a start-up business
- Fully filled up loan application form (strictly no erasures), promissory note, disclosure, ADA form, available at any CFI office nationwide.
- 1 Primary Government Issued Identification card with 3 signature specimen
- Selfie and Twofie with CFI personnel
- Proof of Billing
