Special Individual Loans

These are types of loans extended to members on the basis of one’s source of income other than the salary and benefits he receives from his employment. The CFI has several types of these loans, namely:

Deposit Loan

This is the so-called back to back loan facility where a member is allowed to borrow up to 80% of his deposits with CFI, whether savings or time, including the member’s share capital by using the said deposits or share capital as security.

The deposit loan is payable in installments and the installment period will range from a minimum of 12 months up to a maximum of 60 months.

Pension Loan

A loan facility extended to members who are receiving regular monthly pensions from a government-administered or accredited pension institution and as such, they are allowed to borrow such sums or amounts using their pensions to cover for the monthly installment payments.

Allotment Loan

This is a loan facility extended to members who, although not gainfully employed, are receiving regular allotment allowance from a member of the family who works abroad. The loan is computed from the computed regular monthly allotment for the last six months multiplied by the number of installment period applied for but not to exceed the maximum limit set by the CFI for the installment period.

Personal Advantage Loan

A loan facility is available to members whose regular source of income is coming from the practice of the profession. Loans are computed on the basis of a certain percentage of one’s average income for the last six months multiplied by the number of installment period applied for but not to exceed the maximum set by the CFI.

Special Credit E-Wallet

This is a revolving credit line facility available to qualified members, which they can avail of through a virtual card. Once the credit line is approved, the borrowing member can draw a loan up to the credit limit through the virtual card provided to him by CFI. Whatever amount is drawn is payable in one year through equal monthly installments, while any payment on the principal will restore the member’s credit line up to the amount paid.

This credit e-wallet works like a credit card but is, likewise, different in the sense that its credit line is not only revolving but renewable and so whatever balance of the previous drawdown will be carried over and renewed to the new drawdown.

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