ONE 5 – OLF LOAN APPLICATION FORM To be filled out by FMT:
Existing loans verification:
New Reconstruction Amount Date Unpaid balance
Loan Type
granted Granted Principal Interest Surcharge Total
Loan Type: General Purpose Saver’s Loan GPL
Short-Term Special ____________________
Pls. specify benefit, e.g., Year-end Bonus STL
Salary Calamity Salary
Special
Amount: P ______________ as Principal Proceeds
Calamity
Term (no. of months): _______________ Saver’s
Retiring within loan term? Yes No Loan
Net pay per latest pay slip: P_______________ New / reconstructed Loan Loan No.____________
Principal: P ________________
Payment instruction (Please select one.)
Less: Interest ________________
¨ Regular check payment
¨ Please deposit check to my LBP payroll account Add: Rebate (Ref. Loan No._________) ________________
¨ Please make check payable to cashier for encashment Less: Existing Loan offset (Ref. Loan No.____________)
¨ Others (pls. specify) ___________________________ Principal P______________
Interest _______________
I agree with the terms and conditions specified on this form in Surcharge _______________ ________________
accordance with the approved OLF Guidelines rev. 2017.
Net Proceeds P________________
__________________________ ____________ Monthly Amortization (Principal): ________________________
Signature over printed name Date
Monthly interest accrual:_______________________________
To be filled out after loan release:
ACKNOWLEDGMENT & AUTHORIZATION Net pay after application approved loan: P _______________
Date granted: ____________ Date due: _______________
I agree to the computations related to my approved Deduction Period: __________________________________
loan and hereby acknowledge receipt of the loan proceeds.
I authorize the OLF to deduct the scheduled Certified Correct: Approved:
amortization from my salary/benefit. In case of
default/deficiency/overdue, I authorize OLF to deduct from
benefits due to me or deduct from my investment the MARY ANN D. MONTECASTRO ESTER B. BARRIA
corresponding amount. Accountant Manager
_________________________
Signature over printed name
Summary of Loan Terms
and Conditions
General Purpose Loan
Ceiling: P 150,000.00 Interest: 1.0% per month Terms: Within 36 months Calamity
Terms and Conditions: Ceiling: P 10,000.00 (net proceeds)
Payment shall be through monthly payroll deduction. Terms: Within 18 months
The loan may be restructured provided the borrower has paid at least 50% of the loan. Interest: 0.5% per month (salary < P20,000)
Special 1.0% per month (salary > P20,000)
Ceiling: related benefits receivable Interest: 1.0% per month Terms and Conditions:
Terms: payable upon release of the benefit The borrower must meet the prescribed minimum net pay after applying the
Terms and Conditions: monthly amortization of the loan.
Shall be available for duly funded benefits. Payment shall be through monthly payroll deduction.
Loan proceeds from GSIS, HDMF and other external sources shall not be honored as pledge for The loan shall be made available upon approval by the BOD.
payment. Loan application shall be filed within three months after BOD’s approval (period of
Payment shall be through automatic payroll deduction upon release of the benefit. offering).
Salary Loan The net loan proceeds shall be Php10,000 and the interest shall be distributed
Ceiling: 3 months basic salary of the borrower Interest: 1.0% per month equally in the monthly amortizations.
Terms: Within 36 months There shall be a grace period of 2 months subject to the prescribed interest rate
Terms and Conditions: In case another calamity occurs before the maturity of the loan, the loan may be
Payment shall be through monthly payroll deduction. renewed subject to qualifying conditions.
The loan may be restructured provided the borrower has paid at least 50% of the loan Appropriate rebate shall apply.
Short-Term Rebate
Ceiling: P 50,000.00 (net proceeds) Interest: 1.5% per month Terms: Within 3 months Rebate shall be granted to borrower upon:
Terms and Conditions: loan restructuring- rebate shall be equivalent to the interest of the remaining
May be restructured for another three months (2nd term). months of the loan term
Unpaid Short-term loan after 2nd term shall be converted to General Purpose Loan. full payment of loan with at least 50% paid amortization- rebate shall be equivalent
Payment shall be made through lump sum. to the interest of the remaining months of the loan term
A notice shall be issued to the borrower that will be due and demandable one week prior to full payment of loan with less than 50% paid amortization- rebate shall be
maturity date. equivalent to the interest of the remaining months of the loan term less 10% of the
For the purposes of computing the net take home pay, monthly amortization shall be computed rebate as service charge
as if it is a General Purpose Loan to derive a net take home pay. Interest
Saver’s Loan Except for the loan with interest on diminishing balance, interest shall be deducted
Minimum loan amount: P100,000 Interest: 1% per month on diminishing balance in advance from the loan proceeds.
Minimum Term: 12 months; Maximum Term: 36 months
Terms and Conditions: Loan approval
Payment shall be through monthly payroll deduction. For all loan types, the net take home pay of employee should comply with the
The loan may be restructured provided the borrower has paid at least 50% of the loan minimum amount provided by law after application of the approved loan.
Applications for loan that will result in net take home pay below the minimum
amount shall be approved by majority of the Board of Directors.
