General Business Loan

The General Business Loan (GBL) is RPMI’s primary service. This is for additional business capital for Micro Entrepreneurial Poor / Small Scale Businesses

Loan package

  • Business group loan
  • Microsavings
  • Center-based training
  • Client Assistance Program
  • Micro Insurance Program
  • Client Wellness Program

Loan Term

  • 23 weeks (minimum)
  • 24 weeks (maximum)
  • 6 months for monthly

Mode of payment

  • Weekly
  • Monthly

Minimum Amount

  • 1st loan
  • 1,000.00 for weekly amortization
  • Php5,000.00 for monthly amortization

Maximum Amount

  • 1st loan:
  • Php6,000.00  depending on the result of pre-qualification visit and cash flow
  • Reloan 6th cycle: Php30,000.00

Interest

  • 35% for 6 months/24 weeks
  • Declining Computation

Charges

  • Paid before loan release
  • Loan Redemption Fund- 1.5%
  • Loan Service Fee-2%

Basic requirements

  • No collateral required
  • Original barangay clearance for the current year with dry seal
  • 4 copies 1.5 x 1.5 colored ID picture (replaced every 5th cycle)

 

TOTAL COST OF LOAN

1. NOMINAL RATE (INTERES)

  • 35% sa loob ng 24 linggo o 6 na buwan

2. LOAN CHARGES - To be paid before loan release (Mga babayaran bago ibigay ang loan)

  • LOAN SERVICE FEE - 2% ng halagang hiniram
  • LOAN REDEMPTION FUND - 1.5% ng halagang hiniram
  • CASH DEPOSIT (bagong miyembro lamang- 5% ng halagang hiniram)

3. INSURANCE PREMIUM (babayaran sa loob ng 24 linggo o 6 buwan)

  • Micro-Insurance Program - Php 455.00
  • Client Wellness Program - Php 288.00

4. TERM DUE ACCOUNT PENALTY (Interes na ipapataw kapag hindi nakabayad sa takdang petsa)

  • 10% of outstanding principal balance
  • Computation of penalty will stop 181 days after due date

5. ANNUAL PERCENTAGE RATE

  • 5,000 loan amount -  155.24%