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%