MILLIONAIRE'S CLUB BACKED LOAN
A special loan product with AMWSLAI Millionaire’s Club (MC) Policy as collateral. Loan as much as 80% of your Millionaire’s Club pre-termination amount.
INTEREST RATES
Requirements
- Duly accomplished application form and loan promissory note
- Duly accomplsihed authorization to debit
- Duly accomplished hold-out authority and waiver of confidentiality
- Photocopy of two (2) identification documents ID with picture and signature
- Original Copy of the MC Certificate
- MC Passbook
- Personal appearance of the account holder upon application
Terms and Conditions
- Available for Millionaire's Club (MC) Plan holders with at least 36 months payment
- Maximum loanable amount shall be 80% of MC pre-termination amount.
- Discounted interest upon loan grant for one-time model of payment. Monthly interest for installment mode of payment is included in the monthly amortizations.
- Modes of Payment: Over the counter (OTC) and payroll deduction
- Documentary Stamp Tax (DST) deducted in advance.
- Failure to pay 3 months of installment or one time payment on the contracted date shall result in the automatic termination of the MC plan. All unpaid MC Backed Loan balances shall be deducted to the pre-terminated MC plan. Any remaining amount shall be given to the member plan holder.
