SPECIAL SAVINGS DEPOSIT BACKED LOAN
A special loan product with AMWSLAI Special Savings Deposit (SSD) as collateral. Loan as much as 80% of your SSD PRE-TERMINATION amount.
INTEREST RATES
| TERM (MONTHS) | INTEREST RATE |
|---|---|
| 1 Month | 0.83% |
| 2 Months | 1.67% |
| 3 Months | 2.50% |
| 6 Months | 5.00% |
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 SSD Certificate
- Personal appearance of the account holder upon application
Terms and Conditions
- Available for Special Savings Deposit (SSD) Plan holders.
- Maximum loanable amount shall be 80% of SSD pre-termination amount.
- The maturity date of the SSD Backed Loan should not exceed the maturity date of the SSD plan.
- 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 the loan on the contracted date shall result in the automatic termination of the SSD plan. All unpaid SSD Backed Loan balances shall be deducted to the pre-terminated SSD plan. Any remaining amount shall be given to the member plan holder.
