POLICY GUIDELINES
- • SINGLE BORROWER’S LIMIT (SBL) – pursuant to Section 7 of RA 8367 and BSP Circular 1026,specifically.
- Maximum loan amount = Basic Limit”it + Variable Limit
- Where:
- Basic Limit = sum of the member’s outstanding balance of capital contributionandspecial savings deposits
- Variable Limit = Twelve(12) months regular salary or 70% of Fair Market Value (FMV) of thepropertyacceptable as collateral on the first mortgage
- • MONTHLY NET TAKE HOME PAY(MNTHP)
The “monthly net take home pay” of the borrower (PCG Personnel) shall be protected at all times. It shall not be less than the amount prescribed by the General Appropriation Act after all authorized deductions. PCGSLAI employees’ monthly take home pay shallnot be less than P4,000.00 after all authorized deductions.
• BACK TO BACK LOANcan be availed by members in the AMOUNT NOT EXCEEDING 80% OF HIS/HER CAPITAL CONTRIBUTIONS.
• LOAN RENEWAL - the full amount of a loan can be renewed upon its full payment and/ or payment of at least 30%
• WIDOW/WIDOWERapplying for loan other than Back-to-Back Loan will be required to have at least one (1) co-maker who is a Regular member to be able to avail a maximum net loanable amount of Two Hundred Thousand Pesos (P200,000.00) on a Two-Year Term Loan. In the absence of a co-maker, the maximum net loanable amount shall be One Hundred Thousand Pesos (P100,000.00)payable within One Year.
• CO-MAKER
Every loan application shall be required to have at least two (2) comakers who shall be jointly and severally liable for the loan granted to the principal borrower. Qualification and exceptionsare as follows:
- a. Active memberwith ten (10)years of active Coast Guard Service - no comaker is required but maximum loanable amount is only of P300,000.00.
b. Active member with Fifteen (15) or more years of active coast guard service – no comaker is required and maximum loanable amount is up to SBL and net-take-home pay may allow.
c. For Pensioners, co-maker shall be the Legal Spouse. In case of widow/er, comaker or no comaker maybe required depending on the amount and term of loans.
d. For Retirees aged 65 years old and above, the comaker must be an active PCGPersonnel and has the capacity to pay.
e. For Civilian Employees, the comaker can be aregular employee or a uniformed personnel.
f. For PCGSLAI Employees, the comaker shall be a regular employee of the Association.
