MEMBERSHIP

1.  How can I become a member of SMTCDC?
Answer: An applicant must attend and complete the Membership Orientation Seminar (MOS) that is held every Saturday  at Bunlo Central Office at Bunlo, Bocaue, Bulacan. He/she must accomplish a membership application form.

2. Who are qualified to become members of SMTCDC?
Answer: Any person 18 to 60 years old, Filipino, a permanent resident of SMTCDC area of operations (province of Bulacan and Nueva Ecija), who is employed or operating a business in any of the towns mentioned can apply for membership with SMTCDC.

3. What are the documents that I must submit?
Answer: After attending the MOS, the applicant must submit four 2"x 2"ID picture any one of the following documents:

  • Birth or Baptismal Certificate
  • Marriage Contract
  • Any valid identification card
  • If employed, certificate of employment and latest pay slip
  • If engaged in business, business permit
  • Land Title or Tax Declaration under the name of the applicant

4. How much should I pay?
Answer: The applicant is required to pay an initial payment of P 400.00 (P200.00 Share Capital and P200.00 Membership Fee with ID) to become a member. A full-pledge member of the cooperative entitles the him or her to all the social services. A member should maintain P 2,000.00 in his share capital and P 500.00 in his deposits.

5. Aside for loaning services, what other benefits or services can a member avail?
Answer: SMTCDC provides social services to all its members in good standing. Some of these are hospitalization assistance, consultation discount, dental and medical services, mortuary fund benefit, scholarship grant, skills and business training, and youth programs for school children. Social benefits for senior members include pension plan, gratuity pay and perpetual mortuary plan membership.

LOANING

1. Can I avail of the credit facilities of SMTCDC even if I'm not a member yet of the Cooperative?
Answer: Only regular members of SMTCDC have access to its credit facilities.

2. How much can I borrow from SMTCDC?
Answer: Generally, it is thrice as much as the total fixed deposit and savings deposits but not to exceed P300,000.00 for first borrowers. For loans secured by real estate mortgage, the loan ceiling is P8.00 million.

3. How many days before a loan can be released?
Answer: Eleven (11) working days if the loan application requires credit investigation and/or property appraisal and five (5) working days if for evaluation/updating of CI reports only.
However, if a member already has his credit limit, his loan will be released within a day or on the same day that the loan application was filed.

4. Can I avail of another loan even if I still have loan with the Cooperative?
Answer: As long as the loan applied is within the same credit limit and capacity to pay of the member.

5. How much is the usual lending rate of the Cooperative?
Answer: Ten to eighteen percent (10%-18%) per annum. The computation of interest is based on diminishing balance method.

6. Are there additional charges in case of delay or default in payment?
Answer: Yes. Twelve percent (12%) fines will be charged if the loan account is current and twenty-four percent (24%) if matured.

7. Should I undergo Credit Investigation every time I have a loan application?
Answer: Not necessarily, C.I. report is valid for one year.
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