Q: How many CASH loans can a member avail of?
A: A member can avail as many CASH Loans as his account collateral could cover.
Q: What accounts may be used as collateral?
A: Capital Contribution Account (CCA-001), Savings Deposit Account (SD-002), SD Remittance Account (SD-016) and Time Deposit Account. Default principal source of payment is SD-002. In case SD-002 balance is not enough, offsetting shall be effected using the following order of hierarchy:
Q: Can withdrawals be made from this account?
A: Over-the-counter withdrawals are allowed subject to the maintenance of at least Php 1,000. AFPSLAI reserves the right to require a 3-day notice in writing by the member of his intention to make withdrawal from the account specifying when withdrawal is supposed to be made and the amount to be withdrawn.
Q: Is the loan term limited to 12 and 24 months only?
A: We allow 6 months and 18 months. Interest rates are 6.00% and 6.95%, respectively.
Q: Can I use an account as collateral even if I am only a co-depositor?
A: Yes, however, it would require prior consent /signature of the principal account owner.
Q: When will the monthly amortization be deducted from my account(s)?
A: Account offsetting shall be automatically effected every 27th of the month, following receipt of proceeds.
Q: Can I pay for the loan in full before its maturity date?
A: Early payment of the loan in full is allowed, and is exempted from the application of pre-termination fee.
Q: Can we make over-the-counter payments?
A: Over-the-counter payment shall only be allowed if the loan will be paid in full. Partial payments to fast-track account settlement will not be allowed.
Q: Is this loan covered by Credit Redemption Insurance (CRI)?
A: This being a loan duly covered by available deposits, CRI is not required
Q: Can we renew the loan before its maturity date?
A: Loan renewal is allowed after paying off 20% of the original loan balance.
|Please note that the computation above is only indicative. You may call us or visit any AFPSLAI Branch nearest you for the actual details.|