1. Accepts passbook savings deposits with the following features:
- minimum amount to open an account – Php 100
- minimum balance to earn an interest – Php 500
- dormant classification: no transaction for two years
2. Accepts special savings & time deposits at a higher interest rate than passbook savings with the following features:
- minimum amount to open an account – Php 1,000,
- minimum term: at least 30 days,
- automatic renewal if not withdrawn at maturity.
* Deposits Insured with PDIC up to maximum of Php 500,000.00
3. Extends the following loan services:
- Small Agricultural Loan: Loan that the Bank extends to borrowers to finance activities relating to agriculture, processing, marketing, storage and distribution of agri-products resulting from these activities. Term: lumpsum payment or the repayment period shall depend on the production/ crop cycle or cash payback period of the project being financed but shall not exceed 18 months, except for special projects or rehabilitation project.
- Small Commercial Loans: Loans that the Bank extends to borrowers to finance activities such as conducting, carrying, developing, or improving commercial business as well as purchase of commodities, equipments, supplies, materials, motors, etc. for resale to consumers. Terms: maximum of 6 months or 180 days, and monthly repayment.
- Small Industrial Loan: Loans that the Bank extend to borrowers to finance value addition activities relating to industrial such as processing, manufacturing, motorworks, body building, repair shops, blacksmithing/welding shops; purchase of motor vehicles and other activities related to industrial.- Terms: minimum of three months and maximum of 18 months, and monthly, quarterly or semi-annual repayment.
- Highland Micro Finance Loans: A micro credit services offered to targeted micro entrepreneurs or households with small means utilizing a cash flow based lending technology.
- Salaried Employees Loan: Offered to permanent or regular employees of firms or institutions located or operating in the area of operation of the CoopBank. Term: maximum of 12 months, and monthly repayment.
- Petty Traders/Vendors Loan: Lending service offered to vendors, retailers, shops, small traders at town centers or commercial areas within or near the branch offices. Term: 120-180 days and daily repayment.
- Overseas Filipino Workers (Active and former member-OFW of the OWWA) Loans
Lending services offered to active and former member-OFW of the OWWA and their immediate family members; and to legally organized group of OFWs (i.e. OFW partnerships/ corporations, OFW organizations/ cooperatives/federation.
- Other type of Loans: Loan services which cannot be specifically classified to any one of the above type of loans.General Documentary Requirement
• 2”x2” or 1”x1” recent picture of applicant(s)
• Residence Certificate
• Vicinity Sketch map of residence
• Open a savings account with the Coop Bank
• Accepted collateral documents
• Owner’s copy of TCT/OCT, Tax Declaration with latest realty tax receipt
• Location Sketch/survey Plan ( Blue Print)
• DAR Certification that subject property is no CARPable (if applicable)
• Buildings shall be insured against fire to a reputable and acceptable insurance company coverage endorsed in favor of the BANK
• OR/CR and picture of vehicle/FFE for chattel collaterals
• Co- maker, Hold-out deposits and other accepted collateral substitutesAdditional requirement for cooperative borrowers:
• Certificate of registration with Cooperative Dev’t Authority
• Articles of Cooperation and By-laws or any amendments thereof
• List of key officers (BoD, officers and mgt.) with Bio-data and I.D. picture
• Three years audited Financial Statements & cash flow ( if applicable)
• Certificate of Training of Bookkeeper (if non-accounting graduate)
• Fidelity bond of accountable officers
• Board Resolution
• application for financial assistance
• at least two authorized signatories
- Western Union Services
4. Offers non-bank technical services
- Business development services or business advice on small enterprises;
- Accounting and financial auditing services; and
- Training on management of cooperative organization, financial analysis, savings and credit operations.