Barangay Officials Salary Loan
- Qualified Borrowers: Qualified borrowers are elected barangay officials (Barangay Chairman, Barangay Kagawads, SK Chairman) and the appointed barangay officials (Barangay Secretary and Treasurer.
- Amount of Loan: Maximum loan amount shall not be more than ten (10) months Honorarium
- Terms of Payment:
- Maximum of twenty (20) months maturity.
- Monthly amortization based on equal principal payments
- Re-availment of loan after paying 70% of the original amount however the loan maturity shall not exceed the expiration of their term of office.
- Clean Loan
- The Barangay Chairman and Treasurer should act as co-makers
- Spouse should be the co-borrower, if any
- Salary Loan Requirements:
- Oath of Office duly signed by the Municipal Mayor
- Income tax return , if any (Borrower)
- Payroll Slip (latest month)
- Residence Certificates or any valid ID of borrower, co-borrower and co-makers (current year)
- 2” x 2” ID pictures (borrower/co-borrowers) –
- Memorandum of Agreement between the bank and the barangay to be signed by the Barangay Chairman and Treasurer and the Chief Operation officer of the bank.
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