Barangay Officials Salary Loan

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  • Qualified Borrowers: Qualified borrowers are elected barangay officials (Barangay Chairman, Barangay Kagawads, SK Chairman) and the appointed barangay officials (Barangay Secretary and Treasurer.
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  • Amount of Loan: Maximum loan amount shall not be more than ten (10) months Honorarium[/custom_list]

 

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  • Terms of Payment:[/custom_list]
  1. Maximum of twenty (20) months maturity.
  2. Monthly amortization based on equal principal payments
  3. 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.

 

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  • Security:[/custom_list]
  1. Clean Loan
  2. The Barangay Chairman and Treasurer should act as co-makers
  3. Spouse should be the co-borrower, if any

 

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  • Salary Loan Requirements:[/custom_list] 
  1. Oath of Office duly signed by the Municipal Mayor
  2. Income tax return , if any (Borrower)
  3. Payroll Slip (latest month)
  4. Residence Certificates or any valid ID of borrower, co-borrower and co-makers (current year)
  5. 2” x 2” ID pictures (borrower/co-borrowers) –
  6. 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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