Loan Products

Long-term Loan for productive and providential purposes.

• Minimum Loanable Amount: Php 20,000
• Term of Payment: 1 year to 3 years
• Interest Rate: 14% convertible monthly
• Service Fee: 1% of the approved loan amount

Short-term Loan for providential purposes.

• Maximum Loanable Amount: Php 20,000
• Term of Payment: not exceeding 12 months
• Interest Rate: 1.25% monthly
• Service Fee: 1% of the approved amount

Medical Loans for medicines, doctor's fee, laboratory fee and other medical needs.

Option 1

• Maximum Loanable Amount: Php 5,000
• Term of Payment: maximum of 6 months
• Interest Rate: None
• Service Fee: None

Option 2

• Loanable Amount: Php 5,001 to Php 20,000
• Term of Payment: maximum of 12 months
• Interest Rate: 0.88% monthly (diminishing balance)
• Service Fee: Php 50

Educational Loans for tuition fees, books and other educational needs.

Option 1

• Maximum Loanable Amount: Php 5,000
• Term of Payment: maximum of 6 months
• Interest Rate: 0.88% monthly
• Service Fee: Php 25

Option 2

• Loanable Amount: Php 5,001 to Php 20,000
• Term of Payment: maximum of 12 months
• Interest Rate: 0.88% monthly (diminishing balance)
• Service Fee: Php 50

Sample Loan Computation

Medical Loan: Option 2

• Amount of loan: 10,000
• Service fee: 50
• Net amount of loan: 9,950
• Monthly payment for 12 months: 881.77
• Total interest: 581.18
• Total amount paid: 10, 581. 18

Educational Loan: Option 1

• Amount of loan: 4,000
• Service fee: 25
• Net amount of loan: 3,975
• Monthly payment for 12 months: 687.35
• Total interest: 124.10
• Total amount paid: 4,124.10

Life Insurance

• This is a Group Term Insurance with death benefit, dismemberment benefit and burial assistance.
• Enrollment Fee: Php 150
• Monthly Contribution: Php 35
• Illustration of Benefits: Amount of Coverage
  • Life: Php 25,000
  • Burial: Php 25,000
  • Accidental Death and Dismemberment: Php 25,000

Savings

• Minimum Amount: Php 10,000
• Placement with maturity date of at least one year
• Earn higher interest than regular savings account
• Available with certificates of deposit or savings

Dividends

This is the net amount earned by FMC distributed to its members in the form of interest. The amount is based on the member's paid share capital and patronage of FMC products and services. The rate of return is determined and approved by the Board of Directors not to exceed the prevailing interest on investment as prescribed by law. This will be issued annually every third month of the year.

Payment for patronage refund:

1. Member with fully paid share capital shall be paid to him in cash or at his option to credit to his account as additional share capital.
2. Member with unpaid share capital subscription shall be credited to his account as payment of his unpaid subscriptions until it has been fully paid.