Barangay Loan with Moa – Mount Carmel Rural Bank Inc.

Barangay Loan with MOA

Barangay Loan with MOA

Pertains to loans granted to Barangay officials and employees of the respective Barangay. This loan requires a Memorandum of Agreement (MOA) between the Barangay and the Bank.

Eligibile Borrowers

Barangay officials/officers and staff at least 18 years old up to 65 years old.

Loan Purpose

Personal Consumption and Start-up capital for business

Amount of Loan

Minimum of ₱5,000.00, Maximum of ₱200,000.00

Mode of Payment

Payable semi-monthly or monthly depending on the payroll schedule and the term of office of the barangay official/officers/staff.

Interest Rate

20% per annum; diminishing (minimum) 24% per annum; diminishing (maximum) Depending on the credit history of the borrower

Term

Maximum of two (2) years

Basic Requirements:

2 Valid ID’s of Applicant/s
Latest Residence Certificate of Applicant/s
Latest ID Picture of Applicant/s (2×2) 2 pcs.
Latest Income Tax Return (if any) / T.I. Nos. of Borrowers
Proof of Billing
Bank’s Statement (if applicable)

If Applicant is Employed:

• Latest Certificate of Employment or
• In lieu of COE, duly signed employment validation
• Latest 3 months Payslip
• Employment Contract (if applicable)

Additional Requirements:

• Panunumpa sa Katungkulan or Appointment

• Loan Recommendation of Treasure and Brgy. Chairman

• Canvas of Votes (for elected officials)