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Loan Application
♦ Only properly filled up loan application forms signed by the member borrower and his co-maker (for married member), shall be accepted for processing.
♦ Member borrowers who are seafarers, shall submit the following requirements to apply for a loan:
♦ If the Member-Borrower is Married
• Photocopy of valid POEA Contract
• Photocopy of 2 valid identification cards.
• Photocopy of medical examination which confirms that he is FIT TO WORK
• Photocopy of Marriage Certificate
• Photocopy of Co-makers, Spouse Identification card
(Driver’s license, passport, company ID, SSS, or BIR ID)
• Accomplished Application Form
If the Member-Borrower is Single
• Photocopy of valid POEA Contract
• Photocopy of 2 valid identification cards
• Photocopy of medical examination which confirms FIT TO WORK
♦ Member- borrowers who are regular employees of ASM and companies affiliated to ASM, shall submit the following requirements to apply for a loan:
• Employment certification with breakdown of monthly compensation and confirmation that company will deduct loan amortization from salary.
• Accomplished Application Form.
♦ Maximum loanable amount of Member-borrower who is a regular employee of ASM or companies affiliated to ASM (affiliation must have been confirmed by ASM), is twice the amount of his GROSS salary or 70% of his contribution whichever is higher.
♦ Below shall be the maximum loanable amount of Member-borrower who is a seafarer:
MMPC Loan Requirements
Loan Requirement
Loan Details
♦ If the member-borrower is single, he may authorize his parents to renew his loan, or his wife if he is married provided that he settles first the outstanding balance of his existing loan.
♦ Only written and signed authorization for renewal of loan shall be accepted.
♦ If the member-borrower is a seafarer and is on-board, the terms of his loan shall not be more than the number of his remaining contracts onboard and his maximum loanable amount shall only be 50% of the regular ceiling that may be allowed to his rank.
♦ The Cooperative shall have the option to cancel approval of the loan if the same is not implemented within three (3) months.
♦ Member-borrower who is a seafarer and whose payroll is not processed through ASM, shall be required to issue post dated check to cover their loan amortization.
Loan Payment Options
Loan Payment Options
1. Generally payment terms shall be as set out below. In special circumstances however, member-borrower may apply for relief in writing to the board for extension of payment terms.
2. If Member-Borrower is a Seafarer, declaration of account details for monthly amortization shall be specified with signed authorization to deduct payment from the account holder.
3. For Hartmann Officers, they are required to submit PDC (Postdated Checks)
Loan Online Application
Loan Online Application
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