The Capitol Government Employees Multipurpose Cooperative is encouraging non-capitol employees to join them to avail of their two percent monthly interest and three-time yearly dividends, its credit and collection head, Leans Villafranca, said yesterday.
Villafranca said CAPGEM is extending its credit opportunities to non-capitol employees through the associate membership status.
Associate members can avail of loans based on their capital build-up given upon registration, he said.
They can start with P2,000 for their capital, Villafranca said.
He said the two percent monthly interest is much cheaper compared to those of private financing institutions that usually offer seven to 10 percent interest rates.
The capitol employees or the regular members of CAPGEM can avail all the 18 loan windows offered by the cooperative, Villafranca said.
The types of loans they give to regular members are regular, salary, e-cash, help, emergency, commodity, grocery, augmentation, peso, perlas, expanded special loan, expanded regular loan, livelihood, cheaper medicine loan, damayan loan, capital-based credit, back-to-back loan, and midyear-yearend loan, Villafranca said.
The interest rate for a regular loan is at 1.25 percent, salary loan 1 percent, expanded special loan 1.75 percent, and livelihood loan is 2 percent, he said.
The rest of the loan windows have a 1.5 percent interest rate, Villafranca added.
Associate members, meanwhile, have to undergo the pre-membership educational seminar and pay the P300 membership fee, P100 for the seminar, and P400 for other fees, he said.
Long-term loans, like the salary and regular credits, are processed within three to four days, while the rest of the loan windows are done in two working days, Villafranca added.
He also encouraged those who want to be part of their cooperative to visit their office at the Provincial Capitol Administration Building at Aguinaldo Street in Bacolod City. *LTG