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Types of Loan - FICCO

  For FICCO members, it is important that it will reach the member classification A1+,A1 and A. This classifications can make easier loans to FICCO. These members will have low interest at the same time, they can have many loans.  The CI or credit officer will look at the members capacity to pay, the collateral he can offer, and his classification. A member’s capacity to pay and the collateral he offer is subject to proper evaluation by the management and the Credit Committee. The classification is based on his track record as a member. On the assumption that a member has the capacity to pay and can offer appropriate collateral, he can avail of the following loans in accordance with his classification, thus: A. For Class A1+, A1 & A;  1. Regular Loans; a. Productive Loan b. Provident Loan 2. Regular Agricultural Loans; a. Rice and Corn Crop Loan b. Sugar Cane Crop Loan c. Cassava Crop Loan d. Other Crop Loan  e. Agricultural Lot Purchase  3. C...
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FICCO Member Classification

  There are 7 member classification namely class A1 plus,Class “A1” , Class “A”, Class “B”, Class “C”,Class “D” and Class “E”. Class A1 Plus : • Must have P50,000 minimum share capital • 5 years minimum membership at “A” classification status • Zero arrears in loan repayments • Must have availed of FICCO Loan for five cycles • Must have invited at least ten (10) new members who became regular Class A members • Must have volunteered their time and services to FICCO by either as BOD, ELECOM, CRECOM, AIC, or EDCOM for at least one term. Services rendered during annual General Assemblies will be credited, • Must have maintained the required ten percent (10%) annual growth of their Share and Savings or at least Ten Thousand Pesos ( Php 10,000.00) whichever is lower. • A member who has maintained an A1 classification status for the last 3 years should merit certain privileges such as: a.) Longer repayment term, automatic loan ceiling increase of ten to twenty-five percent (10%-25%) subje...
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