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Loans

How to apply for a loan?

Just click the download form button right below this paragraph to download the Membership Registration & Loan Application Forms and file directly to our MAGCOOP Manila Head Office or any of our Satellite Branches in Cebu or Iloilo.

General Requirements

  1. Duly accomplished forms
  2. Photocopy of MMC ID of Crew/Allotee/Employee
  3. 3. Photocopy of one (1) valid ID (e.g. SSS, Driver’s License, etc.)
  4. 1 x 1 Photo
  5. Photocopy of POEA Contract of Employment
  6. Photocopy of Certificate of Salary and Allowance
  7. E-Ticket duly signed by Fleet Manager

Specific Requirements

  • Flag State Licensing
  • Duly signed endorsement of Fleet Manager/Director (Crew Action Notice)

Micro Business

  • Business License
  • Business Plan

Housing

  • RD Certified True Copy of Title (TCT) or Condominium
  • Certificate of Title (CCT)
  • Certified Tax Declaration of Lot , Lot and Building
  • Certificate of Tax Clearance
  • Vicinity Map
  • Offer to Sell
  • Deed of Sale (in case of refinancing)
  • Statement of Account , for Loan Take
  • Photocopies of Marriage Contract, if applicable
  • Certificate of Employment (designation needed)

Car

For brand new vehicle

  • Car Dealer’s quotation and brochure of vehicle
  • Photocopy LTO OR & CR
  • Comprehensive Insurance and TPL
  • Colored photographs of the vehicle
  • Certificate of Employment (designation needed)

For 2nd-hand two (2) year vehicle

  • Photocopy of LTO OR and CR
  • Duly notarized Offer to Sell
  • Appraisal Report
  • Colored photographs of the vehicle
  • Certificate of Employment (designation needed)

Loan programs

  • Regular Loan is a general purpose loan.  Loanable  amount: four (4) times a member’s share capital.  Maximum Loanable Amount: P150,000.00. Maximum Term: five (5) months (Seafarer/Allottee), twenty-four  (24) months (Landbase employees). Interest: 1% per month.
  • Educational Loan a zero (0%) interest loan. Purpose: tuition fee, books, school expenses. Maximum Loanable Amount: Php20,000.00. Maximum Term: four (4) months. Available twice a year, April to May and September to October.
  • Christmas Loan a zero (0%) interest loan available every December. Maximum
  • Loanable Amount: Php5,000.00. Maximum Term: two (2) months.
  • Flag State License Loan a loan for our crew members to fund license and training requirements.
  • Grocery Loan for start up business of members of discounted Nestle grocery products. Loan starts at Php5,000.00. Nestle items are claimed thru Nestle MAGCOOP MMC Puregold Gift Certificates at any Metro Manila Puregold outlets. Terms: two (2) months maximum. Interest: 1% per month.
  • Housing Loan is open to all members of two (2) years with required share capital and savings. Purpose: Purchase of Lot, House and Lot, Condominium, Farm House & Lot, Major House Renovation, Loan-take Out.  Loan secured by Clean Title. Terms: five (5) years for Seafarers, ten (10) years for Landbase employees.
  • Car Loan is open to all members of two (2) years with required share capital and savings. Purpose: Purchase of Brand New Car, or 2nd-hand two (2) year old car. Terms:  five (5) years for brand new vehicle, three (3) years for 2nd-hand.
  • Micro  Business  Loan  for  existing  or  start-up  business.  Purpose:  Additional Working Capital, Inventory Build-up, Business expansion.