LOAN REQUIREMENTS



For crew members:
1. Photocopy of electronic ticket (if available)
2. Photocopy of POEA Contract (if available)
3. Photocopy of Certificate of Salary and Allowances
4. Photocopy of 2 valid IDs (Company ID and any valid government-issued ID)

For allottees:
1. Photocopy of Certificate of Salary and Allowances
2. Photocopy of 2 valid IDs (Company ID and any valid government-issued ID)

For employees:
1. Photocopy of two (2) months payslip
2. Photocopy of 2 valid IDs (Company ID and any valid government-issued ID)

You must be a MagCoop Member to avail of our loan products.
Not yet a member?


Loan applications are subject for assessment. Additional documents not stated here may be required.

ADDITIONAL REQUIREMENTS



Business Loan

Turn your dream business to reality with MagCoop Business Loan.

If a new business will be established the following are required:​
1. Business Plan ​
2. Barangay or Mayor’s Permit​
3. Vicinity or Location Map​
4. Lease Contract for place of business​
5. If owned property, provide TCT or Tax Declaration
​ 6. DTI Registration for single proprietorship ​
7. If partnership, submit Partnership Agreement



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Car Loan

Drive off with a brand new or second-hand car with a low interest auto loan.

For Brand New Vehicle
1. Photocopy of two (2) Valid Photo IDs of Borrower and Co-Borrower
2. Car Dealer’s quotation and brochure
3. Certificate of Employment with compensation
4. Photocopy of Marriage Contract (if applicable)
5. Sea Service Record

For Pre-owned Vehicle (0-2 years old)
1. Photocopy of LTO OR and CR
2. Duly Notarized Offer to Sell
3. Stencil of Motor No. and Serial No.
4. Comprehensive Insurance with Acts of God and TPL
5. Appraisal Report
6. Colored photographs of the vehicle
7. Certificate of Employment with compensation
8. Photocopy of Marriage Contract (if applicable)
9. Sea Service Record



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Regular Loan

This is MagCoop's all-purpose loan. Members can borrow up to Php 500,000 at 1.25% interest per month. Maximum period of payment is 24 months. Members earn a patronage refund when availing of a Regular Loan.

1. Authority to Deduct Form, if the loan amortization will be deducted from the allotee's allotment.
2. Submit photocopy of any valid government issued photo ID of allottee.



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Housing Loan

Get that dream house or condo you've always wanted for you and your family.

1. Photocopy of two (2) Valid Photo IDs of Borrower and Co-Borrower
2. Certificate of Employment with compensation / Certificate of Salaries / Two (2) Months Latest Pay Slip
3. Sea Service Record
4. Certified True Copy of Transfer Certificate of Title (TCT)
5. Tax Clearance
6. Tax Declaration Certificate of Lot or Lot and Building
7. Vicinity Map
8. Photo of Property
9. Offer to Sell
10. Marriage Certificate (if applicable)
11. Contract to Sell
12. Deed of Absolute Sale
13. Updated Statement of Account-For Loan Take Out

For House Construction/Renovation: 1. Bill of Materials
2. Construction Plan



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Microfinance Loan

MagCoop helps uplift the livelihood and entrepreneurial skills of our borrowers. Open to all members who want to start their own microbusiness.

For Individual, Group and Barangay Loan
1. 1x1 ID pictures (2 pcs.).
2. Photos of the business (2 photos for individual loan and group loan including location).
3. Brgy. business permit, mayor’s permit or barangay certification.
4. Individual loan - one Government ID of co-maker.
5. Business plan and barangay certification for those no business.
6. For Individual loan, if the borrower submits security or collateral valued more than the amount of the loan applied for, such as vehicle’s O.R./C.R. and other properties for safekeeping, borrower can get a discounted rate from 0.5% to 1% of the interest rate.
7. Barangay official/ employee - barangay certification and latest barangay payroll.
8. For borrowers over 65 years old, a fit to work doctor’s certificate is required.



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Mobile Post-Paid Plan

With MagCoop Mobile Post-Paid Plan, communication will never be a problem onboard. We create a plan that’s custom-fit to our member-seafarers and their allottees.

No Additional Requirements



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Motorcycle Loan

Whether you want to skip the hassle of daily commute or just want to get the big bike you’ve always wanted, you definitely can count on MagCoop. Members can borrow up to Php200,000 for up to 36 months!

1. Photocopy of two (2) Valid Photo IDs of Borrower and Co-Borrower
2. Dealer’s quotation and brochure / Sales Retail Price (SRP)
3. Certificate of Employment with compensation
4. Photocopy of Marriage Contract (if applicable)
5. Sea Service Record



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MagHealthy Loan

Members can borrow up to Php 30,000 for their medicine and vaccine needs at 0% interest payable in 5 months.

1. Photocopy of Doctor's Prescription



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Educational Loan

This is a no interest loan to help you with your child's tuition or other school requirements. Payable in 4 months, members can borrow a maximum of Php 100,000.

1. School Assessment Form
2. School ID



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Share-Guaranty Loan

Need cash but still waiting for your next contract onboard ship? No need to worry! Because with enough share capital with MagCoop, you can avail of the Share Guaranty Loan at 0% interest. Talk to our Loan Officer to learn more.

No Additional Requirements



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Emergency Loan

MagCoop helps you recover from unexpected emergency situations like hospitalization, natural and man-made calamities or burial of immediate relatives. You can borrow a maximum of Php 100,000 with no interest for 5 months!

1. Proof of damages caused by calamity duly certified by the Barangay
2. Proof of emergency or hospitalization, or any document from the doctor



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Study Now, Pay Later

This loan is intended for Member-Students at MOL Magsaysay Maritime Academy who wish to apply for a Student Loan Program.

Pre-Processing
Member-Student Borrower

1. Study Now, Pay Later Loan Application Form
2. 2” x 2” ID picture
3. Photocopy of MMMA school ID

Co-Borrower

1. 2” x 2” ID picture
2. Photocopy of one (1) valid government issued photo ID

Post Approval

1. Disclosure Statement
2. Promissory Note
3. Loan Agreement
4. Authority to Deduct and Remit
5. Loan Amortization Schedule
6. Letter of Authorization to release the loan proceeds payable to MOL Magsaysay Maritime Academy, Inc. (MMMAI)



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Train Now, Pay Later

Need to undergo maritime-related training? We’ve got you covered!

1. Duly filled-out Loan Application Form
2. 2 valid government-issued photo IDs
3. Latest Allotment Certificate/Contract
4. Endorsement Letter from your fleet



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Tuition Fee Installment Program

Take that training in MIHCA and start building your career in the culinary and hospitality industry! Let's turn your passion into a profession with the help of MagCoop!

1. Duly filled-out Loan Application Form
2. MIHCA Enrollment Form
3. 1x1 ID picture with white background
4. Photocopy of one (1) valid government-issued photo IDs with three (3) specimen signatures
5. Photocopy of the latest utility bill of residence of the parents or co-maker
6. Photocopy of birth certificate showing the relationship to the co-maker
7. Sketch of residence



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