+Member-borrower’s net take home pay (NTHP) should be compliant with his/her branch of service’s/bureau’s NTHP requirements after deducting the monthly amortization of his/her Emergency Loan
EMERGENCY LOAN
A standalone non-collateralized loan designed to address specific emergency situations.
Eligibility
- All Regular Members with an in-force MBAI Protek, in good credit standing, and with payroll deduction arrangement⁺
- All Retired Regular Members with an in-force MBAI iProtek, in good credit standing, already receiving their monthly pension, and with pension deduction arrangement
- All Associate Members with an in-force MBAI iProtek, in good credit standing, and with payroll deduction arrangement
- Member must have experienced emergency situations
| Maximum Loanable Amount | Seventy-five thousand pesos (P75,000.00) |
|---|---|
| Interest Rate | Five percent (5.0%) per annum |
| Payment Period | Up to 36 months |
| Renewability | Renewable after six (6) months of full monthly payments |
| Processing Fee | No (zero) processing fee |
Requirements
Applications must specify in detail the particular emergency scenario they are facing and provide further documentation and/or evidence to support the loan application, as follows:
- Medical Emergency: recent hospital bill within 3 months from date of receipt
- Bereavement-Related Emergency: death certificate within 3 months prior to the application
- Personal Property-Related Emergency (house caught fire, vehicular accident/breakdown, loss of personal property, damage to agricultural crops, etc): picture/video of the damaged property, spot/police/incident/traffic accident report, and/or barangay certification issued within 3 months prior to the application
- State of Calamity/Emergency: either local or national official declaration of a state of calamity, public health emergency, or emergency
Coverage for medical and bereavement-related emergencies extends only to immediate family members, namely the spouse, children, and parents.
For coverage for state of calamity/emergency, the location must correspond to the member’s declared permanent/current address in his/her membership information, service ID, or current unit assignment.
