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    Savings & Loan Program Guidelines: Canadian Group Benefits Underwriting Team

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    Christian Aquino
    This document outlines the guidelines for a savings and loan program for employees of Manulife. Key details include: - The program aims to promote savings and provide loans to members for necessary expenses. - Membership is open to Manulife employees in the Underwriting department. - Loans have interest rates of 5% for 1 month terms and 10% for 2 months. They are paid semi-monthly via payroll deduction. Late payments incur a 5% fee. - Members have rights to low-interest loans, interest on deposits, and participation in elections. They must make regular contributions and repay loans on time. - Approved officers and the process for withdrawals are listed.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Savings & Loan Program Guidelines: Canadian Group Benefits Underwriting Team

    Uploaded by

    Christian Aquino
    31 views1 page
    This document outlines the guidelines for a savings and loan program for employees of Manulife. Key details include: - The program aims to promote savings and provide loans to members for necessary expenses. - Membership is open to Manulife employees in the Underwriting department. - Loans have interest rates of 5% for 1 month terms and 10% for 2 months. They are paid semi-monthly via payroll deduction. Late payments incur a 5% fee. - Members have rights to low-interest loans, interest on deposits, and participation in elections. They must make regular contributions and repay loans on time. - Approved officers and the process for withdrawals are listed.

    Original Description:

    Savings Guidelines Cooperative

    Original Title

    Savings Guidelines

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    This document outlines the guidelines for a savings and loan program for employees of Manulife. Key details include: - The program aims to promote savings and provide loans to members for necessary expenses. - Membership is open to Manulife employees in the Underwriting department. - Loans have interest rates of 5% for 1 month terms and 10% for 2 months. They are paid semi-monthly via payroll deduction. Late payments incur a 5% fee. - Members have rights to low-interest loans, interest on deposits, and participation in elections. They must make regular contributions and repay loans on time. - Approved officers and the process for withdrawals are listed.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    31 views1 page

    Savings & Loan Program Guidelines: Canadian Group Benefits Underwriting Team

    Uploaded by

    Christian Aquino
    This document outlines the guidelines for a savings and loan program for employees of Manulife. Key details include: - The program aims to promote savings and provide loans to members for necessary expenses. - Membership is open to Manulife employees in the Underwriting department. - Loans have interest rates of 5% for 1 month terms and 10% for 2 months. They are paid semi-monthly via payroll deduction. Late payments incur a 5% fee. - Members have rights to low-interest loans, interest on deposits, and participation in elections. They must make regular contributions and repay loans on time. - Approved officers and the process for withdrawals are listed.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Canadian Group Benefits

    UNDERWRITING TEAM

    Savings & Loan Program Guidelines


    Purpose:

    To promote thrift and savings


    mobilization among members.
    To extend credit to members for
    providential and productive purposes.

    Membership:

    Manulife EEs from CGB - Underwriting

    Loan Terms & Condition:


    o

    Interest Rate:
    o 5% - (1 month)
    o 10% - (2 months)

    Terms:
    o

    Rights of Members:

    To avail a loan with a low interest.


    To receive an interest on share capital
    and patronage refund.
    To elect and be elected as officer of the
    program.

    Mode of payment:
    o Semi-monthly after every payroll*

    Late Payment Fee:


    o 5% of amount outstanding or
    300Php for every month of
    delay, whichever is higher.

    For Non-member
    o A non-member who wishes to
    acquire a loan from SLP should
    have a guarantor. The guarantor
    should be an active member
    and
    has
    satisfied
    the
    Membership Qualifications. The
    non-member may loan up to the
    maximum amount of the total
    cash deposit of his guarantor.
    Please note that the guarantor
    will be liable for any unsettled
    debts at the end of the year.

    Withdrawal/Termination of membership
    o Member who wish to withdraw
    or terminate his/her membership
    must advise any officers 15 days
    prior. Only members who were
    able to contribute for at least 6
    months will be eligible to receive
    an interest on share capital

    Obligations of Members:

    To pay any loan on due date/s.


    To continuously invest in his/her capital
    share.
    To patronize the services of the program.
    To participate in any meetings called
    upon.

    Services:

    Regular Loan
    Savings Deposit (withdrawals not
    allowed)

    Officers:

    Approving officer
    o Marjorie Abdon
    o Maria Milet Miranda
    Treasurers
    o Dorothy Joy Forlales
    o Julie Grace Pineda
    Auditor
    o Christian Aquino
    o Sychelle Kate Hernandez

    Either 1 month or 2 months (Max)

    Fund Contribution:

    After every payroll. Minimum of Php 500


    per cutoff.
    Membership will be terminated if the
    member will withdraw his/her share.

    _________________________________________
    Note:
    *To save the cost of transaction and for more efficient
    filing, we encourage you to:
    1. deposit your money not later than 3 days after our
    pay day (15th and 30th of the month), and
    2. send your Loan Request:
    a. weeks before the day you need the proceeds,
    b. 5 days before the pay day, and/or

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