(NAR) VOL. 15 NOS. 1-2 / JANUARY - MARCH 2004
The Emergency Loan Assistance (ELA) shall have the following features:
- Loanable Amount
Ten Thousand Pesos (P10,000.00)- Term and Interest Rate
Payable in two (2) years or twenty-four (24) equal monthly installments at ten(10%) percent per annum computed in advance- Service Fee and Loan Redemption Insurance
Subject to one (1%) percent service fee and ELA redemption insurance of 1.2% based on the gross loan amount- Surcharge/Penalty for unpaid amortizations
Two (2%) percent per month on the unpaid amortizations- Pretermination
Can be preterminated without penalties- Other Features:
Processing shall not be subject to CLIP/cross default policy
ELA shall be over and above existing loans