Formula

Fixed Variables:
INT = 20% or 1.20
Term = 3 months or 6 payouts (15th/30th)

Total Loan = Principal x Int Rate 
Php 15,000.00 x 1.20 = Php 18,000

Loan Repayment Computation:
Total Loan / term
Php 18,000 / 6 = Php 3,000.00

General Guidelines

1. Know your group’s mission-vision or goal.
2. Commitment is your membership fee not unless group has amended a different setup.
3. Keep track of your contributions manually in order to tally with the ledger maintained by your committee.
4. You should be able to ask what the cash position is. A cash position is a report that shows total cash collection from membership funds, contributions, and loan remittances less release of new loan or Cash On Hand at a specific point in time for example the cash position for 12/13/2013.
5. Since the borrowers are also the members, you should also know the chronology of members who have applied for a loan and when they were released and how many members are lined up.
6. An impukan must be as transparent as possible since it is every member’s money that is being used.
7. A healthy impukan group is a group that regularly calls for a meeting to discuss cash position, profit earnings, problem status if applicable. Every one’s voice must be given equal importance as the next member and the committee must be able to address every members concern in a timely manner or be put to a vote.

Sample Loan Agreement

LOAN AGREEMENT

_____________________________

I, _____________________________ of legal age, with residential address at _________________________________________________________________________________,

do hereby promise to pay  _____________________________, the trustee of an impukan group,  of legal age, with residential address at _________________________________________________________,

the full amount of  _____________________________ THOUSAND & 00/100 pesos or (Php ___________) with an interest rate of TWENTY PERCENT or (20%) payable within three (3) months.

I hereby authorize _____________________________, as my attorney-in-fact to specifically hold in her possession my ATM account and, specifically: ___________________________Branch Card No. _______________________ Exp. ________ S/A#__________________ to withhold funds and to pay my loan in accordance with our agreed schedule of payments.

___________________________                                          ___________________________

Borrower                                                                          Co-maker

Conforme:

___________________________

Lender

Member Data Record

A member data records consists of the following:

1. Legal Name (based on your SSS, Driver's License, Passport, ...)
2. Proof of billing (under your name)
3. Contact numbers (mobile and/or landline)
4. Email Address
5. 3rd Party Account --> preferably EON especially for those acquiring a loan
6. Picture (to be taken by an officer on mobile)
7. Signature Specimen (to be taken by an officer on mobile)

How to request for a loan?

1. Please go to your Loan Account Officer and accomplish a Vale Form indicating loan amount and purpose.

2. Allow a day or two for the officer to give your schedule of loan release and turn over your payroll ATM (PIN reset to 0000).

3. Apply online for a EON card, if you need assistance please contact , , to request in your behalf online.

What if a borrower does not pay?

To the Founding Members:

This is to address the number one concern of the group which is “what if the borrower dodges and skips town?”

Just to put a bit of ease in your minds, this invitation was only extended to one residence. By one residence, this means you are all found in one workplace. You all know each other, you all work in the same building, and any one of you can easily verify the tenure and salary of each and every member. Plus all of you already have a proven credit history. The borrowers are also the members. These factors in and by itself is already a control measure to minimize the risk of a bad debt.

On top of this, there is also a process that will be followed to do our best to collect. First, the individual contribution and interest earnings will be deducted. Second, confirm if the individual has a co-maker or not. If there is a co-maker we collect from the co-maker, if not we go to the baranggay for assistance.  

For baranggay assistance:  Step 1. Blotter. Step 2.  File a complaint . Step 3 the baranggay will attempt to invite the individual to settle. Either we settle in the baranggay or the baranggay will endorse the complaint to small claims court. 

It is true lending is high risk, high yield. Either there is a gain or there is a loss. But the whole point why this group was created was simply to promote savings and to borrow money against our savings at a lower interest rate. 

This is a membership, a group venturing together in a lending business exclusively among ourselves. It is within our powers to minimize bad investments. You are free to file a complaint to disqualify a member and make your case to the committee. 

If you have your doubts, please follow your instinct.

Thank you,

M

Notice of Meeting: December 06, 2013

Impukan Committee

Notice of Meeting

December 06, 2013

A regular meeting of the Impukan Committee is tentatively scheduled at PCC  Starbuck 2nd floor at  midnight on release date of 13th month pay.

I.    Call to order

II.    Roll Call

III.    Open to members to address Impukan Committee

IV.    Agenda/Open issues

1.    Member Data Record

2.    Issuance of Vale Forms

3.    Proposed Credit Rating Score

4.    Review of additional FAQ's

V.    New business

1.   Impukan Committee Oath Taking

2.   Signing of Disclaimer of Committee Members as Lenders

3.   Review of December 15 Collections (membership and contributions)

4.   Review of December 15 Loan Release 

5.   Open Discussion

VI.    Adjournment