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MFI Employees Loan Facility
Program Objectives: To augment the MFI's employees' income by financing MFI's loan program for them, thereby supporting the government's efforts to reduce widespread poverty in the country
Eligible Borrowers:
- PCFC to MFI - accredited MFI partners
- MFI to Borrower MFI employees (priority to microfinance program staff)
Loan Purpose:
- PCFC to MFI - to finance the MFI's loan program for its employees
- MFI to Borrower - multi-purpose loan e.g. livelihood, salary loan, educational, emergency, appliance loan, house repair, hospitalization, etc.
Type of Credit Facility: One year revolving credit line
Terms/Requirements
Loan Amount:
- PCFC to MFIs - based on credit needs of MFI staff at 85% of value of sub-PN as indicated in the MFI Employees Credit Availment Plan (MECAP)
- MFI to Borrower - based on net take-home-pay of staff and/or household cash flow but not to exceed P50 Thousand per employee in accordance with MFI guidelines
Interest Rate and Service Charge:
- PCFC to MFI
- For Promissory Notes with term of up to 1 year - 11% p.a. plus 1% service fee
- For PNs with terms of more than 1 year - 12% p.a. plus 1% service fee
- MFI to Borrower - based on MFI's guidelines
Maturity and Mode of Payment:
- PCFC to MFIs - up to 3 years PN; quarterly amortization
- MFI to Borrower - based on MFI's policies/guidelines but not to exceed 3 years PN; payroll deduction every 15 days
Contact Details:
People's Credit and Finance Corp.
2/F Accelendro Bldg. 395 Sen. Gil Puyat Ave., Makati City
Phone (632)897.8521 : 752.3745 Local 125 Local 134 Local 144 Local 156
e-mail: info@pcfc.ph
Web: www.pcfc.gov.ph
Recent Posts
- Wholesale Lending Window for Graduating Micros and BMBEs
- Wholesale Microfinance Program
- MFI Employees Loan Facility
- Micro-Housing Loan Facility
- Micro-Energy Credit Program
- Livelihood Development Program for OFWs
- Microfinance Eco-Enterprise Program
- Microfinance Program for NGOs and Cooperatives
- Self-Employment Assistance Program
- Microfinance Program for Rural Workers
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