Allottee's Loan

This loan product is specifically designed and created to persons who receives allotment from seafarers and who are in need of financial assistance by the bank. There are no restrictions in general on what are the purpose or project an allottee/borrower wants. She can avail this credit facility if she needs for housing construction/ repair, capitalization of business, medication, education, other debt repayments/consolidation, purchase of vehicle, properties, personal or family consumption and the like. Most careers and profession in demand in these recent days are nautical and marine. In this connection, RB Dumangas is highly supporting this type of profession wherein the major objective is to help the financial and family needs of each seafarer especially their wife or allottee in the area through this type of credit facility.

Additional Qualifications

First timers and old timers are accepted. Allotment must not be less than P 10,000.00/months. OFW working in Middle East countries are generally not accepted. (case to case) Principal borrower (allot tee) must be the spouse or close relative of the OFW/Seaman Co-maker is with or without income if the borrower has own house at the present  address. Term of loan must end not later than 2 month before expiration of employment  contract.

Terms

3 months - 10 months (Co-terminus with contract)

Interest Rate

27% p.a. or 2.25%/monthly (including service fee charge)

Loanable Amount

20% of the monthly net pay times no. installment (term) but not exceed P 100,000.00

Security

Postdated Checks (PDC ) /ATM

Mode of Payment

Monthly