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Revolving Loan

Congratulations!

Your Salary Loan was approved! Now, you may be thinking about the payment scheme, right? Before we go to that, we would like to share with you the concept of REVOLVING LOAN.

Technical as it sounds, revolving loan depicts the amount you would like to pay per cut-off and the length of your payment period to pay the total amount of your loan and its interest.

Note: An employee could borrow up to 60% of his Gross Monthly Income. You may also see the List of Requirements for availing loan.

SAMPLE SCENARIO

Juan Dela Cruz has every 5th and 20th of the month as payday. He borrowed PhP12,000 last January 22, 2017 for a Gross Monthly Income of PhP20,000.

Then, he dedided to pay Php1,500 every cut-off, with February 20, 2017 as the first payment deducted to his salary. Now, kindly refer to the table.

Loan Computation


if he wants a salary deduction of Php 1,500 per cut-off if he wants a salary deduciton of Php 3,000 per cut-off
1st Payment Computation

Principal Amount: Php 12,000.00

Interest Rate: Php 571.76
(Jan 22-Feb 20: 29days)

Doc. Stamp Tax: Php 90.00

Transaction Fee: Php 100.00

VAT: Php 80.61

Principal Amount: Php 12,000.00

Interest Rate: Php 571.76
(Jan 22-Feb 20: 29days)

Doc. Stamp Tax: Php 90.00

Transaction Fee: Php 100.00

VAT: Php 80.61

After 1st Payment

Outstanding Balance: Php 11,342.37

Outstanding Balance: Php 9,842.37

2nd Payment Computation

Loan Amount: Php 11,342.37

Interest Rate: Php 242.26
(Feb 20 - Mar 05: 13days)

VAT: Php 29.07

Principal Amount: Php 9,842.34

Interest Rate: Php 210.22
(Feb 20 - Feb 05: 13days)

VAT: Php 25.22

After 2nd Payment

Outstanding Balance: Php 10,113.70

Outstanding Balance: Php 9,077.81