FSCC EXTENDS CALAMITY LOAN TO ITS MEMBERS

In response to the Covid-19 pandemic, the Board of Directors of FSCC from its first online meeting held on August 2, 2020 approved to extend a calamity loan of up to 50% of the paid-up share capital payable up to six (6) months for an interest rate of 6% per annum or 1% per month. To avail the said loan, members should not have any other existing loan with FSCC.

The following are the finance charges for the calamity loan:

    Service Fee: 1% of Loan Amount

    Credit Redemption Insurance (CRI): 1% of Loan Amount
    Capital Build Up (CBU): 5% of Loan Amount
    Other term & condition: Interest can be deducted from the proceed of the loan or to be paid in equal installments along with the principal loan amount at the discretion of the borrower.

All loan applications can be made online which will be posted at FSCC's group messenger and page. Due to the covid-19 pandemic, the grace period on the loan repayment of 5 days was increased to 30 days and the penalty charges of 10% was reduced to 5%. These changes on the grace period and penalty charges are also applicable to all other types of credit services extended by FSCC. 

Further, FSCC's credit services resume this month and the loan repayments will be in September. With the resumption of credit services, members may avail the maximum repayment term for the productivity loan of up to 24 months and may decide whether the interest will be deducted from the loan proceeds or to be paid in equal installments along with the principal loan amount.