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Pension Loan Application Form
BJMP application form for pension loan
Your Browser Doesn't Support Canvas. Showing the Text Content of the PDF Instead: BUREAU OF JAIL MANAGEMENT AND PENOLOGY
MULTI-PURPOSE COOPERATIVE
144 Juco Building, Mindanao Avenue, Quezon City
Telephone No. 426-3439
PENSION LOAN APPLICATION
IMPORTANT: Please read Terms and Conditions before filling up this form.
TO BE FILLED UP BY THE PENSIONER-BORROWER
Name of Pensioner ______________________
Last Name
______________________ __________________
First Name
Middle Name
Birth Date ______________ Pensioner ID No. __________________
Mailing/Residential Address ________________________________________________
No
Street
Brgy/District Municipality
Zip Code
Tel. No. ___________________ Cellphone No. _____________
NO. OF PENSION MONTHS: (Please check your choice)
3 mos
4 mos
5 mos
6 mos
Maximum of P 100,000.00
TYPE OF LOAN:
□
□
New
□
DESIRED PAYMENT TERM:
Renewal
□
Six Months
One Year
□
Two Years
APPLICATION AGREEMENT
I hereby acknowledge as my indebtedness to BJMP-MPC whatever amount is approved by the way of
Pension Loan and hereby agree to pay such loan in the desired repayment term marked above.
I agree that the loan principal, interest and other charges due shall be payable in monthly amortization to be
deducted from my monthly pension. For this purpose, I hereby authorize the BJMP-MPC to deduct from
my monthly pension the required monthly amortization. Moreover, in the event that the deduction as
authorized is not affected for whatever reason, I shall personally pay direct to the BJMP-MPC the said
amount, including penalties, surcharges and interest in order to update my account.
Finally, I agree that this loan shall at all times be subject to the terms and conditions mentioned in this
application.
_______________________________________
SIGNATURE OF PENSIONER/BORROWER
Purpose of the loan: (Pls. Check)
( ) Livelihood
( ) Education
( ) Health/Medical Needs
_____________________
Date signed
(
(
(
) Augment family Income
) House Improvement
) Others, Kindly Specify
________________________
Computed By:
Recommended By:
_____________________________
____________________________
Vice-Chairman, Credit Committee
Chairman, Credit Committee
Approved By:
_______________________________
DORIS REMEDIOS-DORIGO
CSUPT
JMP
Manager
TERMS AND CONDITION
1.
Eligibility Requirements
A member who has no outstanding stock purchase loan may qualify for a pension loan by submitting a properly accomplished
application form at the appropriate BJMP-MPC Office.
2.
Amount of Loan
The amount of loan shall be the sum total as approved by the BJMP-MPC and as reflected in its disbursement voucher which
is not necessarily the amount applied for. The amount of loan that a pensioner can avail shall be 1, 2, 3, 4, 5, or 6 times
his/her monthly pension but in no case be more than P 100,000.00
For this purpose, the monthly pension to be considered in determining the amount of loan to be granted shall be the
monthly pension as of the date of receipt of the loan application by the BJMP-MPC.
3.
Terms of the Payment
The loan principal, interest and other charges due shall be payable in monthly amortization within the term selected by the
Pensioner-Borrower which may either be six (6) months, one (1) or two (2) years.
The monthly amortization shall be deducted from the Pensioner-Borrower’s monthly pension from BJMP-MPC. It is
understood that the Pensioner-Borrower cannot authorize the stoppage of such pension deduction until full payment
of the loan and other charges that may have accrued thereon.
In the event that deduction as above authorized is not affected for whatever reason, the Pension-Borrower hereby undertakes
to pay directly to the BJMP-MPC all amortization due.
4.
Due Date of First Monthly Installment
The first monthly amortization shall be due on first day of the second month following the granting of the loan and every
month thereafter until the loan is paid.
5.
Interest Rate
The loan shall incur interest at the rate of twelve percent (12%) per annum computed in advance.
6.
Service Fee
A service fee of 2.0% of the loan amount shall be charged and deducted from the proceeds of loan.
7.
Maturity of the Loan
This loan automatically matures upon the death of the Pensioner-Borrower notwithstanding that a longer term was chosen by
the Pensioner-Borrower.
Upon the maturity of the loan, the entire principal amount of this loan including all interest and other charges payable, shall
be due and payable without need of demand or further notice, all of which are hereby expressly waived by the PensionerBorrower.
8.
Renewal of Loan
Renewal of loan will be allowed only after the end of the term chosen by the Pensioner-Borrower. Application for succeeding
loan shall be processed starting on the month following the month of the last payment.
For this purpose, “end of the term” means the month that the last repayment on the loan is due.
9.
Loan Pre-termination
The pensioner-Borrower may pre-terminate the loan during its term subject to the full payment of outstanding balance of the
principal amount, including interest and other charges payable.
10. Loan Cancellation
Once the loan is approved and the loan proceeds have been released through check or through any other modes of
disbursement, the Pension-Borrower has no more option to cancel the loan but only to pre-terminate it by paying the full
amount of the outstanding balance including accrued interest if any, without any right to demand for reimbursement of
processing/service fee and such other fees that might have been collected under such loan.
11. Authority to Apply Payment
In case of maturity of this loan due to death of the Pensioner-Borrower and it remains outstanding either in whole or in part,
both for principal and interest, the BJMP-MPC is authorized to apply survivor’s benefit due to his/her beneficiaries with law,
the amount equivalent to the outstanding balance of this loan, inclusive of interest, penalties and surcharges. The residual of
the benefits shall be paid to the qualified beneficiaries/claimants in accordance with the law.
Further, in the event that the survivor’s benefit is insufficient to fully settle the outstanding obligations, BJMP-MPC is
authorized to apply the monthly survivorship pension (basic survivorship pension and dependent’s pension) due to qualified
survivor/s to the remaining outstanding obligations until the loan is fully paid. Such authorization shall remain effective until
full payment of the loan or any other outstanding obligation of the Borrower to the BJMP-MPC , by virtue of this loan and/or
other obligation shall constitute a lien over any benefits/claims that may be due the Borrower.
Should such benefits/claims from the BJMP-MPC be insufficient to cover the remaining balance, BJMP-MPC shall not be
prevented from filling the necessary civil an administrative action(s) for recovery either against the Borrower or his estate.
12. Attorneys Fees
Should the BJMP-MPC be compelled to refer the loan or any position thereof to an Attorney-at-Law for collection or to
enforce any right hereunder against the Pensioner-Borrower or avail of any remedy under law of this Agreement, the
Borrower shall pay an amount equivalent to twenty-five (25%) percent of all amounts outstanding and unpaid as and for
attorney’s fees and litigation expenses.
13. Venue
Any legal action, suit, or proceeding arising out or relating to this Agreement, shall be brought or instituted in the appropriate
courts in Quezon City or such other venue at the exclusive option of BJMP-MPC. In the event the Pensioner-Borrower
initiates any legal action arising from or under the agreement, for whatever causes, the Borrower agrees to initiate such action
only in the City where the principal office of BJMP-MPC is located.
14. Notices
All notices required under this Agreement or for its enforcement shall be sent to the Office Address or at
Mailing/Residential Address indicated in the loan application or as such other address as maybe indicated hereafter by the
Pensioner-Borrower to the BJMP-MPC. The notices sent to any such addresses shall be valid and sufficient notice to the
Pensioner-Borrower for all legal intents and purposes.
