Scribd
Upload
297 views3 pages

format of Disclosure Statement On Small Business/Retail/Consumer Credit

This document contains a sample disclosure statement for small business, retail, and consumer loans as required under the Philippines' Truth in Lending Act. The disclosure statement includes: 1) The loan amount and other bank charges deducted from the loan 2) The net loan proceeds after deductions 3) A schedule of loan payments, including installment amounts and the amortization schedule 4) The effective interest rate after accounting for other charges 5) Any conditional late fees or prepayment penalties that may be imposed The borrower must acknowledge receiving a copy of this disclosure prior to the loan's consummation.

Uploaded by

Hurly Alampay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
297 views3 pages

format of Disclosure Statement On Small Business/Retail/Consumer Credit

This document contains a sample disclosure statement for small business, retail, and consumer loans as required under the Philippines' Truth in Lending Act. The disclosure statement includes: 1) The loan amount and other bank charges deducted from the loan 2) The net loan proceeds after deductions 3) A schedule of loan payments, including installment amounts and the amortization schedule 4) The effective interest rate after accounting for other charges 5) Any conditional late fees or prepayment penalties that may be imposed The borrower must acknowledge receiving a copy of this disclosure prior to the loan's consummation.

Uploaded by

Hurly Alampay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

Appendix 16

\FORMAT OF DISCLOSURE STATEMENT ON SMALL BUSINESS/RETAIL/CONSUMER


CREDIT(Appendix to Sec. 306 on Information to be Disclosed)

____________________________________
(Business Name of Creditor)

DISCLOSURE STATEMENT ON LOAN/CREDIT TRANSACTION


(As Required under R.A. No. 3765, Truth in Lending Act)

NAME OF BORROWER _____________________________________


ADDRESS_________________________________________________

1. LOAN AMOUNT P XXX

2. OTHER BANK CHARGES/DEDUCTIONS COLLECTED1 P XXX

a. Documentary/Science Stamps P __________

b. Mandatory Credit Insurance __________

c. Others (Specify) __________

3. NET PROCEEDS OF LOAN (Item 1 less Items 2 and 3) P XXX

4. SCHEDULE OF PAYMENTS

a. Single payment due on date P XXX

b. Installment Payments (Please see attached amortization schedule)

5. EFFECTIVE INTEREST RATE (Interest and Other Charges) XXX%

Explanation: The effective interest rate is higher than the contractual interest
rate of % because of Item 2 deductions above.

6. CONDITIONAL CHARGES THAT MAY BE IMPOSED (if applicable). Please specify manner of imposition:

a. Late Charge P __________


b. Prepayment (penalty/refund) __________

c. Others (Specify) __________


___________________ __________

CERTIFIED CORRECT:

________________________________________ ________________________________________
(Signature of Creditor/Authorized Position
Representative Over Printed Name)

Manual of Regulations for Banks | 1


Appendix 16

I ACKNOWLEDGE RECEIPT OF A COPY OF THIS STATEMENT PRIOR TO THE CONSUMMATION


OF THE CREDIT TRANSACTION

________________________________________ ________________________________________
(Signature of Borrower over Date
Printed Name)

__________________________________________________________________________
AMORTIZATION SCHEDULE
(Sample Only)

Installment (A) Loan (B) Principal (C) Interest (D) Total (E) O/SBalance
(F)

xxx xxx

1 xxx xxx xxx xxx

2 xxx xxx xxx xxx

3 xxx xxx xxx xxx

4 xxx xxx xxx xxx

5 xxx xxx xxx xxx

6 xxx xxx xxx xxx

7 xxx xxx xxx xxx

8 xxx xxx xxx xxx

9 xxx xxx xxx xxx

10 xxx xxx xxx xxx

11 xxx xxx xxx xxx

12 xxx xxx xxx xxx

Total xxx xxx xxx

Legends:

A – Number of installment periods based on loan term


B – Gross amount of loan
C – Installment payment on the principal
D – Installment payment on the interest
E – Total amortization payment for the installment period
F – Outstanding principal balance of the loan

Manual of Regulations for Banks | 2


Appendix 16

Footnotes
1. Notes
Itemize all charges including advance deductions
– Small business/Retail/Consumer Loans includes microfinance, auto (motor), salary, personal, medical,
educational and other loans of similar nature
– This document contains the minimum information required to be disclosed to the borrower and may be
enhanced to improve client information

Manual of Regulations for Banks | 3

You might also like