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Promissory Note

The document is a promissory note and disclosure statement from the San Basilio Credit Cooperative for a loan. It details the loan amount, repayment terms including penalties for late payments, attorney fees if referred for collection, and that any legal action must be filed in the specified court. The disclosure statement outlines the loan granted amount, various finance charges, non-financial charges, net loan proceeds, and total amount due to be financed.

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Roselyn Igarta
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699 views2 pages

Promissory Note

The document is a promissory note and disclosure statement from the San Basilio Credit Cooperative for a loan. It details the loan amount, repayment terms including penalties for late payments, attorney fees if referred for collection, and that any legal action must be filed in the specified court. The disclosure statement outlines the loan granted amount, various finance charges, non-financial charges, net loan proceeds, and total amount due to be financed.

Uploaded by

Roselyn Igarta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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SAN BASILIO CREDIT COOPERATIVE

San Basilio, Magsingal, Ilocos Sur.


PROMISSORY NOTE
Amount Loan: ________________ Due Date: ________________
Date of Application: ____________

For value received, I/We, __________________________________________, residents of


________________________________________________________________ jointly and severally
promise to pay to San Basilio Credit Cooperative (SBCC), Or its order, at its office, the sum of
______________________________________ pesos (Php ___________ ) Philippine currency, with
or before ________ days from the date hereof, payable every (week / month). Commencing from
_______________ until fully paid. Attached herewith is the amortization schedule, which forms parts
of this note.

Incase of any default in the agreed payment schedule and/or any deviation of the loan proceeds, the
payee or its assignee, endorser is unconditionally entitled to declare all unpaid balance of the note
immediately due and payable. Note of dishonor is expressly waived. A penalty charge of two percent
(2%) per month shall be charge of all delayed or unpaid installment.

In case of this note is referred to an attorney for collection or legal action, I/We bind ourselves to
pay attorney’s fees equivalent to ten percent (10%) of our loan outstanding obligation to any holder
hereof, exclusive of cost and expenses of litigations, but, in no case less than five thousand pesos
(5,000). Any action on this instrument shall be brought before proper court in __________________
________________ Philippines.

In joint several capacities:

______________________________ ______________________________
Name & Signature of Maker Name & Signature of Co-Maker

______________________________
With Marital Consent

______________________________ _______________________________
Witness Witness
SAN BASILIO CREDIT COOPERATIVE
San Basilio, Magsingal, Ilocos Sur.
DISCLOSURE STATEMENT
PURSANT TO R.A NO. 3765 OR OTHERWISE KNOWN AS THE “TRUTH LENDING ACT”, THE SAN
BASILIO CREDIT COOPERATIVE (SBCC) HEREBY DISCLOSES FULLY THE FOLLOWING TERMS AND
CONDITIONS OF CREDIT TO THE DEBTOR, TO WIT:

LOAN GRANTED PHP _________________ (A)

FINANCE CHARGES
SARANAY PHP _______________
SERVICE FEE PHP _______________
LOAN INSURANCE PHP _______________
SAVINGS PHP _______________
SHARE CAPITAL PHP _______________
TOTAL CHARGE PHP ___________________ (B)

NON-FINANCIAL CHARGES
NOTARIAL FEE PHP ___________________
TOTAL NON-FINANCIAL CHARGES PHP ___________________ (C)
NET LOAN PROCEEDS (A LESS BAND C) PHP ___________________ (D)
AMOUNT DUE TO BE FINANCED (D PLUS C) PHP ____________________ (E)

I/WE ACKNOWLEDGE RECEIPT OF THIS STATEMENT PRIOR TO THE CONSUMATION OF THE CREDIT
TRANSACTION AND THAT WE UNDERSTAND AND FULLY AGREE TO THE TERMS AND CONDITIONS
THEREOF.

Current Share Capital: (PHP ___________) __________________________


Name & Signature of Maker
Verified by; _________________
CTC NO.: ________________
CERTIFIED CORRECT BY: Issued On.: ______________
_________________________ Issued at.: _______________
FRANCIS R. UNCIANO
OIC- Manager

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