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Hulugan Guidelines 2020

The Hulugan Guidelines for 2020 provide instructions for members in the following areas: 1) General guidelines for membership, contributions, collections, distributions and payments. 2) Credit limits that members can access based on the number of heads contributed. 3) Details on regular, quick and swift loan products including interest rates, terms, and fees. 4) Requirements and processes for applying for and repaying loans, along with penalties for late or unpaid loans.

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Kim Orven Kho
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304 views

Hulugan Guidelines 2020

The Hulugan Guidelines for 2020 provide instructions for members in the following areas: 1) General guidelines for membership, contributions, collections, distributions and payments. 2) Credit limits that members can access based on the number of heads contributed. 3) Details on regular, quick and swift loan products including interest rates, terms, and fees. 4) Requirements and processes for applying for and repaying loans, along with penalties for late or unpaid loans.

Uploaded by

Kim Orven Kho
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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HULUGAN GUIDELINES 2020

GENERAL GUIDELINES:

1. All members of RMD shall have the privilege of joining the HULUGAN. Individuals outside RMD
should seek referral from an RMD-HULUGAN member in order to join. An RMD-HULUGAN
member may only refer one person to join the HULUGAN.
2. Amount of the contribution per head are as follows:
a. Salary: Php 500.00 per 15th and 30th payday
b. PHIC: Php 100.00 per share
3. The final registration of members and heads will be on the 1st week of February 2020, addition
of members and head will not be allowed after this time.
4. The first collection will be on January 17, 2020 and the last collection on November 16, 2020.
5. Debts (including the interests) and contribution should be settled on or before November 20,
2020.
6. Distribution of the funds will be done not later than December 15, 2020.
a. Fund distribution will be done even if with incomplete interest payments; the remaining
dividend will be given as soon as the loans are finished.
7. Payments shall be received on the following schedule:
PAYMENT CASH ONLINE
1. CONTRIBUTION Mondays – Fridays All Week
2. LOANS Weekdays All Week

8. For proof of Online Payments, members should send a transaction print screen to Noha B.
Alilian thru Messenger.
9. The maximum head per member is 7.
10. The Dividend will be computed quarterly. If the member has not completed his/her contribution
on the quarter, he/she shall receive a prorated dividend per quarter.
11. Dividends for the year will be deducted by 100/head for the Hulugan Fee.

CREDIT LIMIT:

CREDIT LIMIT
HEAD MAXIMUM LOANABLE AMOUNT
1 35,000.00
2 45,000.00
3 55,000.00
4 65,000.00
5
6 75,000.00
7

LOANS:

1. Members will have a 5% diminishing interest per month for Regular Loan, Quick Loan and Swift
Loan.
2. Swift Loans will have a transaction fee of Php 50.00.
3. Quick Loan and Swift Loan is not available for Non-Members.
4. Non-Members will have an interest of 7% diminishing interest per month for Regular Loans.
a. The Guarantor and Non-member who wish to loan will share the same Credit Limit.
5. All loans should be paid on or before November 20, 2020.
6. In case a non-member fails to pay his/her loan on November 20, 2020, the Guarantor of the loan
should take responsibility of the loan.
a. Settlement of the account should apply if a Non-member fails to pay his/her loan on
November 20, 2020:
i. Deduction of the Guarantor’s contribution
ii. Deduction of the Guarantor’s dividend
7. The loan amount will be dependent on the availability of Funds.
8. Requirements for loan application:
a. Loan Application Form
b. Duly accomplished Undertaking Form
9. Additional penalty of Php 1,000.00 per month would be given to the debtor if the Loan is not
settled after November 20, 2020.
10. Loan Products:
MAX LOANABLE
LOAN PRODUCTS APPROVAL TIME TERM INTEREST (MONTHLY)
AMOUNT

Regular Loan <3 days 1 to 10 months 5% members 75,000.00

5% members
Quick Loan minutes to hours (<24 hours 1 to 10 months Php 35,000.00

0% if <5days
Swift Loan minutes to hours (<24 hours) <5 days Php 35,000.00
5% if >5 days
A quick Loan application will become a Swift loan if the cash on hand is insufficient. A payment of 50.00
Note:
will be collected for the Swift Loan per account.

11. Account Closure:


a. Restructure – the interest earned of the withdrawn head will be voided
b. Pull-Out – withdrawal off all the accounts contribution will have a prorated interest
based on the last quarter of contribution

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