First Macro Bank - Sikap - MFTransparency.org Truth In Lending Tables

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Institution

First Macro Bank B. Morcilla cor. P. Herrera Sts.Pateros, Metro Manila1621

Data approved: 2011-11-15

Data version: 1

Age of data: 159 months

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Product

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Product Details

Key Statistics

Outstanding portfolio (PHP)	PHP 4,700,000
Portfolio (USD)	USD 112,440.19
Active Clients with Loans	1,250
Approximate % Female Clients	80% - 100%
Approximate % Urban Clients	40% - 60%

Methodology

Individual
Solidarity group	x
Village banking
Self help group
Other

Description

Group loan for microenterprises

Loan Purpose

Any purpose
Income generation	x
Mortgage/housing
Consumer loan
Agriculture
Education
Other household finance
Other
Other (2)

Included Services

Credit education	x
Group meetings	x
Credit insurance
Workplace visits	x
Business training
Other training
Other	Life insurance
Other (2)
No other services

Eligibility

Men
Women	x
Must run a business
Must own a home or land
Must be a salaried worker
Must be specific age group
Other	Must have net income of > P2000 per month
Other (2)

# Borrowers by Product

Portfolio Size by Product

Geographic Coverage

# Regions for this institution	N/A
# Regions for this product	N/A
Regions Active

Loan Conditions

Loan Amount

Currency	PHP
Minimum loan size	PHP 5,000
Maximum loan size	15,000

Loan Term and Grace Period

Shortest loan term	5.8 months
Longest loan term	5.8 months
Approx average	5.8 months

Grace Period

Grace period usage	0
Average grace period	0

Repayment Frequency

Daily
Weekly	x
Every 2 weeks
Every 4 weeks
Monthly
Every 2 months
Quarterly
Every 6 months
Every 12 months
Single end payment
Irregular payments

Pricing Information

Interest

Lowest quoted nominal interest	2.50%
Highest quoted nominal interest	2.50%
Interest rate period	Monthly
Interest Rate Calculation Method	Flat
Subsidized by funder request?
Is rate fixed for entire loan term	Yes

Upfront Fees

	Fee 1
Description	Service Charge
% of loan amount - min	3.00%
% of loan amount - max	3.00%
OR, Fixed amount - min	0
Fixed amount - max	0
Reason for variation
Appears on Repayment Sched?	No

Ongoing Fees

This product has no ongoing fees

Upfront Insurance Fees

	Ins 1
Description	Life Insurance
% of loan amount - min	0
% of loan amount - max	0
OR, Fixed amount - min	375
Fixed amount - max	375
Reason for variation	N/A
Appears on Repayment Sched?	No

Ongoing Insurance Fees

This product has no ongoing insurance fees

Compulsory Deposit

Required for	All
Criteria	N/A
Is deposit indicated on the repayment schedule?
Do borrowers control deposit in their group?

Deposit BEFORE or AT Disbursement

% loan amount deposited	5.00%
or, Fixed-amount deposited	0

Deposits DURING period payments

% loan amount deposited	0
or, Fixed-amount deposited	PHP 20
Conditions on access to deposit	When Leaving

Interest Paid on Deposit

Minimum interest rate paid	1.00%
Maximum interest rate paid	1.00%
Interest payment frequency	Quarterly

Taxes

Are taxes charged on this product?	Yes
Percentage of fees	0
All or some fees taxed	N/A

Additional Comments

Tax (GRT) = 5% of accrued interest fee and fees (except insurance). Tax (Doc Stamp) = P1 for every P2 per annum

Full Pricing Data

Sikap samples

	Sample 1	Sample 2	Sample 3	Sample 4
Loan Amount	PHP 5,000	PHP 6,000	PHP 7,000	PHP 8,000
Loan Cycle (1, 2, 3, etc)	2	3	17	Not Known
Disbursement Date	2011-05-20	2011-05-20	2011-05-20	2011-05-20
Loan Term (Months)	5.8 months	5.8 months	5.8 months	5.8 months
Grace Period (Months)	0.0 months	0.0 months	0.0 months	5.0 months
Total Cost of Credit	Not Known	Not Known	Not Known	Not Known
True Price by Comp
Interest and Fee Component	70.6%	68.4%	70.6%	70.6%
Insurance Component	35.2%	28.8%	24.7%	21.5%
Tax Component	5.8%	5.5%	5.6%	5.5%
Deposit Component	22.7%	18.9%	17.3%	15.8%
Full APR (int fee ins tax dep)	134.3%	121.6%	118.2%	113.4%
Transparency Index	22	25	25	26

Original Repayment Schedule	PDF	PDF	PDF	PDF
MFT Pricing Calculation	PDF	PDF	PDF	PDF

Sikap Price Graphs

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Key Statistics
# Samples:
# Products
# Institutions
# Countries
# Borrowers
Loan Portfolio (USD)
% Products using declining balance
% Products with one or more fee
% Products with one or more insurances
% Products with compulsory deposits

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Total Borrrowers of Samples


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