GM Bank of Luzon, Inc. - ASAP Loan Program - MFTransparency.org Truth In Lending Tables

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Institution

GM Bank of Luzon, Inc. Brgy. Dimasalang, Maharlika HighwayCabanatuan City, Nueva Ecija3100

Data approved: 2011-11-16

Data version: 1

Age of data: 160 months

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Product

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Product Details

Key Statistics

Outstanding portfolio (PHP)	PHP 42,501
Portfolio (USD)	USD 1,016.77
Active Clients with Loans	3,251
Approximate % Female Clients	60% - 80%
Approximate % Urban Clients	80% - 100%

Methodology

Individual	x
Solidarity group
Village banking
Self help group
Other

Description

The Alalay SA Ating Pag-Unlad or ASAP Loan Product is a market-driven product which aims to provide affordable credit for micro-entrepreneurs to help them expand their present business activities and increase their income.

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
Credit insurance
Workplace visits
Business training
Other training
Other
Other (2)
No other services

Eligibility

Men	x
Women	x
Must run a business	x
Must own a home or land	x
Must be a salaried worker
Must be specific age group	x
Other
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	150,000

Loan Term and Grace Period

Shortest loan term	3.0 months
Longest loan term	6.0 months
Approx average	0

Grace Period

Grace period usage	0
Average grace period	0

Repayment Frequency

Daily
Weekly	x
Every 2 weeks	x
Every 4 weeks
Monthly	x
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	3.00%
Reason(s) why interest rate varies	Branch
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	Fee 2
Description	Service Charge	Notarial Fee
% of loan amount - min	2.00%	0
% of loan amount - max	4.00%	0
OR, Fixed amount - min	0	50
Fixed amount - max	0	50
Reason for variation		N/A
Appears on Repayment Sched?	No	No

Ongoing Fees

This product has no ongoing fees

Upfront Insurance Fees

	Ins 1
Description	Mortgage Redemption Insurance
% of loan amount - min	0.75%
% of loan amount - max	0.75%
OR, Fixed amount - min	0
Fixed amount - max	0
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	0
or, Fixed-amount deposited	PHP 100

Deposits DURING period payments

% loan amount deposited	10.00%
or, Fixed-amount deposited	0
Conditions on access to deposit	End Term

Interest Paid on Deposit

Minimum interest rate paid	0
Maximum interest rate paid	0
Interest payment frequency	N/A

Taxes

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

Full Pricing Data

ASAP Loan Program samples

	Sample 1	Sample 2	Sample 3	Sample 4	Sample 5	Sample 6
Loan Amount	PHP 6,000	PHP 15,000	PHP 30,000	PHP 58,000	PHP 85,000	PHP 120,000
Loan Cycle (1, 2, 3, etc)	Not Known	Not Known	Not Known	Not Known	Not Known	Not Known
Disbursement Date	2011-08-11	2011-06-29	2011-06-29	2011-06-24	2011-08-05	2011-03-16
Loan Term (Months)	3.0 months	2.8 months	2.8 months	5.6 months	5.6 months	5.6 months
Grace Period (Months)	0.0 months	0.0 months	0.0 months	0.0 months	0.0 months	0.0 months
Total Cost of Credit	Not Known	Not Known	Not Known	Not Known	Not Known	Not Known
True Price by Comp
Interest and Fee Component	93.2%	83.5%	72.0%	81.9%	75.7%	73.9%
Insurance Component	8.3%	9.2%	8.1%	5.0%	4.6%	4.5%
Tax Component	7.3%	5.6%	14.3%	5.2%	5.6%	5.4%
Deposit Component	11.2%	8.7%	7.4%	10.5%	8.0%	7.6%
Full APR (int fee ins tax dep)	120.1%	107.0%	101.7%	102.6%	93.9%	91.4%
Transparency Index	25	28	29	29	32	33

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

ASAP Loan Program 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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