Purpose
- Hospital confinement of members and their family up to the 1st degree of consanguinity and affinity (i.e. spouse, children, parents).
Terms and Conditions:
- This 0% Interest Hospitalization Loan is only for members and their dependents up to the 1st degree of consanguinity and affinity (i.e. spouse, children, parents).
- Patient must currently be confined in the hospital or recently been discharged (i.e. within 48 hours) upon submission of loan application.
- Maximum loanable amount is P50,000.00 (after deducting Philhealth and HMO, if any).
- Share Capital contribution must at least be 20% of loan amount.
- Member/applicant must have at least 6 months HPPCOOP tenure.
- Subject to a service fee of P500.
- Loan proceeds will be deposited directly to the hospital if still confined or to the member's bank account on record if patient has already been discharged.
- Supporting documents:
- Valid ID of Member/Applicant
- Statement of Account or Official Receipt from hospital
- Plus any one (1) of the following:
- Marriage Contract (if patient is spouse of member)
- Birth Certificate of patient (if patient is child of member)
- Birth Certificate of member (if patient is a parent member)
- Two (2) comakers are required for loans >P25,000.00. One (1) comaker is required for loans <=P25,000.00.
- Must be a Member in Good Standing.
- A member may only have one (1) interest-free Hospitalization Loan at a time.
- Must be compliant with all the other provisions of the Credit Policy.
- Non-compliance with any of the above Terms and Conditions will mean automatic disapproval of this loan application.
- Non-compliant members may still apply for Hospitalization Loan but through the regular HPPCOOP Loan Application process which will require Board exception approval and subject to regular interest rates.
- Processing time is 2-3 working days from receipt of application form and all requirements.
- Penalties: In addition to interests, past due amortizations are charged a penalty of three percent (3%) per month.
