There are basic needs that a family must satisfy in order to survive. But because of continuous increase in the price of basic commodities, the salary of some employees is not enough to cover those needs. This situation pursues them to apply a loan.
Most of the teachers and non-teaching staff are willing to apply in Provident Fund Loan; despite that they have to wait weeks or months before their loan may be released. This is due to voluminous number of borrowers. But what is DepEd Provident Fund for others who are not yet aware about it?
As per DepED Order No. 12, s. 2004, Provident Fund aims to provide DepEd officials and employees with benefits and loans for emergency need; for their education and that of their children; for their hospitalization and that of their immediate dependents; for minor but immediately needed repair of their houses; and for other similar purposes. The said fund has the interest rate of 6% per annum, add-on and straight computation. This is very minimal as compared with other financial institutions who offer high interest rate. The loanable amount ranges from Php. 20,000.00 to Php. 100, 000.00 with a flexible and borrower-friendly amortization period of two (2) to five (5) years.
Based on the Status of Fund as of February 28, 2014, there are already 535 applicants who have benefited from the said loan, with the extended amount of Php. 19,630,115.90. Most of the loans granted were used for education, medication/hospitalization and minor repair of house.
As member of the Division Staff who assist in the processing of Provident Fund Loan Application, I am truly willing to help and assist loan borrowers. A simple smile and thank you is the best reward that I am continuously receiving from them.
Indeed, DepEd Provident Fund is a big help. With that, I promise to extend my effort and patience, and give the necessary assistance to further the goals of DepEd Provident Fund.
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