CFI recently launched a new loan facility for its members dubbed as the Credit Cash Wallet.
1. Get your revolving credit line of 10,000-50,000
2. Withdraw from time to time online
3. Cash made digital and more ways
4. Any principal repayment done on the amount drawn will restore the credit line
5. Easy, Secure, and Hassle-Free
Here are some Q and A’s to know more about it.
What is a Credit Cash Wallet?
It is a revolving credit line available exclusively for CFI members
It is a virtual credit card which a member can access through his CFI wallet account created for him once he is signed up for the CFI E-Services.
How does the Revolving Credit Line work?
A qualified member, depending on his capacity to pay, is given a one-time credit limit ranging from P10,000.00 to P50,000 which he can draw from time to time until the limit is reached.
And just like a credit card, any principal repayment done on the amount drawn will restore the credit line of the member up to the equivalent amount of repaid principal.
What are the principal features of the Credit Cash Wallet?
Here are the major features :
The obligation to pay applies only to amounts actually drawn from the credit line.
Any amount drawn from the credit line is payable in 24 equal installments at the rate of 16% per annum computed from the last drawdown
Amounts paid over the the monthly installment amount will be treated as payment on the principal and will restore the credit line up to such amount advanced.
Any subsequent drawdowns from the credit line will result in the renewal of the previous drawdowns so that its repayment period will start from the latest drawdown
Service fee of 2 % is applied only to the amount actually drawn at the time of availment.
Who are qualified to avail of the Credit Cash Wallet?
As a general rule, Any member who is not in default of any of his obligations with CFI are qualified to participate in the program.
How can a member apply?
Unless a member qualifies for an automatic grant of credit line as mentioned below, a member may apply for a credit line online through the CFI E-Services.
The following members will automatically be given a credit line in their Credit Cash Wallet if any of the conditions are met:
Members with existing share Capital or Time deposits with CFI in amounts of more than P50,000.00
Members with ATM loans with CFI.
Members whose agencies have existing MOAs with CFI
Please note that credit line limits will vary depending on the amount of share capital, time deposits or loans.
Please note further that members who qualify for automatic grant of credit line can now view and avail of their credit lines in their CFI Wallet.
Where can a member find his Credit Cash Wallet and corresponding Credit Line?
In his CFI Wallet, press the Cash In menu and the first button in the said menu is the Credit Cash Wallet and the available credit line. Just follow the instructions in the said button to avail of the credit line.
When does the monthly installment payment start?
Installment payment will start on the 8th day of the month following the last drawdown and every month thereafter.