Mindanao Consolidated Cooperative Bank in the Philippines

CBMO has been serving the cooperatives and its individual clients for 37 years. It was put up by 268 Samahang Nayon incorporators in 1979 with a modest capital of five-hundred seventy-six thousand pesos. Its dedication and commitment to achieving socio-economic development in Mindanao inspired CBMO to expand through the strategic locations of Misamis Oriental, Iligan […]

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Consolidated Cooerative Bank, Inc https://upfinance.com/app/uploads/2019/08/Logo-C-1-300x54-1.jpg
A. Luna Veles, provincial capitol, city of Cagayan de Oro,
856-1550, secretary@mccb.ph
Interest rate 1.16% - 2%
Loan tenure from 1 to 60 months
Approval duration Up to 120 hours
Min. monthly income

Leading

Ms. Myrna A. Sescon - President

Product Features

Min. financing amount ₱ 2000
Max.financing amount ₱ 1000000
Min. loan tenure 1 months
Max. loan tenure 60 months

Credit

Jewelry loan

Interest Rates:  2% per month
Minimum loan amount: Depends on appraisal
Maximum loan amount: 90% of Appraisal Value (150 000 PHP)
Payment terms: Thirty (30) days with 90-day grace period
Collateral: Gold Jewelry of at least 14 karat
Approval time: 1 banking day

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Pension loan

Interest Rates:  12% – 24% APR
Maximum loan amount: 150 000 PHP
Payment terms: Up to 2 years
Service charge: 2% to 6%
Approval time: 1-3 banking days

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Motorcycle loan

Financing of Brand New Motorcycle only!
Interest Rates:  12% – 16% APR
Loan amount: up to 150 000 PHP
Payment terms: up to 36 months
Service charge: 2% to 6%
Collateral:
– Chattel Mortgage
– Hold-Out on Deposits
Approval time: 3 – 7 banking days
Down payment: As low as 5% of purchase price

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Automotive loan

Interest Rates:  12% – 16% APR
Loan amount:
– Brand new: up to 80% of purchase price (2 000 000 PHP)
– Second hand: up to 50% of appraised value
Payment terms:
– Brand New: 12 to 60 months
– Second hand: 12 to 36 months
Maximum car age: For second hand, the age of vehicle + loan tenor should not exceed 10 years
Service charge: 2% to 6%
Approval time: 1-3 banking days
Down payment: As low as 20% of purchase price

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Salary loan

Interest Rates:  14% – 30% APR
Maximum loan amount: 300 000 PHP
Payment terms: 6 – 36 months
Service charge: 2% to 7%
Approval time: 1-3 banking days

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Home loan

Refinancing your loan!
Interest Rates:  12% – 16% APR
Minimum loan amount: 200 000 PHP
Maximum loan amount: Up to 80% of assessed value
Payment terms: Up to 15 years
Service charge: 2% – 6%
Collateral:
– REM-Titled
– Hold-Out on Deposits
Approval time: 5- 21 banking days

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OFWs and Seamans loans

Interest Rates:  12% – 24% APR
Maximum loan amount: 1 000 000 PHP
Payment terms: Up to 5 years
Service charge: 2% – 6%
Collateral:
– REM-Titled
– REM-Untitled
– Chattel
– Hold-Out on Deposits
Approval time: 5- 21 banking days

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Personal loan

Interest rates: 12% – 16% APR
Maximum loan amount: 1 000 000 PHP
Payment terms: 1 – 5 years
Service charge: 2% – 6%
Collateral:
– REM-Titled
– REM-Untitled
– CM
– Hold-Out on Deposits
Approval time: within 5 banking days

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Loan Calculator

%
Monthly payment
₱ 888.49
Total overpayment
₱ 661.85
Total
₱ 10661.85

Borrower requirements

Eligibility: 
– At least 21 years old at the time of application but not more than 65 years old upon loan maturity
Сitizenship:
– Must be a Filipino Citizen
Requirements:
– Cert. of Employment and Compensation
– Latest ITR
– Latest Pay Slip (3 Months)
– Cert. of Available and Earned Cred (Gov’t Employees)
– Bank Statement – Latest (PDC and ATM)
– Photocopy of Valid ID (1) – both spouses
– 2×2 ID Picture of Spouses (2pcs Each)
– Proof of Pension

Business loan

Agriculture loan

Interest Rates:  12% – 24% APR
Minimum loan amount: 300 000 PHP
Maximum loan amount: Depends on collateral, depends on income
Payment terms: Up to 7 years
Service charge: 2% to 7%
Collateral:
– REM-Titled, REM-Untitled
– Chattel
– Hold-Out on Deposits
– Guarantee Cover
– Crop Insurance
– Deed of Assignment of Receivables
Approval time: 1 – 5 banking days

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Small to medium loan

Interest Rates:  12% – 30% APR
Loan amount: 3 000 000 PHP – 100 000 000 PHP
Payment terms: Up to 5 years
Service charge: 2% to 7%
Approval time: 1 – 5 banking days

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Eligibility requirements

Eligibility: 
– Sole proprietorship firms
– Partnership firms
– Private limited companies
– Public limited companies
– Manufacturing, trading and service units
– The firms must have made profits in the last two years

Debet Card

Bank card can get anyone.
All you need is a bank account to get a debit card and an ATM card issued to you. This is much easier than applying for a credit card, as the debit card is simply tied to your bank account.

Account balance inquiry
You can check your account balance at an ATM. It is also possible to get a mini statement of your bank account.

Details of recent transactions
Through an ATM card, you can quickly get a mini-statement with information about the latest transactions in your bank account. Not only that, you can print this statement too.

FAQ

Yes, if he meets the requirements:

  • Clear copy of two valid ID’s (photo-bearing government issued) of borrower/spouse/co-borrower/ signatories of the loan
  • Any TWO of the following income documents:
    – Certificate of Employment with compensation (issued within the last 6 months)
    – Latest Crew Contract (for seafarer/seaman)
    – Latest employment Contract (for land-based OFW’s)
    – Allotment Slip
    – Latest 3 months pay slip or bank statement for past 3 months
    – Consularized Special Power of Attorney is needed if with attorney in fact

The minimum down payment for a new car is 20% of purchase price, for a used car – 50% of purchase price.

Payment terms for Brand New cars – up to 60 months.
Payment terms for Used cars – up to 36 months.

No, the car is your property from the moment of purchase, but remains the bank’s guarantee for the loan period. This means that you cannot sell the car, and you also have to pay for car insurance so that the bank can receive its money in any case.

Initial registration is usually done by agents, so you get a copy of OR / CR. You must remember that the initial registration is valid for 3 years, so after that you need to renew it annually in LTO.

Interest rates are lower for new cars, because used cars less secure investment than new ones because they can break down or undergo repairs that will be more common than a new car. For new cars, interest rates are 2-5% lower and are the most popular way to finance cars in the Philippines.

Bank does not accept household appliances, phones, designer bags as collateral, unlike some pawnshops. Also, bank has interest rates – 2% per month, and in pawnshops, interest rates usually vary from 3% to 7%.

The maximum term is 3 months.

No. Documentation requirements:

  • 2 Valid ID’s (Photo-bearing government issued)
  • Recent ID picture 2×2 (2pcs.)

The bank sells your jewelry at auction.

Contacts

Full company name Consolidated Cooerative Bank, Inc
Address A. Luna Veles, provincial capitol, city of Cagayan de Oro,
Phone number 856-1550
E-mail secretary@mccb.ph
Social networks

CBMO has been serving the cooperatives and its individual clients for 37 years. It was put up by 268 Samahang Nayon incorporators in 1979 with a modest capital of five-hundred seventy-six thousand pesos. Its dedication and commitment to achieving socio-economic development in Mindanao inspired CBMO to expand through the strategic locations of Misamis Oriental, Iligan City, Surigao City, General Santos, Tagum and Davao City. In 2016, CBMO has reached one billion pesos in total assets with over 400 Samahang Nayon incorporators. During this time, CBMO was known to be among the top 10 best performing cooperative banks in the country.
With the goal of strengthening the cooperative banking sector, CBMO, BCB and COBAN signed a historic document to merge as Mindanao Consolidated Cooperative Bank on September 25, 2012. It was registered with the Cooperative Development Authority (CDA) on April 27, 2016 and was approved to operate as a cooperative bank by the Bangko Sentral ng Pilipinas on December 15, 2016.

User rating

Reviews

9 months ago

Fast Growing Bank

this has grown to become the largest Bank and is aiming to be part of the big five banks in the next few years. As a bank, they have grown in quantum leap considering that they have been in this business for less than 20 years.

9 months ago

A Good Bank

lt is largest bank. Here all the banking needs of the customers are fulfilled according to requirement. Working environment is very good. Bank cares about its employees in all aspects. Its management is very supportive in all matters especially in administrative and IT issues.