Guidelines for Travel Loan

1. All members can avail of the Travel Loan whether for domestic or international travel. Travel loan can be availed up to a maximum of:
   
   - P150,000.00, for members
   - P100,000.00, for non-members
   
   
   1. Member applicants with enough share capital (net of obligations) to cover the travel loan shall be granted loan/s subject to minimum net pay requirement. Otherwise, a co-maker is necessary.
   2. A non-member with less than ten (10) years of service must need a Co-Maker who must be a ThoMEC member in good standing.
   
   
2. Travel Loans can either be payment for ticket, tour package and/or in cash, as travel allowance of the applicant. The travel loan shall be made directly payable to the travel agency, or to the applicant in case of travel allowance.
3. All travel bookings shall be made with any of ThoMEC’s accredited travel agencies only.
4. In case of travel allowance, the applicant shall be required to submit a copy of his/her travel documents (i.e. plane tickets, reservations, travel itinerary etc.), issued and/or confirmed by any of the cooperative’s accredited travel agencies. (Note: Should it be proven later that the applicant had used the loan other than the intended purpose, the loan shall become due and demandable).
5. In case of travel loan, the three (3) month policy before a member can avail of another loan can be waived, provided his/her net pay is still within the limit.
6. The interest rate for travel loan for members shall be fixed at ten percent (10%) per annum and shall either be payable in 1 or 2 years, depending on the amount of the loan. Whereas, for non-members, the interest rate shall be fixed at twelve percent (12%) per annum and shall either be payable in 1 or 2 years, depending on the amount of the loan.