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In its objective to reduce the Association’s dormant accounts and non-performing loans, the AFPMBAI designed the Penalty Condonation Program for Salary Loan, Calamity Loan, MEDAL and loans of similar nature.
Through this program, regular and associate members are granted with 50% penalty condonation and can update and settle their past due obligations in full within the same calendar month resulting to a matured or closed account.
Condonation is applicable to penalties only.
Members may pay in cash or in check at any AFPMBAI office or at any UCPB branch.
In case there are benefits due to the borrower, automatic recovery will first be performed. If there are no benefits for automatic recovery, the borrower may avail of the condonation program.
All requests for condonation must be in writing (either pro-forma, typewritten, handwritten or via email) either from the borrower or from the authorized representative.
Loan availment may depend on assessment or credit evaluation