3 Limitations of China Bank Personal Loans
Looking for a flexible personal loan?
When it comes to personal loans, you will be surprised by the overwhelming choices. You can get personal loans from private lenders and banks. Have you come across the China Bank Savings personal loans?
China Bank Savings loan is a multi-purpose loan with benefits and a couple of limitations. When taking out a loan it is best to take the time because a loan can either make or break your financial stability.
China Bank Savings Personal Loan Eligibility
When looking for a personal loan, it is sensible to check eligibility. With just one look, you will know if you can possibly get a personal loan. These are the basic eligibility requirements of China Bank Savings for its personal loan. Take note that each bank has its own list based on its discretion.
China Bank Savings Personal Loans are only for Filipino citizens, employed and self-employed. They must have an existing bank account in Chinabank Corp. (CBC), China Bank Savings Inc. (CBS) or Planters Development Bank (PDB).
The borrower must be at least 21 years old but not older than 55 at the time of application. If you plan to apply for China Bank Savings’ Easi-Funds Personal Loan, you must be a principal card holder. This way, China Bank can easily evaluate your credit history.
Also, you must have a landline number aside from your personal mobile number. Of course, there is a required minimum salary. Every borrower must be earning at least P30,000 a month or P360,000 year.
China Bank Personal Loan Requirements
If you want to know how to apply loan in China Bank, you must check the requirements first.
- Duly accomplished application form.
- Clear photocopy of company ID with photo and signature
- Photocopy of a valid government issued ID. Self-employed borrowers must present two valid government IDs.
- Specimen signatures except for IDs
- Income documents:
- Employed borrowers must present a photocopy of latest three months’ payslip or latest Income Tax Return (ITR) with a one-month payslip.
- Self Employed borrowers must submit a photocopy of latest two years ITR with matched Audited Financial Statement (AFS) and including the latest 3 months Bank Statements.
- A photocopy of latest credit card billing statement.
- Self – Employed must include a photocopy of DTI or SEC Registration papers
- Also, vusiness owners must give a list of three customers and suppliers with contact details.
Preparing these China Bank loan requirements help you secure a loan approval.
China Bank Loan Interest Rate
Most of us consider the interest rates when looking for a personal loan. Interest rates get charged on top of the principal loan. Certain interest rates are fixed, while others change depending on the loans’ tenure.
China Bank personal loan interest rates can range from 32.73% up to 37.24% a year, this is steep compared to the personal loan interest rates of other loan providers.
China Bank Savings Loanable Amount for Personal Loan
You can apply for as low as PHP 20, 000 up to PHP 1, 000, 000. The approved loan amount will still depend on the bank’s discretion. Usually, a higher amount of principal loan will be approved for borrowers with good credit score.
If you need a lower amount, it is best to find an alternative personal loan. It is risky to get an amount you don’t really need. This is because you will have to pay for it eventually with outstanding interest charges. The smaller amount you borrow, the less you have to repay.
ChinaBank Savings Loan Charges
If you wish to settle the personal loan ahead of the agreed date, you will be charged with 8% of the past due amount or P500 whichever is higher. Also, if you fail to pay on your monthly due date, expect to be charged a late payment fee.
Also, you will be charged a one-time processing fee amounting to Php1, 500.00. This amount is automatically deducted from your loan proceeds.
China Bank Savings Loan Payment Method
The only payment method for China Bank personal loan is Post-Dated Checks. This lacks flexibility. You have to make sure that your bank account for personal loan repayment has enough money to cover the amount on the check. Bounced checks can incur penalties.
China Bank Savings Personal Loan Benefits
- China Bank Savings Personal Loan is unsecured. You will not need any collateral to apply for a loan. However, you need to have an outstanding credit score to prove your creditworthiness.
- This is a multi-purpose loan. You can use it in any way you want, unlike other loans which have specific uses.
China Bank Savings Personal Loan Downsides
- China Bank more eligibility requirements than other loan providers. This includes the being an existing credit card holder. A lot of Filipinos are still hesitant when it comes with the credit cards. If you do not own a credit card, you can still get a personal loan from other loan providers such as Cash Mart. Cash Mart only requires the most recent payslip, a valid government ID or a company ID, and any proof of billing.
- The high effective interest rate may be unfelt with monthly repayments. On the other hand, you can still consider other loans with lower interest rates to save yourself from higher debt.
- There is only one way to repay: PDC. This is why China Bank requires their borrower to be a depositor. Paying in checks can be risky. If there in not enough money in the account, the check will bounce. You will be charged with late payment fee.
If you need a personal loan for your emergency needs, you can get a loan from Cash Mart! Cash Mart offers personal loans with flexible payment terms fit for your needs.
Want to know more? Call Cash Mart at (02) 829- 0000 or check out CashMart.ph.