Desperate times do not always need desperate measures.
You may just need simple loan solutions. However, expect that there are too many loan options on your plate. Filipinos have been used to getting loans. This is why money lenders and banks will always keep a tight competition, including the PSBank.
PSBank or Philippine Savings Bank has loan products for various purposes, but does it have the right loan for you?
PSBank was known as Philippine Savings Bank. It has been founded on September 26, 1960. The first four branches were located in Carriedo, Divisoria, Claro M. Recto and Blumentritt. The locations and office hours were very accessible. It soon got branded itself as “The Friendly Bank”.
By 1981, Metrobank acquired the major shares of PSBank. This has made PSBank the subsidiary bank. It has separate loan services offered to their clients.
PSBank Loans Products
PSBank offers its personal loan to Filipinos who are 22 to 54 years old. The borrowers have to have at least two (2) years permanent work status. On the other hand, self-employed applicants must have a business which has been profitable for the last three (3) years.
Employed applicants earn at least P15,000 a month while the business owners must earn at least P30,000. If you want to apply, you must also have a residential or business landline and a working email address. PSBAnk prefers clients who are active credit cardholders.
You can borrow at least a minimum amount of P20,000 up to P250,000. The loan process may take one to three days. The cash disbursement may take another day after loan approval.
The PSBank Home Loan is for Filipinos and Filipino immigrants who have permanent work status. Self-employed individuals must have a business which has been profitable for three years.
PSBAnk has three home loan products. Each has different purposes and loan amount ranges, but the amount you can borrow will all depend on the property’s appraised value.
The loan process may take five days depending on when you can complete the requirements.
PSBank Auto Loan is for at least 21 years old but must not be older than 65 years old upon the maturity of the loan.
This is for Filipinos or foreigners with at least three years of residency in the Philippines. If employed, the applicant must have an employment tenure of at least two years. If the applicant has his or her own business, the enterprise has to be profitable for two previous years.
The loanable amount is at least P100,000. This is lower than what most banks offer for a car loan.
Looking for a credit card?
PSBank offers a Credit Mastercard. Applicants must submit their valid government ID, Proof of Income and the signed application form. You must currently earn at least P180,000 a year or P15,000 a month.
PSBank Credit Mastercard Features
- There is no annual fee for life.
- PSBank Credit Cards have the chip card technology. This means that each car has an embedded chip that protects the cardholder from fraud due to cloning.
- Balance Transfer gives you the chance to consolidate your previous credit card balances from other banks. You can get easy installment terms at 6, 9, 12, 18 and 24 month
- Cash Rush or Cash Advance is a credit card feature which lets you withdraw cash in ATMs. Get cash anytime of the day as long as it does not exceed your credit limit. Just remember that you will be charged with an interest rate of 96% a month from the day you had withdrawn the cash. You will also be charged a cash advance fee of P500 or 3% of the withdrawn cash.
- 0% Installment Program lets you pay for big ticket items at 3, 6, 9, 12, 18 and 24 monthly installment terms. You can use this feature for gadgets, tuition fees, travel fare, and bills.
- Paperless Statements (MSOA) lets you receive your statement through email.
What to take note?
- Personal loan process takes almost a week. If you need cash for emergency needs, you might want to look for an alternative loan provider.
- Home loans for minor renovation have a minimum amount of P500,000. If you need a smaller amount, take some time to find other options.
- You will be charged with an interest rate of 3.54% if you fail to pay your monthly credit card bill on time.
- The late payment fee for your credit card is P700 or 7.5% of the minimum amount due.
- Multiple payments within a month for your credit card bill will also be penalized.
When getting a loan or a credit card, you must not skip reading the fine prints. If you think you need a more flexible loan solution, you must check out Cash Mart.
Cash Mart offers multi-purpose personal loans online. The loans are personalized based on your needs as it has flexible repayment options. You can choose between weekly, bi-weekly or monthly.
Visit CashMart.ph or call at (02) 829-0000 for more info.