Choosing your loan service provider is not easy.
When we say loans, a lot of people would consider their banks.
Over the years banks have introduced, added and revised loans for Filipino’s dynamic needs. And with so many options, you need to take the time to get to know which one has the best loans products for you.
Quick Facts on RCBC Loans
Rizal Commercial Banking Corporation (RCBC) is the financial flagship of the Yuchengco Group of Companies. It is licensed for both commercial and investment banking. RCBC Savings Bank is owned subsidiary of RCBC. As RCBC Savings Bank serves as the consumer and retail banking arm of RCBC.
RCBC now has 448 branches, and 1,181 ATMs. RCBC Savings Bank has 145 business centers, five (5) extension offices, and 15 provincial lending centers.
RCBC Personal Loan
RCBC Bank is the offers personal loans for individuals which can range from P50,000 to P1,000,000. The loan term can be as short as six months and it can be stretched up to 36 months. Aside from the loan itself, the bank also provides advice on loans.
You need to be an RCBC Bankard holder for two years. If you are not yet an RCBC Bankard holder, you must be a holder of a Philippine-issued credit card for at least 2 years before the loan application.
This is to make sure that you have sufficient credit history for the bank to evaluate.
RCBC Housing Loan
If you are planning to buy a home, you will most probably need to get a housing loan. RCBC offers a home loan which could range from P300, 000 up to 70% or 80% of the property’s appraised value. You can pay the monthly installments up to 20 years. Of course, the term and the approved loan amount will be at the bank’s discretion.
The property you want to purchase must be within an RCBC branch service area. While RCBC now has 448 branches, there are still some remote areas outside its serviceable area.
RCBC Car Loan
Once you finally decide to buy a car, you will also need a car loan. RCBC Car Loan amount can be as low as P300, 000. This is high compared to other car loans here in the Philippines. Most car loans’ minimum loan amount is only P100,000 to P200,000.
If you are buying a brand new vehicle, the loan term can be up to 60 months, but if you are buying a second-hand car, you can only get a loan of up to 48 months.
If you are buying a car for your spouse as a surprise gift, then you must know that you will need your spouse’s approval before you can get an RCBC car loan.
Used cars have to be appraised in the bank’s branch office. You need to take the car to the nearest branch and have the unit appraised.
RCBC Business Loan
There are three types of RCBC business loans:
- Credit Line and Accounts Receivable Purchase Line uses short-term Promissory Notes based on collaterals you have on your name.
- Domestic Standby Letters of Credit uses promissory note written by a bank. If you do not have much of a property as a collateral buy you have a good relationship with your bank, then this is your option.
- Term Loan depends its loanable amount on the collateral you have.
You need to divulge your trade reference. This means that you need to share your client’s information to the bank. You need to make sure that your customers are comfortable with this since not all Filipinos like being involved with banks.
RCBC Credit Card
RCBC Bankard Cash Loan is offered to select credit cardholders with good credit standing. You may choose your installment terms from 12 to 60 months.
The amount of the cash loan will depend on the cardholder’s available credit limit, however, the minimum amount has to be at least P10,000.
Cash Loan application can no longer be canceled once you are approved. The approved Cash Loan amount is automatically deducted from the credit card holder’s available credit limit. Should you want to pay off the loan ahead of the agreed loan maturation date, you have to pay a pre-termination fee of Php 500.00 or 5% of the unpaid loan amount.
RCBC Alternative Loan
If you need a personal loan with less hassle and faster process, you can get it from Cash Mart. Cash Mart offers online loans with flexible repayment options made for Filipinos.