Why RCBC Savings Bank Personal Loan May Not be for You
RCBC Savings Bank MyCash personal loans are only offered for credit card holders with at least two years of membership. If you do not have a credit card, then you will not be eligible for the loan. Also, borrowers must either own a residence for the last two years or rent a home for the last three hours.
For employed applicants, they must be working in the company for two previous years in a position of at least in the middle management. If you are a newbie working as a desk clerk, you might not make the cut though you may be early the minimum required salary worth P20, 000. Above all, your company must be included among the top 10,000 corporation in the country. This eligibility list may be created to aim for lesser-risk borrowers.
You need to provide either an original copy of your COE or two- months equivalent of your payslip, together with your two valid government IDs, copy of your latest Income Tax Return, a copy of your latest credit card billing since owning a credit card is a requirement, and your utility bill.
If you are self-employed, your business must have been successfully operating for the last two years and should have been fully operational for five years. Submit your business papers, your ITR for the last two years, your credit card bill, latest utility bill and your bank statements for the six months.
You must intent to borrow at least P50, 000. While the maximum loanable amount can be up to P1million, your loan will still depend on the bank’s discretion based on your capacity to pay or creditworthiness. If you have outstanding credit report, then you may get higher loan with lower interest rate.
You can use the RCBC Savings Bank MyCash personal loans to settle your credit card bills, medical expenses, tuition fees and other education related expenses. You can also use it for travel, car repairs or maintenance, home improvements and even for purchasing gadgets. Since this is a personal loan, you can use the cash in any way you want. Then you have to diligently repay the loan via ADA (Auto Debit Arrangement) for six to 36 months. The shorter the loan term, the lesser interest you will pay.
Benefits
Flexible loan term
The RCBC Savings Bank MyCash is very flexible both in use and in repayment scheme. You can choose a longer term if you want to pay little by little, however you will pay more compared to shorter terms.
Minimum required documents
The required documents are lesser compared to the other banks’, especially for the self-employed. Make sure that your documents are complete, clear and accurate for your loan to be processed. Also be sure that all the information in your application form must be consistent with all of your documents.
Downsides
Must have a credit card
This personal loan may require less documents, however, it can only be availed by those with at least two years membership on their credit cards. We all know that most Filipinos do not have a credit card. Only 3.2% of Filipino adult applied for a credit card in banks here in the Philippines.
Only for employees of top 10,000companies
If your company does not belong to the top 10,000 companies of the Philippines, then you will have to get a personal loan somewhere else.
Banks are too careful when approving loans. If they think you are too risky as a borrower, they won’t approve your application. Also, they can only provide loans product within its very strict eligibility. If you need a personal loan with the most flexible terms from a reputable lender, apply with Cash Mart today.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.