RCBC Savings Bank is owned by the Rizal Commercial Banking Corporation (RCBC) as a subsidiary thrift bank which handles the consumer loans. It acts as the bank that handles more personal transactions as the RCBC handles transactions with corporations and other bigger enterprises.
If you want a personal loan, then you can avail it from the RCBC Savings Bank. Currently, it has five extension offices, 145 business centers, 9 provincial lending desks and 15 provincial lending centers. This bank, a member of the Yuchengco Group of Companies (YGC), is the third best thrift bank in the country next to BPI Family Savings Bank and the Philippine Savings Bank (PSBank).
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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.
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