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Why RCBC Savings Bank Personal Loan May Not be for You

Facts about RCBC Savings Bank Personal Loan updated on March 2023

RCBC Savings Bank is owned by the Rizal Commercial Banking Corporation (RCBC) as a subsidiary thrift bank that handles 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, you can avail of 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).


RCBC Savings Bank MyCash Personal Loans 

Before you take out a personal loan from RCBC Savings Bank, learn the basic facts first. 


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 own a residence for the last two years or have rented a home for the last three hours. 

Employed Borrowers

For employed applicants, they must be working in the company for two previous years in a position of at least in middle management. If you are a newbie working as a desk clerk, you might not make the cut though you may be early with the minimum required salary worth P20 000. Above all, your company must be included among the top 10,000 corporations in the country. This eligibility list may be created to aim at lesser-risk borrowers. You need to provide either an original copy of your COE or two- the monthly equivalent of your payslip, together with your two valid government IDs, a 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. 

Self-Employed Borrowers

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, your latest utility bill, and your bank statements for the six months. You must intend to borrow at least P50,000. 

Loanable Amount

While the maximum loanable amount can be up to P1 million, your loan will still depend on the bank’s discretion based on your capacity to pay or creditworthiness. If you have an outstanding credit report, you may get a higher loan with a lower interest rate. 

Purpose of Loan Application

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 of RCBC Savings Bank Personal Loan

Many Filipinos apply for an RCBC Savings Bank Personal Loan because of its advantages. 

  • Flexible loan term

The RCBC Savings Bank MyCash is very flexible both in use and in the 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 of RCBC Savings Bank Personal Loan

Although a personal loan from RCBC Savings Bank is beneficial, there are still limitations you have to consider. 

  • Must have a credit card

This personal loan may require fewer documents. However, it can only be availed by those with at least two years of membership on their credit cards. We all know that most Filipinos do not have credit cards. Only 3.2% of Filipino adults applied for credit cards in banks here in the Philippines.

  • Only for employees of top 10,000 companies

If your company does not belong to the top 10,000 companies in 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 their very strict eligibility.  

If you need a personal loan with the most flexible terms from a reputable lender, apply with Cash Mart today.