Choosing the best loan is crucial to support your financial needs. In times of need, will the Security Bank loans deliver what each of us deserves?
Security Bank Quick Facts
Security Bank was established on June 18, 1951 as Security Bank and Trust Company. It was the first Filipino-controlled bank in the country after the World War II. As years go by, the bank has developed and offered various services which included loans.
Now, Security bank has 264 branches, more than 560 ATMs and Security Bank’s Thrift bank subsidiary with 39 branches. However, Security Bank is still a bank with strict requirements and eligibility for its borrowers.
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Security Bank offers personal loans to Filipinos who are at least 21 up to 65 years old. The interest rate is competitive compared to other personal loans. However, what you must remember that there are still fees to consider aside from the interest fee.
Security Bank charges a processing fee, Documentary stamp fees, and a notarial fee for loans amounting to more than P100,000.
You also need to seriously consider the loan term. Too short might give you high monthly repayments, but long term loans will result to higher interest. In case you want to settle the loan earlier than the originally agreed date, you will be charged with a pre-termination fee.
Security Bank Car Loan is for Filipino citizens and foreign nationals currently residing in the Philippines. If you are married, you can add your spouse’s gross income to reach the minimum required a household income of P40,000.
With this car loan, you can purchase either a brand new or a used car depending on your preference. However, the loan term and amount will depend on the age of the unit. Aside from the interest, you will need to pay administrative fees. To avoid additional charges such as collection fees and late payment interest, make sure to pay on time.
Security Bank housing loan has a minimum loan amount of P1,000,000 up to the 80% of the property’s appraised value. To apply for a housing loan, you must earn a minimum joint monthly gross income of P50,000 with two years employment in your current company. If you are self-employed, you must have a profitable business for at least three years.
Note that there are two types of housing loans. The regular housing loan is used for purchasing a property. Home equity loan is using your home as a collateral to get loans with higher amount compared to unsecured loans.
Credit cards are loans on tap. It gives you the ability to purchase an item but pay it up at a later date. Sometimes you can even pay in installments. However, like any other loans, credit cards require discipline and commitment with payments.
Missed payments will be charged with penalties and high-interest rate. Aside from this, you also have to remember that there are membership fees, and default penalties. And though credit cards have various services, these services also comes with fees. It is best to understand how you are being charged and how to avoid additional payments.
Since Security Bank is like any other bank, expect the process to be longer and tedious since there will be a long list of requirements. If you need a loan for emergency needs, you can get easily get it online from Cash Mart.