Updated April 6, 2017
Financial emergencies require quick funds. If you got into this situation, will the Security Bank Personal Loan be the perfect solution?
It is better to read on first before you decide.
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Security Bank Personal Loan Eligibility
Security Bank Personal Loan is offered to Filipino citizens who are at least 21 up to 65 years old. You must also have an office or residencial landline.
If you are employed, you must be a regular employee and have been in your current company for at least a year. The minimum gross monthly income for Metro Manila residents is P15, 000. If you are residing outside Metro Manila, then you should earn at least P12, 000 to avail the loan.
As for the self-employed, either as an entrepreneur or a freelancer, you need to provide financial proof that you have been making profitable operations for the past two years. Security Bank requires the self-employed to have a minimum gross monthly income of at least P30, 000 (P25, 000 for residents outside Metro Manila).
Security Bank Personal Loan Interest Rate
Interest rates are charged based on the loan term you choose. You may prefer 12 months which has 1.39% Monthly Add-on Rate or up to 36 months with interest rate of 1.69%. When choosing a loan term, consider the fact that the longer it takes to settle, the higher is the interest rate. Also if you have been planning to get a car loan or a home loan. You might have a hard time getting approved if you are still paying a personal loan.
Security Bank Personal Loan Amount
Personal loans are usually used for emergency situations, however, there are a lot of possible reason why people use it. Some people use it to pay for a minor house improvement, a car repair not covered by insurance, school fees, or a family vacation. There are also some individuals who get personal loans to pay their existing debts.
With Security Bank Personal Loan, you can borrow from P30, 000 to P1,000, 000 depending on the bank’s discretion. The bank strictly considers your credit report and salary.
Security Bank Personal Loan Fees
Aside from the interest rate, expect to pay other fees. The processing fee is P2, 000. This amount will be deducted from your loan. This means if you borrow P15, 000, you will only receive P13, 000. The documentary stamps cost P1.00 for every P200, but this is only charged for loan amounts exceeding P250, 000.
If you are going to borrow more than P100, 000, then expect to pay a notarial fee based on the amount of your loan.
Consider the term of your loan carefully. Take note that if you want to settle your loan ahead of the agreed term, you will have to pay a pre-termination processing fee. The pre-termination fee is 5% of the remaining balance of your principal loan with the unpaid interest.
Should you fail to pay your monthly repayment on its due date, you will be charged with a late repayment fee which is 3% of the amount due or P500.
Security Bank Personal Loan Payment Method
Unlike other banks or registered private money lenders which have convenient payment options, Security Bank has only one repayment method. You need to secure Post Dated Checks. These checks must be sufficiently funded by your account.
Security Bank Personal Loan Benefits Review
Security Bank Personal Loan Benefits
You may not be able to get two loans at a time, but you can re-avail the loan if the current one is already half paid. This gives you a more breathing space if you suddenly need another loan ahead. Also if you compare the required amount of minimum income, Security Bank has a lower required amount.
Security Bank Personal Loan Downsides
You will be notified by the bank’s representative once your loan has been approved. Your loan proceeds will be disbursed though Managers Check (MC). This means you need to find some time to get down to the bank during office hours.
There is a pre-termination penalty should you want to settle the loan ahead of the agreed date. Also before you settle your loan, you need to contact the bank to clarify it.
The loan approval and disbursement may take five to seven days. If your purpose is an emergency need, them this is not your ideal loan. Take time to shop around for other personal loans such as Cash Mart’s personal loan.
Cash Mart offers quick cash loans with low-interest rates and flexible terms such as weekly, bi-weekly and monthly. This way you can choose the best way to repay. Visit CashMart.ph to start your loan process and get your cash in just a day.