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Applying for a Security Bank Personal Loan

Personal loans are meant to help people who are in need of financing for their personal expenses and wish to pay for the personal loan in installments. They are also called installment debts because borrowers have the option to pay for them over a period of time, typically up to 36 to 60 months.

Personal Loans are one of the loan products of Security Bank that aims to address the needs of eligible Filipinos who meet their minimum salary criteria. Those who are eligible and interested can apply for the loan online through the Security Bank website or visit any of their branches nationwide.

When applying for a personal loan from Security Bank online, borrowers can simply fill out the information in the online application, attach all the required documents and send it. Once received by Security Bank, they will be providing an SMS confirmation. From there, borrowers will have to wait for the verification call. Additional requirements may be required during the personal loan processing.

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Written by: Piggyy

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Loan Features

 

Minimum Loan Amount: Php 30,000

Maximum Loan Amount: Php 2,000,000

Minimum Loan Term: 12 months

Maximum Loan Term: 36 months

Annual Percentage Rate: 37.53% (approximate for 36 months loan term)

Approval Time: within 5 banking days


Other Fees and Charges

 

Here are the fees and charges that borrowers have to be aware of before proceeding with their personal loan applications:

Processing Fee: 3% of the loanable amount

Notarial Fee (For P100,000 loan and up): Php 100.00

Documentary Stamps (For Php 250,000 loan and up): Php1.50 for every Php 200.00

Late Payment Fee: 3% of the amount due or P500 whichever is higher

Effective October 25, 2021: 3% of unpaid amortization

Pre-termination Processing Fee: P2,500

 

Reasons to Apply for A Personal Loan with Security Bank

 

Filipinos will have different reasons why they wish to apply for a personal loan and it could range from different needs – from emergencies to purchase of important assets. Below are the purposes for which people might need a personal loan from Security Bank:

 

  • Emergencies
  • Education
  • Travel
  • Home Improvements/ Lot Down Payments *
  • Car Repair/ Car Purchase *

 

*As long as the secured portion is not financed by SB Finance

 

Eligibility

 

  • At least 21 years old at the time of application but not more than 65 years old upon loan maturity.
  • Must be a Filipino Citizen.
  • Must have an office or residence landline.

 

If Employed

 

  • Minimum gross monthly income:
    • For Metro Manila: PHP15,000
    • For outside Metro Manila: PHP12,000

 

If Self-employed:

 

  • For Self-Employed or Self-Employed Professionals, the borrower must be the owner or a majority owner with at least 40% stake AND the business has been operating profitably for at least 2 years with at least 1 trade reference.
  • Minimum gross monthly income: PHP100,000

 

Requirements

 

Completely Filled out and signed application form. For online application, go here. If you’re applying at a branch, click here to download the form.

 

If Employed:

  • One (1) valid government-issued photo ID
  • Income Documents, any of the following:
  • Certificate of Employment and Compensation
  • – issued within the last six (6) months
  • Latest ITR
  • Latest one (1) month payslip

 

If Self-Employed:

  • One (1) valid government-issued photo ID
  • Latest 1-year Audited Financial Statement (AFS) with at least the previous year’s comparative financials
  • SEC Registration / DTI Certificate
  • Business Permit / Mayor’s Permit
  • Latest three (3) months bank statements
  • Latest GIS (if corporation)
  • List of 3 trade references (at least 1 supplier and 1 customer) with contact details

 

Note: Additional documents may be required to process the loan.

 

Personal Loan Approval

 

Once the loan application is approved, Security Bank will inform the borrower of the approval by sending an SMS, e-mail confirmation of the approval, or will call the borrower with the update. Once approved, the borrower will have the option of receiving the proceeds of the personal loan through a Manager’s Cheque (MC) or a deposit to the borrower’s Security Bank account. 

 

If the proceeds are going to be received through a Manager’s Cheque, the borrower can visit the branch where they applied for the loan to collect the cheque and bring the following:

 

  • If employed, original company ID and one (1) valid government issued IDs
  • If self-employed, original two (2) valid government issued IDs
  • Other documents required for booking that will be relayed by the SBC representative that will call you regarding the loan approval.

 

Conclusion

 

People will have different reasons for needing a personal loan – some may need it immediately while some will have the time to wait for it. The good thing about a Security Bank Personal Loan is that they are able to process loans quickly provided that the requirements submitted are complete and accurate. 

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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