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.