RCBC Personal Loans

RCBC Personal Loan 

RCBC allows applicants / borrowers to apply for a personal loan to fund their personal goals – whether it is for the payment of tuition, travel, funding life’s major milestones, or other personal expenses. 

Loan Features

Minimum Loan Amount: Php 50,000

Maximum Loan Amount: Php 1,000,000

Loan Term: 6 months to 36 months

RCBC also provides a loan calculator that enables prospective borrowers to compute their expected monthly payments so that they can be better financially prepared and adjust their budget accordingly. After all, a borrower should know what they are in for and not commit to something they will not be able to handle in the long run. 

Who is eligible to apply?

The criteria for eligibility and required documents of a loan product vary from lender to lender. Listed below are the eligibility criteria that applicants must meet to avail of RCBC Personal Loans. 

Qualifications 

• Must be a Filipino or Dual citizen
• Must be at least 21 years old at the time of the loan application but not more than 65 upon loan maturity
• Must have a mobile phone, and residence or office landline 
• Current credit card holder with a minimum of two (2) years of membership.
• With a residence that has been owned for two (2) years or rented for three (3) years.
• For employed individuals, must be locally employed by an SEC-registered corporation and must have worked for at least two (2) years with a gross monthly income of PHP 30,000. 
• For self-employed, the business must be profitable with a minimum gross monthly income of Php100,000 for two (2) consecutive years and have been in domestic operation for at least three (3) years. 

Required Documents for RCBC Personal Loans

• • Completed RCBC Personal Loan Application Form 
  • Two (2) valid government-issued IDs with photos (i.e. PRC, driving license, passport, etc.) 
  • For employed applicants: 

• Any of the following: Compensation and Certificate of Employment (COE), latest ITR, payment slip for the last two (2) months 

• Most recent Utility Bill 

• Latest credit card statement 

• For self-employed applicants: 
  • Income Tax Return (ITR) for the past two (2) years 
  • Audited Financial Statements (AFS) for the past two (2) years 
  • Bank statement for the previous three (3) months 
  • Company Registration such as DTI or SEC, Mayor’s Permit
  • List of suppliers and customers 

Process of Loan Application 

Once eligibility has been met and documents have been prepared, the borrower may now proceed to apply for RCBC Personal Loans. 

To apply, the borrower may visit the nearest RCBC branch, fill out the application form, and provide the necessary documents in person or complete the entire process online by downloading the online application form which can be found on the bank’s main website.

Nevertheless, the borrower must ensure to have completed and provided all the needed information to ensure a smooth and successful transaction. The borrower will be informed of the loan status after the bank has done processing and evaluating all the provided documents which may take 5 to 7 business days. 

Once the application has been approved, the loan proceeds will be credited directly to the borrower’s RCBC account. 

Conclusion

RCBC is absolutely the help Filipinos need to get on top of their finances. But in order for them to reap the benefits from the banking services and financial products RCBC provides, conditions and requirements must be first fulfilled. And it should always be noted to only get a loan they can afford in order to avoid unfortunate financial challenges in the future.