China Bank Savings Review

Company Information

China Banking Corporation has introduced China Bank Savings as its retail lending arm, paving the way for many Filipinos’ access to financial assistance. It was established on September 8, 2008, shortly after the China Bank acquired Manila Bank in 2007.

Merged with Unity Bank and Planters Development Bank, China Bank Savings managed to thrive as a leading thrift bank committed to delivering excellent financial services across the Philippines. It also aims to fulfill the goals of its customers with its high-quality, reliable, and secured loan and banking services.

As a growing financial provider in the banking industry and with 161 branches nationwide that offer retail banking, home, auto, salary, and other personal loans, it also showcases a broad array of financial services with its very own business loans. China Bank Savings is also duly regulated by the Bangko Sentral ng Pilipinas (BSP) –  an assurance to its potential customers that the bank operates in compliance with the law. 

China Bank Savings branches are available across various regions of the country and are fully functional within the operating hours from Mondays to Fridays from 8:30 AM to 5:30 PM.

Inquiries and concerns involving its financial services will be addressed through a call at (02) 8988-9555 or dial 1-800-1888-5888 for PLDT users while 1-800-3888-5888 for Digitel users. The bank also accepts other general questions from its Inquiry Form, accessible on its official website.

Products and Services Offered

Consumer Loans

Easi-Funds Personal Loan

It’s an unsecured loan that allows individuals to apply for a loan without collateral or any asset required for the loan proceeds. You may use your Easi-Funds Personal Loan for personal purposes such as settling emergency expenses, paying school expenses, and debt consolidation. 

Loan Features

Loan Amount: ₱30,000 up to ₱1,000,000

Loan Tenure: within 12, 18, 24, and 36 months

Income Requirement: must be earning at least ₱12,000

Interest Rate: 1.55% to 1.75% per month (depending on the loan tenure)

Documentary Requirements

• Completely filled-out Customer Information Sheet
• 1×1 ID picture (latest)
• Any valid ID(s) bearing the client’s photo and signature (1 original and 1 photocopy)

Easi-Livin’ Home Loan

Unlike typical personal loans, Easi-Livin’ Home Loan works by providing loan applicants easy access to cash for home purchase, renovation, or improvement. It’s a housing loan requiring applicants to present collateral to the bank to secure the loan.

Loan Features

Loan Tenure: will depend on the loan purpose

Interest Rate: Options of 1, 2, 3, 5, 10, 15, 20, or 25 years fixing term with repricing every year after that.

General Requirements

• Completely filled-out Customer Information Sheet
• Two (2) Government-issued IDs
• Marriage Contract (if married)
• Proof of payment for the Appraisal fee (₱4,000.00, non-refundable). This is waived if the collateral is from an accredited developer.

Collateral Documents

• Complete page of home or unit owner’s duplicate copy of the Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT).
• Other supporting documents (any of the following:)
  • Contract to Sell
  • Reservation Agreement;
  • Bank endorsement letter; or
  • Latest statement of account to be provided by the accredited developer (if the property is acquired from an accredited developer)

If Employed

• Latest payslip for the past three (3) months;
• Latest Income Tax Return (ITR); or
• Certificate of Employment with compensation and tenure (required to submit if allowances, incentives, etc. are not reflected in the pay slip)

If Self-Employed

• Photocopy of ITR for the past two (2) years with matched Financial Statement (FS)
• Bank statement for the past 6 months
• Photocopy of DTI Registration or SEC documents and latest General Information Sheet (GIS)
• List of major suppliers and customers with contact details

For OFW or Immigrant

• Notarized or Consularized Special Power of Attorney (SPA)
• Latest job contract with compensation or Certificate of Employment with compensation and tenure
• Assigned co-borrower (must be a relative who is either self-employed or employed and permanently residing in the Philippines) or Assigned Loan Administrator, copy of 2 valid IDs and contact details (Loan administrator should be permanently residing in the Philippines)

Note: Co-borrower or Loan Administrator is required to fill out a separate application form.

Easi-Drivin’ Auto Loan

This car loan benefits those who wish to purchase a car. China Bank Savings offers this loan as either regular or all-in (chattel mortgage included) with affordable amortization schemes and flexible loan tenure.

Loan Features

Loan Amount: will depend on the vehicle’s value

Loan Tenure: 

Requirements

• Completely filled-out CBS Auto Loan Application Form
• Latest Bank Statements or Passbook for the past three (3) months
• ITR or BIR Form 2316 or pay slips for at least three (3) months immediately preceding the date of the loan application.
• Written consent of the spouse (if married, except under the conditions as provided by the law)
• Completely accomplished Deed of Undertaking for the car insurance coverage (if applicable)

Easi-Funds Salary Loan

Employed individuals can avail of the Easi-Funds Salary Loans as long as their company is an accredited partner of China Bank Savings. It provides employees cash that serves as an advance salary to satisfy their basic needs.

Loan Features

Loan Amount:

• Regular Applicants – ₱10,000 up to ₱500,000
• Seafarers – ₱20,000 up to ₱500,000

Eligibility Criteria

• Company must be operating for at least 5 years and profitable for the last 3 consecutive years
• There must be no adverse credit findings on the company
• There must be at least 50 employed personnel in the business

Documentary Requirements

For Corporation:

• Completely filled-out Information Sheet
• SEC Papers (Articles of Incorporation, By-Laws, and SEC Registrations)
• Latest Income Tax Return
• Audited Financial Statement for the past 3 years
• Updated GIS (General Information Sheet)
• List of Suppliers and Clients with a contact person and contact number (3 each)
• Company Profile
• Updated Employee List (all REGULAR employees) signed by authorized signatory

Easi-APDS Loan

Another loan under Consumer Loans category is Easi-Automatic Payroll Deduction Salary Loan which is commonly known as Easi-APDS Loan. It’s a non-collateral loan that you can use for multiple purposes and is offered among the following:

• Teaching and non-teaching personnel of the Department of Education (DepEd)
• Personnel under the Commission on Higher Education (CHED) such as Autonomous Schools, State Universities and Colleges (SUCs), and Local Universities and Colleges (LUCs) 
• Employees working in Technical Education and Skills Development Authority (TESDA), Department of Science and Technology – Philippine Science High School (DOST-PSHS), and other APD market segments covered by an APD Memorandum of Agreement with the Bank are also granted this type of loan. 

Loan Features

Loan Amount: up to ₱1,000,000

Loan Tenure: 12 months to 36 months

Requirements

• Completely filled-out Application Form
• One (1) valid government-issued ID
• Permanent Appointment letter (for new loans only)
• Marriage Contract (if ID and documents are under the maiden name)
• Additional for SUCs, LUCs, or TESDA and other non-Department of Education segments: two (2) co-borrowers; each with latest (1) month payslip, one (1) valid ID, and Permanent Appointment Letter

For autonomous schools and non-Department of Education segments:

• Payslips for the last three (3) months or Certificate of Net Pay
• Duly signed General Waiver

Business Loans

SME Biz Loan

It’s a multipurpose credit source that can help entrepreneurs or aspiring ones start their businesses. In particular, this type of loan intends to fund the needs of business owners for their Small and Medium Enterprises.

Revolving Promissory Note Line

Revolving Promissory Note Line is another Business Loan sub-product where a promissory note of the business or company is created to allow the loan applicant to borrow more cash if deemed necessary. It works as borrowers start with their initial loan that might be used as collateral in case they would like to apply for another loan while repaying their outstanding loan proceeds.

Check Discounting Line

This loan allows borrowers to get credit whenever needed. It will enable them to skip waiting for the customer’s post-dated check to clear.

Invoice Financing

Invoice Financing refers to a business loan in which borrowers may be guaranteed a direct loan to finance the purchase of their inventory goods as backed by Trust Receipts for assurance.

Floor Stocking Financing

This business loan helps borrowers finance their inventory with full stocks. It then provides a line of credit for business owners to keep their list complete and continue the operation of their businesses.

Domestic Standby Letter of Credit

This is a standby line of credit that guarantees the funds of a project or program spearheaded by a business or company. This financial service assures CBS customers that a certified beneficiary will finance their project.

Project Financing or Development Loan

From the term itself, this is a credit facility that helps borrowers obtain cash to fund the development of residential housing projects.

CTS Receivables Financing with Recourse

This is a credit facility where market liquidity is available to real estate developers. It works by buying receivables from home buyers, which shall be under the Contract-to-Sell agreement on accredited residential housing projects.

SmallBiz Loan

SmallBiz Term Loan

This loan is designed to finance the needs of entrepreneurs with small businesses with loan amounts up to ₱10,000,000. You can use it for various purposes with only a Real Estate Mortgage (REM) and Deposit Assignment or a REM alone.

SmallBiz Revolving Promissory Note Line

This pertains to a loan facility for transactions with a maximum of ₱10,000,000 loanable amount where interest is determined only for the amount used from the loan. 

SmallBiz Revolving Credit Line (Check Driven)

This refers to an open-ended credit account for a product or recipient, provided that the account is active and the borrower has an excellent credit score. 

Documentary Requirements

SME Biz Loan

• Company Profile
• AFS for the past 3 years Permanent Address
• Certificate of Employment or Latest Payslip
• Bank statement from major depository bank/s 3 months for P5MM and below (minimum) / 6 months for above P5MM (only required if AFS was audited by those unaccredited by the BSP or SEC or Pro-forma FS)
• Latest GIS
• Trade References
• DTI or SEC Registration
• Articles of Incorporation and By-Laws
• Board Resolution or Secretary’s Certificate on authorized signatories (only for corporations & partnerships)
• Government-issued IDs of authorized signatories

Note: Present collateral documents if required.

SmallBiz Loan

General Documents for Employed Applicants

• Completely filled-out Pre-screening Form signed by the originating AO or BM
• Completely filled-out Application Form signed by the borrower/s
• Copy of the Official Receipt of Appraisal Fee
• Photocopy of valid ID bearing the photo and signature of the borrower/s, major shareholders and authorized signatories (if applicable)
• Latest ITR
• Pay slips for the last two (2) months
• Certificate of Employment with Compensation

Collateral Documents – REM

• Copy of OCT, TCT, or CCT
• Updated tax declaration
• Vicinity Map, Location Plan, or a Lot Plan
• Master Deed of Restriction (for Condo units)
• Building Plans (for Building Construction)
• Costing of Materials (for Building Construction)

Why Choose China Bank Savings?

Variety of Loan Products are Available

China Bank Savings provides loans for personal and business purposes such as personal, home, auto, salary, and business loans. Whether it’s a furniture purchase or settlement of a home purchase, borrowers have the freedom to choose the type of loan that best fit their needs.

Widely Accessible Service

The branches are available nationwide, making their products accessible to most Filipinos. Customers can easily apply for a loan through CBS mobile application or the official website and submit the required documents. This is advantageous for loan applicants who simply do not have the time to go back and forth with the loan process.

Simple Application Process

China Bank Savings provides a simple loan application process through the introduction of its digital mobile app that customers may quickly navigate to apply for a loan. Borrowers can use the China Bank Savings loan calculator to estimate the monthly amortization.

How to Sign Up

China Bank Savings offers three simple ways to avail the products: mobile banking app, online banking via the website, or branch visit. 

Here are the steps to guide you to apply for China Bank Savings loans.

Via Website

Via Mobile App

Conclusion

While freeing yourself from financial burdens becomes frustrating, banks of the same goals emerge over time. These banks share the same ideal of helping Filipinos to achieve financial freedom and giving them the benefits tailored to meet their needs. 

China Bank Savings is among these few trusted banks that provide secured financial solutions. It offers complete access to various loan products, from loans for personal uses to loans for business purposes.