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China Banking Corporation (CBC) Review

Consumers prefer going to banks that have strong credibility as financing partners. They want to ensure that the banks they choose and partner with are reliable and have innovative technologies for a better banking experience and competitive interest rates. China Banking Corporation is one of them, and it has been servicing Filipinos for a century.

China Banking Corporation has received the Best Bank in the Philippines Award and the Best Bond Adviser (Domestic) from The Asset Triple A Country Awards 2021.

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Written by: Piggyy

Verified by: Krisette C.L

Krisette C.L

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Krisette has been hustling online media industry since 2011. She's a copywriter, editor, and online media consultant.

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4.2/5

Piggyy Rating

China Banking Corporation
  • HomePlus Loans

    4.5/5

  • AutoPlus Loans

    4.6/5

  • SalaryPlus Loan

    4.6/5

  • Commercial Lending

    4.4/5

  • China Bank Credit Cards

    4.4/5

Chinabank offers competitive interest rates on its loan products. Apply for a loan today. 

Company Information

 

In 1920, China Banking Corporation started its operations in the Philippines, making it one of the oldest privately-owned local commercial banks. China Bank offers a wide array of financial products and services to institutional (corporate, middle market/commercial, SMEs) and individual (retail, mass affluent, high net worth) customers, as well as thrift banking, investment banking, insurance brokerage, and bancassurance. 

 

In 1927, China Bank was one of the first local banks listed on the Philippine Stock Exchange, and in 1969, it was the first in Southeast Asia to process deposit accounts online. In 1988, it was the first bank to offer telephone banking in the country.

 

Currently, China Bank has 631 branches nationwide and is complemented with electronic banking channels that provide secure and reliable 24/7 banking service: 1,026 ATMs, China Bank TellerPhone, China Bank Online, and China Bank Mobile Banking App. 

 

China Bank’s head office address is at China Bank Building, 8745 Paseo de Roxas corner Villar Street, Makati City. Their customer contact center is also available 24/7 and can be reached at their hotline number at (632) 888-55-888, or their domestic toll-free number at 1-800-1888-5888. 

 

Products and Services Offered

 

HomePlus Loans

Having your own home provides security and warmth like no other. For some people, the dream seems to be a little bit more elusive. But with China Bank’s HomePlus loan, the dream can now be within reach. 

 

Loan Purpose

Availing of the HomePlus loan is not limited to the purchase of a lot/house & lot or for home construction. A borrower may also apply for a HomePlus loan for the following purposes:

  • Home renovation. 
  • Reimbursement of a recent purchase or construction of a residential property. 
  • Refinancing an existing housing loan with other financial institutions. 

 

Loan Features

Loan Amount: Will depend on the borrower’s capacity to pay

Interest Rate: Interest rates will depend upon the prevailing rates

Loan Term:

  • Up to 25 years for a house and lot
  • Up to 15 years for vacant lots 
  • Up to 10 years for condominium units

 

Eligibility

  • Filipino, of legal age but not more than 65 years old upon loan maturity
  • With a steady, dependable and verifiable source of income
  • Employed for at least 3 years in a supervisory/managerial position with a reputable company (for employed individuals)
  • Minimum Gross Monthly Income (GMI):
    • P50,000/mo. for Metro Manila / Metro Cebu
    • P35,000/mo. for other provincial areas
  • Able to pay an Equal Monthly Amortization which is:
    • < 35% of GMI
    • < 75% of Net Disposable Income (NDI)
  • No adverse credit findings like court cases, bouncing checks, unpaid loans, canceled credit cards, etc.

 

Requirements

Basic Requirements

  • Application Form with an attached 2×2 picture
  • Two Valid IDs
  • Latest Income Tax Return / BIR Form 2316 (for Corporation: ITR of Company and Co-Borrower)
  • Marriage Contract (if applicable)

 

Additional Requirements

For Employed:
Certificate of Employment with Compensation and Tenure

 

For Professionals
Profession Information Sheet (CBC Form)

 

For OFWs / Non-Residents

  • Certificate of Employment / POEA Contract
  • Proof of Remittance / Payslips for the last 6 months
  • Consularized Special Power of Attorney (CBC Format, to be submitted upon Loan approval if applicable)

 

For Sole Proprietorship

  • DTI Registration
  • Audited Financial Statements for the last three (3) years
  • Bank Statements
  • Company Profile
  • Complete List of Customers and Suppliers (including contact person and number)

 

For Partnerships/ Corporations

  • SEC Registration, Articles of Incorporation, and By-Laws
  • Audited Financial Statements for the last 3 years
  • Board/Partnership Resolution/ Secretary’s Certificate
  • Current General Information Sheet (GIS)
  • Company Profile
  • Complete List of Customers and Suppliers (including contact person and number)

 

Collateral Requirements

  • Owner’s Duplicate Copy of Transfer / Condominium Certificate of Title
  • Vicinity / Location Map and Lot Plan
  • Current Tax Declarations (Land and Improvement)
  • Current Real Estate Tax Receipts (Land and Improvement)
  • Current Real Estate Tax Clearances (Land and Improvement)

 

Additional Requirements
Purchase of Lot / House and Lot / Townhouse / Condominium or Reimbursement

  • Contract to Sell (CTS) / Reservation Agreement / Conditional Deed of Sale
  • Statement of Account
  • Deed of Assignment / Title for designated parking lot (if applicable)

 

House Construction / Home Renovation / Home Improvement

  • Floor and Building Plans
  • Cost Estimates and Material Specifications

 

Refinancing

  • Statement of Account
  • Bank Ledgers / Official Receipts of Loan Payments for 3 months

 

Filing Fee
Php3,500 (non-refundable)

 

AutoPlus Loans

China Bank recognizes the need for each family to travel safely and comfortably driving their own vehicle. As such, CBC offers AutoPlus Loan with the following features:

  • Very low interest rates 
  • Very low monthly amortization 
  • Very low down payment 
  • Longer payment terms

 

Loan Purpose

  • Purchase of a brand new vehicle
  • Purchase of a second-hand vehicle
  • Reimburse the cost of a brand new vehicle within 30 days from purchase
  • Avail of a multi-purpose loan against your own vehicle

 

Requirements

Individual Borrower (Basic Requirements)

  • Application Form
  • Two (2) valid IDs
  • Latest Income Tax Return / BIR 2316

 

For Employed
Certificate of Employment with Compensation and Tenure

 

For Self-Employed

  • DTI Registration
  • Audited Financial Statements (last 3 years)

 

For Foreigner
Alien Certificate of Registration

 

For OFWs

  • Certificate of Employment / POEA Contract
  • Proof of Remittance (last 6 months)
  • Payslips (last 6 months)
  • Seaman’s Book (if applicable)

 

Corporate Borrower (Basic Requirements):

  • Application Form
  • Two (2) valid IDs of Co-Borrower / Signatory
  • Latest Income Tax Return of Company and Co-Borrower / BIR 2316
  • Two (2) Original and Notarized Secretary’s Certificate (bank format)

 

Additional Documents:

  • SEC Registration
  • Articles of Inc. with By-Laws
  • Audited Financial Statements (last 3 years)
  • Current General Information Sheet (GIS)
  • Trade References (at least 2 with contact details)

 

Partnership (Basic Requirements):

  • Application Form
  • Two (2) valid IDs of Co-Borrower / Signatory
  • Latest Income Tax Return of Company and Co-Borrower / BIR 2316
  • Two (2) Original and Notarized Partnership Resolution (bank format)

 

Additional Documents:

  • SEC Registration
  • Articles of Partnership with By-Laws
  • Audited Financial Statements (last 3 years)
  • Current General Information Sheet (GIS)
  • Trade References (at least 2 with contact details)

 

Requirements for Reimbursement:

  • Original LTO Certificate of Registration and Official Receipt
  • Original Sales Invoice
  • Original Delivery Receipt
  • Original OR of Full Payment

 

Requirements for Second Hand Purchase:

  • PNP Motor Vehicle Clearance Certificate
  • Original LTO Certificate of Registration with Official Receipts
  • Original and Notarized Deed of Sale
  • Insurance Policy with OR of premium

 

SalaryPlus Loan

Applying for a SalaryPlus Loan allows employees of accredited companies to have access to higher loan amounts to address their personal needs. With loan application approval within just two to three days, employees can have immediate access to funds. However, employers must first be accredited by China Bank before employees can avail of the SalaryPlus Loan.

 

Employer Accreditation Eligibility

  • Must be an existing China Bank corporate client coursing its payroll through China Bank
  • With a minimum of 50 regular employees
  • Operating for at least 5 years
  • Profitable for at least 3 years
  • SEC-registered

 

Post Accreditation Requirements

  • Memorandum of Agreement
  • Secretary Certificate or Board Resolution nominating the Authorized Signatories of the Company

 

Once the company has been accredited, the employees can enjoy the perks and benefits of the China Bank SalaryPlus Loan. 

 

Loan Purpose

  • Education
  • Emergency and Health
  • Home Renovation
  • Travel
  • Debt Consolidation
  • Personal Consumption

 

Loan Features

Loan Amount: Php15,000 to Php1,000,000

Loan Terms: 6 months to 36 months

 

Eligibility

  • Regular employee
  • Must be 21 to 65 years old
  • Gross monthly salary of PHP 15,000
  • Minimum work tenure of 2 years
  • No pending case or is not subject to any internal investigation or complaint
  • No negative credit findings

 

Requirements

  • Accomplished SalaryPlus application form
  • Latest 3 months payslips
  • Company ID and 1 government-issued valid ID
  • Certificate of Employment

 

Commercial Lending

 

Short-Term Working Capital Loans

Companies that plan to expand their operations or need extra capital for other expenditures can turn to China Bank for short-term loans. 

 

Here are the short-term working capital loans available with China Bank:

  • Discounting of Post Dated Checks
  • Export Advances and Loans
  • Export Bills Purchased
  • Import Letters of Credit
  • Domestic Letters of Credit Trust Receipts
  • Receivable Purchase Loan
  • Loan Line
  • Omnibus Line 

 

Long-Term  Working Capital Loans

For companies planning to expand their operations and in need of extra capital, taking a long-term loan would be a wiser option to finance the whole project. 

 

China Bank offers the following long-term working capital loans for their business customers:

  • Long-Term Loans
  • Project-Based Financing

 

China Bank Credit Cards

Here is the list of credit cards currently being offered by China Bank for their customers:

 

Types of CardsAnnual FeesInterest Rate
PrincipalSupplementary
China Bank Prime MastercardPhp1,500Waived2%
China Bank Freedom MasterCardWaivedWaived2%
China Bank Platinum MastercardPhp3,500Waived2%
China Bank Cash Rewards MastercardPhp299Waived2%
China Bank World MastercardPhp6,000Waived2%
China Bank Wealth MastercardNot IndicatedNot IndicatedNot Indicated

 

Eligibility

  • Must be 21 to 55 years old for Principal Cardholders and at least 13 years old for Supplementary Cardholders
  • Must be an existing Principal Credit Cardholder with other banks and with at least 12 months activity
  • Must be a Filipino citizen or a Foreigner working and permanently residing in the Philippines
  • Must be a regular employee or self-employed with business operations operating legally in the Philippines for at least two (2) years
  • Must have at least a gross annual income of Php250,000
  • Must have a valid e-mail address and mobile and landline number

 

Requirements

The following documents are required:

  • Fully accomplished and signed China Bank Credit Card Application Form. 
  • Proof of identification (at least one valid photo-bearing Government-issued ID with photo and signature)

 

For Employed Applicants

  • Details of other credit card account/s with at least (1) year principal card membership (mandatory);
  • and, any of the following:
  1. Latest BIR Form 2316; OR
  2. Latest three (3) months’ pay slip/s; OR
  3. Original Certificate of Employment

 

For Self-Employed Applicants

  • Details of other credit card account/s with at least (1) year principal card membership (mandatory); and
  • Latest BIR Form 1701 and Audited Financial Statement as received by the Bureau of Internal Revenue (mandatory)

 

For Non-Immigrants and Embassy Employees

Aside from the requirements above, the following documents should also be submitted:

  • Photocopy of unexpired passport or visa
  • Alien Certificate of  Registration/I-Card (ACR/ICR)
pros

Pros

  • Convenient loan applications. 
  • Competitive interest rates. 
  • A trusted name in the market. 
  • High loan limits are available.
  • Supports online banking for faster transactions.
cons

Cons

  • May require a higher salary requirement to avail of the loan products. 
  • Borrowers and credit card applicants must not have a bad credit history with any financial institutions.
  • Requires branch visit on loan applications.

Why Choose China Bank

 

Convenient Loan Repayment

Applying for a loan with China Bank is convenient and easy. Borrowers can check for the requirements and fill out the loan application forms beforehand, and submit them to the nearest China Bank branch. But what is even more convenient is that borrowers have the option of signing an Auto Debit Arrangement (ADA), which makes sure that a borrower will not miss a single payment on every due date.

 

No Hidden Charges & Low Insurance Premiums

China Bank assures all of their customers of transparency in all dealings. The bank fully discloses all the relevant charges and fees on the terms and conditions. 

 

China Banking Corporation has a subsidiary company – China Bank Insurance Brokers, Inc. – and existing customers can pay low insurance premiums if they get any of China Bank’s financing products. 

 

Prompt Loan Processing

Each of the loan products that China Bank offers has its own processing time. Whenever borrowers submit loan applications, they can receive a prompt response from the loan officer about the status of their applications and fast loan processing as long as they submit complete documents. 

 

Helps Companies Lower Attrition Rate

Specifically, with the SalaryPlus loan product, China Bank can help both employers and employees in making sure that employees’ financial struggles are addressed. Employers can work with confidence with employees as the latter remain with the company because they know the employers will take care of their needs. 

 

How to Sign Up

 

Borrowers need to visit any of China Bank’s branches nationwide to apply for a loan. They can download, fill out the application form, and gather the requirements before heading to the branch. 

 

Here are the different loan application forms for the different loan products:

1
China bank

HomePlus Loan

2
China bank 2
3
China bank 3

AutoPlus Loan

4
China bank 4
5

SalaryPlus Loan

Employees can ask for the loan application form from their Human Resources department and submit the accomplished application form together with the requirements to their Company HR or Relationship Manager.

Frequently asked questions

How will I get my SalaryPlus loan proceeds?

Loan proceeds will be credited to your China Bank payroll account within 2-3 banking days upon receipt of duly signed Promissory Note and Disclosure Statement.

What are the applicable fees related to my SalaryPlus Loan application?
  • Processing Fee: Please contact Multi-Purpose Loans Division for the updated fee.
  • Documentary Stamp Taxes: Php1.50 for every Php200 or a fraction thereof of loan proceeds for loans above PHP250,000 or loan purpose is for business use
  • Late Penalty Fee: 36% per annum on all overdue amortizations. This is subject to change with prior notice.
Can I pre-pay/pre-terminate my loan anytime?

You may choose to pre-pay or pre-terminate your loan anytime, without any charges or fees. If  you choose to pre-terminate the loan, the interest that will be collected will be up until the day  you have fully paid the loan. Please reach China Bank thru [email protected] or your Relationship Officer for the pay-off computation.

How do I apply for a China Bank credit card?

You may apply for a China Bank Credit Card at any China Bank branch near you. You may also e-mail your fully accomplished application form together with other documentary requirements to [email protected].

How many supplementary cards can I have?

There is no limit to how many supplementary cards you want to enroll in. You and your supplementary cardholders share a single credit limit. The membership fee for all your supplementary cards is waived.

How do I apply for a supplementary card?

You may apply for a China Bank supplementary credit card at any China Bank branch near you. You can also apply online by downloading the supplementary card application form from the China Bank website and send it to [email protected].

 

A fully accomplished application form signed by both the principal and supplementary applicant and required documents under the name of the supplementary applicant must be submitted.

How do I check the status of my China Bank credit card application?

You may check the status of your China Bank credit card application by calling the China Bank Customer Service Hotline at +632 888-55-888 or Domestic Toll-Free Number 1-800-1888-5888. Press “2” for Credit Card Services.

Conclusion

 

Banking with China Bank Corporation is straightforward. This award-winning bank is one of the banks that Filipinos love because of the competitive interest rates on loan products and the fantastic promos and benefits it offers. Consumers can easily transact online through its online banking, whether it’s online shopping, bill payments, application for loans, and so much more.

Piggyy

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

content table close

Piggyy

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

content table close

Piggyy

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